Skip crowded Med rivieras and explore hidden gems in Montenegro and Albania
Just north of the riviera, the Bay of Kotor welcomes cruise ships throughout the summer. As picturesque ports go, this rivals the canals of Venice and the harbour of Sydney. The bay is home to a tiny man-made islet, upon which sits the 1630-built Church of Our Lady of the Rocks, and an adjoining museum. These are blessed with countless Christian treasures, and one item of Mary-abilia is a statue of the Virgin carved from an ancient olive grove. I presume this makes her extra virgin.
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West Australian
a day ago
- West Australian
Virgin Australia confirms long-awaited return to ASX with $685m IPO
Virgin Australia has confirmed long-awaited plans to launch a near-$700 million initial public offering and re-list on the Australian Securities Exchange. Following days of market speculation, Australia's second-biggest airline issued a prospectus on Friday, with the offer period running between June 16 and June 19. Shares are expected to start trading on June 24 under the ticker VGN. The fully underwritten IPO of 236.2 million shares is priced at $2.90 apiece and is expected to raise $685m, valuing the airline at just over $2.3 billion. Under the float, Virgin's US private equity owner Bain Capital's shareholding will drop from about 70 per cent to 40 per cent, while minority shareholder Qatar Airways will retain its 25 per cent stake. The return to the boards comes after the nation's competition regulator in March cleared Virgin and Qatar's five-year partnership allowing the Australian airline to use Qatar aircraft and crew to operate new services under a so-called 'wet lease' arrangement. From next week, Virgin will return to long-haul flights between Doha and Perth, Brisbane and Sydney. Flights to and from Melbourne will start in December. Bain bought Virgin in 2020 after the airline crashed into administration with billions of dollars worth of debt following the onset of the COVID-19 pandemic. Over the past few years, it has made several attempts to get Virgin back on to the ASX. Virgin chief executive Dave Emerson on Friday said the airline was a simple, focused business with a transformed operational and commercial model. 'We have a clear strategy and an incredible team of people who deliver wonderful flying experiences to our customers every day,' he said. 'We are delivering on our ambition to be Australia's most loved airline and continuing to expand our award-winning Velocity frequent flyer program.' Virgin chair Peter Warne said it was an appropriate time for the business to transition to a publicly listed company. 'This provides an opportunity for new investors to share in the success of Virgin Australia as the airline enters its next phase,' he said. 'I commend all those involved in orchestrating Virgin Australia's remarkable turnaround and setting the business up for long-term success.'
The Advertiser
3 days ago
- The Advertiser
Skip crowded Med rivieras and explore hidden gems in Montenegro and Albania
Just north of the riviera, the Bay of Kotor welcomes cruise ships throughout the summer. As picturesque ports go, this rivals the canals of Venice and the harbour of Sydney. The bay is home to a tiny man-made islet, upon which sits the 1630-built Church of Our Lady of the Rocks, and an adjoining museum. These are blessed with countless Christian treasures, and one item of Mary-abilia is a statue of the Virgin carved from an ancient olive grove. I presume this makes her extra virgin.
West Australian
3 days ago
- West Australian
Virgin Australia returns to sharemarket with a bang
Virgin Australia has returned to the sharemarket after a five-year hiatus with a massive $685m initial public offering on Wednesday, and it could influence the future health of the Australian economy. In the biggest IPO of the year, the Bain Capital-owned airline has decided to return to the ASX amid a rise in domestic tourism and spending. The offer will almost halve Bain's stake in the airline from about 70 per cent to 39.4 per cent. Qatar Airlines, which recently invested in Virgin, will reportedly keep its 23 per cent holding. If successful, Virgin's listing in the market will be seen as a sign of a bright future for the Australian economy, as investors signpost the potential for the nation's consumer spending to recover. If it fails, it could point to the opposite. So far, all signs point to a successful IPO, as domestic travel demand recovers and the two recent RBA rate cuts ease the pressure on Australian households. Qantas has been trading at a record high, and the ASX itself has been overwhelmingly up despite swings. 5.1 million passengers were on domestic commercial flights in Australia as of March, a figure sightly below the same time last year but more than four times the numbers in mid-2021. Despite Virgin's voluntary administration in 2020 following Covid-19 travel restrictions, after which it was acquired by US private equity company Bain, it now corners 34.4 per cent of the domestic market share as of March 2025. It is not lagging much behind Qantas, which holds 37.5 per cent, according to the Australian Competition and Consumer Commission. The death of other budget airlines such as Bonza and Rex has only boosted these two major players. Virgin is also planning to resume long-haul international flights made possible by its partnership with Qatar. The airline is conducting its IPO using a front-end book-building method, where investor bids are submitted before the prospectus receives approval from Australian regulators. According to the term sheet, institutional investors were able to their bids up to Thursday, with the stock expected to begin trading on June 24. Virgin's IPO will be the largest in Australia following the DigiCo Infrastructure REIT launch that raised $2bn in December before a 30 per cent downturn in share price. Experts say the Virgin IPO could offer investors a unique entrance into the Australian airline market, but it has its own risks. 'Virgin Australia's planned return to the ASX via a $A685m initial public offering is the first major IPO of 2025, and one to watch closely,' eToro market analyst Josh Gilbert said. 'The IPO, priced at $A2.90 per share, gives the airline a market cap of $ It follows the on-and-off IPO over the last two years when the airline sector has moved from strength to strength, with companies around the world announcing record profits and seeing shares rally. 'Under Bain's direction, Virgin Australia has streamlined operations, focusing on profitable domestic routes, and achieved record underlying earnings of $A439m in the latest half year. 'Essentially, it's a very different airline than it was in 2020 and it is far more attractive to investors. Having only one real competitor in the landscape, Qantas, makes the offer uniquely appealing.' However, the investment could also be a major risk. 'Investors may view Virgin's IPO as an opportunity to gain exposure to Australia's duopoly airline market at a compelling valuation that will trade at a discount to Qantas,' Mr Gilbert said. 'Although the airline sector has had a great few years, investors should be mindful of its razor-thin margins and cyclical risks, particularly if demand slows amid slowing consumer spending.'
