Airline told regulator about 18,000 cancelled flights three days before Alan Joyce’s share sale
There has been some investor disquiet about the share sale, even before the ACCC filed its legal proceedings. One fund manager, Centennial Asset Management’s Matthew Kidman, previously said Mr Joyce should have waited “until he departed the company in November”.
Mr Joyce sold the shares for about $6.74 each. Shares closed at $5.32 on Wednesday, having slid since the ACCC legal claim was announced. Mr Joyce’s share sale was approved amid a $600 million on-market buyback.
Qantas has been contacted for comment. An airline spokesman previously said the ACCC had run “a number of investigations” into the company recently, “several of which have included compulsory information notices and which have not resulted in any adverse findings”.
“As recently as August 28, the ACCC told Qantas in writing that it was still finalising its investigation. The first time this issue crystallised into legal action was when it was announced by the ACCC on August 31,” he said.
Mediation on the cards
The new court filings show Qantas had produced evidence involving many thousands of flights by the time of the share sale, including in response to the original request, which was dated September 14 last year.
Mr Goyder has also shot down suggestions that he inappropriately approved the share sale when the matter was raised at Friday’s annual meeting in Melbourne, saying he had “zero concerns” about the board’s ethics.
In a brief court appearance in Melbourne on Wednesday, the ACCC’s lawyers argued that Qantas’ defence had missed the point of the case. Federal Court judge Helen Rofe said it was her preference that the parties attempt mediation – to which neither Qantas nor the ACCC objected.
The court ordered the two parties should file a statement of the agreed facts by February 23. Case management hearings are set to begin on February 28.
Read More: Airline told regulator about 18,000 cancelled flights three days before Alan Joyce’s share sale
