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The airline’s big boss Jayne Hrdlicka, flanked by the CFO Race Strauss and chief development officer David Marr, has kicked off a set of investor meetings overseas. |
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First stop was Singapore, and Street Talk hears the inaugural message included a heavy dose of explaining and only a small serving of Virgin’s financials. |
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The trio offered up the airline’s EBIT margin of 11 per cent (3 per cent higher than before its administration) and gross debt (down to $1.97 billion) as the only numerical markers. |
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Instead, there was a lot of exposition on Virgin’s footing in Australia and future goals. |
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All of that means investors have to wait a little bit longer for detailed numbers, before they can start thinking about how much they’d be willing to pay for Virgin shares relative to Qantas. Those meetings should be some time around May, Street Talk hears. |
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It will also be interesting to see how Goldman Sachs, UBS and Barrenjoey finetune the pitch for Aussie sensibilities. It had to be explained to the Singaporeans that Australia is a vast continent where sometimes flying is the only mode of transportation available. |
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Happy reading, Anthony Macdonald, Sarah Thompson and Kanika Sood Street Talk editors |
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Virgin Australia management’s taking the long-haul route to the ASX-boards, with a round-the-world explainer trying to detail Australia’s aviation industry and the airline’s place in it. |
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Asia-based investment shop Hillhouse Capital will try to restructure its deal to acquire Australian clinical trials business George Clinical. |
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Another day, another round of offshore investor meetings for Newcrest Mining, this time at the (final ever) Credit Suisse conference in Hong Kong. |
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Geoff Wilson should have more time for ice baths and franking credits lobbying, as his WAM Leaders parks its mooted $731.5 million raising amid falling markets. |
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National Storage REIT and its brokers have had no trouble finding takers for Wednesday morning’s $300 placement, flashing a book covered message at floor price just after lunch. |
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Its Adams Street Partners’ turn to wine and dine Australian high-net-worth types, after similar recent trips from the likes of Blackstone, KKR and Oaktree Capital Management. |
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