Offloading 2 million shares at $5.50, Qantas has sold down its stakes in travel agency giant Helloworld (HLO).
According to a statement to the Australian Stock Exchange, Qantas’ sale came as HLO CEO Andrew Burnes and executive director Cinzia Burnes also offloaded 2.5 million shares each, which was worth around 11.4% of their total shareholding interests.
With the sales, Helloworld broadens its shareholder base and improves liquidity as it looks to become a fully listed company.
“Subsequent to the release of the results for FY18 the Company has received many enquiries from domestic and international investors seeking liquidity opportunities,” the HLO statement said.
Mr Burnes said the sale would help the company gain inclusion on the ASX300 list in the future.
According to HLO, Andrew Burnes and Cinzia Burnes retain over 20 million shares in the company collectively, while the Burnes Family Trust retains nearly 18.5 million shares.
Qantas’ sale represents just under ten percent of its total shareholding and it still retains nearly 20 million shares (15.4%).
“Underpinned by strong air ticket sales volume growth”, Helloworld announced inn August that its Total Transaction Value (TTV) for the financial year ending June 2018, had grown 3.5% to $6.1 billion.
Profits after tax were $32 million, a year-on-year increase of almost fifty percent (48.1%).
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