Latest news with #DaveEmerson
West Australian
4 days ago
- Business
- 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.'
AU Financial Review
6 days ago
- Business
- AU Financial Review
Dave Emerson emerges from consultancy-land for Virgin's ASX redux
Dave Emerson is the man at the centre of the most talked-about float of the year, the executive who is running the country's second-biggest airline and, at the end of the month, likely to be the toast of the market. And yet, it is difficult to find someone who knows him, let alone has met him. Those who have met the newish Virgin Australia chief executive – he took over from long-time managing director Jayne Hrdlicka in March after almost four years as chief commercial officer – describe him as 'fair'. Others say he is 'consultant like'. It is hardly rousing stuff. But here he is, 58 years old, Arizona-born, and the man who navigated Virgin back to the ASX.
News.com.au
27-05-2025
- Business
- News.com.au
Shock twist as former Virgin CEO to tear down $17m mansion
In a shock twist, the outgoing CEO of Virgin Australia plans to tear down a $17m home she bought just months ago, asking council to permit two planning breaches in the aftermath. Janye Hrdlicka – who has been assisting new Virgin Australia CEO Dave Emerson transition to the top job from mid-March – spent $16.9m buying a 1970s-era home at auction in September last year, which settled four days before Christmas. But just five months on, Ms Hrdlicka is seeking Noosa Shire Council approval to not just tear it down – but put in its place a stunning luxury home across three levels one of which is a basement, with two of its design elements requiring special exemptions from council. The first is the height of her planned dream build, with the Noosa Plan 2020 stipulating it should be two storeys – something Mr Hrdlicka seeks to get around by creating a basement level 'floor level L0' to house her gym and games room, with the first and second levels containing the kitchen, living and outdoor living, terrace and swimming pool areas on the upper ground floor; with the home also having a master bedroom, and three other ensuited bedrooms. Despite that, she will still be outside the stipulated height limit which sits at 8m, while her dream home design has a 600mm encroachment to sit at 8.6m. She is hoping council planner will allow her to build part of her roof line higher than the 8m height limit, with the application claiming it was 'not obscuring views from neighbours across the street or adjoining'. The second exception being called for is to let her go outside the Noosa Plan 2020 rules concerning her steeply sloping site. The council rules state that buildings and structures are not to be constructed on land with a slope greater than 33 per cent, but her proposed design touches a slope greater than 33pc – located in the northwest corner of the design next to the pool. The site's geotechnical investigation by Techtonic submitted with the application to council said plans for the steep slope and soil type in back sections will require extra protection and drilling down 5 to 6m below the finished ground level to put in a pile wall to protect the development including the pool. With those in place, it felt the design would work well. Zac Efron's Aussie long lunch haunt is on the market The block is in one of Noosa's most expensive streets because of the 180 degree views from Noosa National Park to Settlers Cove, Noosa Sound, Noosa River, Hastings St, Noosa Main Beach, Laguna Bay, right out to Double Island Point. The move comes two years after the death of her husband Jason Gaudin and almost three years since she sold up her Melbourne home for circa $18m to focus permanently on Queensland. Buyer of $12m mansion plans to give it away Ms Hrdlicka, who has had extensive experience across Qantas, Jetstar and other businesses before joining the Brisbane-based airline company, said in March that 'it has been a career highlight and a huge privilege to lead Virgin Australia'. 'I could not be more proud of how much we have achieved together as a team. Today, Virgin Australia is the most reliable airline, the most trusted and the most loved airline in the country and is delivering exceptional returns for its shareholders.'
The Guardian
10-04-2025
- Business
- The Guardian
Virgin Australia offering refunds to 61,000 passengers after charging incorrect itinerary change fees
Virgin Australia is offering refunds to more than 60,000 passengers, after an internal error led to inflated itinerary change fees being charged over the past five years. The airline has apologised and launched an itinerary change claim program, as it begins informing passengers who are eligible for refunds over the incorrect fees charged to customers making changes to their bookings between 21 April 2020 and 31 March this year. A Virgin Australia spokesperson said the company recently discovered the issue and launched an internal investigation, which has found about 61,000 customers – or about 0.1% of all bookings processed in the five year window – incurred the incorrect charges. The airline has since taken issue to prevent the charges from occurring in the future, while appointing Deloitte to conduct the refund claim process. It has launched an online portal for the program. The average refund amount is $55 per guest. Guardian Australia is aware of customers who have been told they are eligible for as much as a $200 refund. Virgin's spokesperson said 'we sincerely apologise to those affected guests' and noted the airline had launched the refund program proactively. It has informed the consumer watchdog of the initiative. The refund program is open for 12 months. Eligible customers will be contacted by the airline. 'At Virgin Australia, we have policies that determine when and how we reprice a guest's booking when they make a change to their itinerary,' the spokesperson said. 'We recently found that in some instances from 21 April 2020 to 31 March 2025, some bookings were repriced in a way that does not align with our policy and we are refunding all impacted guests for that amount.' 'At Virgin Australia, we want to do the right thing and that means acknowledging when we get things wrong and fixing it.' The spokesperson added that 'any amounts that guests elect not to claim will be donated to charity'. 'A dedicated Virgin Australia team has also been working to fix the issue and we have undertaken a range of actions to prevent this from reoccurring in the future, so our guests can be confident when making changes to their bookings.' The refund program and apology comes as the airline's private equity owner Bain Capital prepares for the company to return to the Australian stock exchange in June following a five-year absence. The refund program and renewed push to return the company to the ASX come just week after Virgin Australia appointed its new CEO Dave Emerson, who will lead the airline into its new partnership with Qatar Airways this year.
Bloomberg
09-04-2025
- Business
- Bloomberg
Virgin Australia Targets June IPO Despite Tariff Turmoil
Bain Capital-controlled airline Virgin Australia is pushing ahead with plans for an initial public offering in June, despite the market turmoil caused by US President Donald Trump's trade war, people familiar with the matter said. Virgin Australia's new chief executive officer, Dave Emerson, has already started to brief potential domestic investors and will head to Asia for more meetings next week, said the people, who asked not to be identified discussing private information.
