whats is the value of the fleet, page-29

Yes, I'd agree with Dr Dante. AQZ has been closely linked with the health or otherwise of the FIFO market. That plus it is too small for large institutional investors - currently with a MC of just $83m and an EV of $153m.

Maybe also some investors who took their leave when ASIC appeared to scotch the Virgin tie up. I think this will still happen in some form.

Still others might be spooked by the high debt level - but they overlook this companies ability to generate plenty of free cash and the efforts to reduce debt over the past few years.

Overlooked are the following:

AQZ have created a viable extra division with its Fokker spare parts. There are still (from memory) 80+ Fokkers flying in Australia and they will constantly need parts as the fleets continue to age.

The company did a massive rationalisation on its repairs side a few years ago which makes them more efficient and lowers the hourly cost of flying.

They are benefitting from lower fuel prices - again, lower hourly flying costs. (I wish I could say the same - but I continue to get plundered at the bowswer, irrespective of the direction of the oil price)

Apart from the recent loss of the Prominent Hill contract, they are renewing their existing contracts.

So, why isn't the share price performing?

For mine the answer is simply this....a very, very slim pool of share liquidity. The top twenty shareholders own 92% of the company. The top ten shareholders own 86% and apart from Austrian Airlines who own 12%, I cannot see any of the others selling.

How can a major insto/investor grab a large swag of shares in such an illiquid company. We are at the whim of the "cash needs" of the 8% (that's a pool of just 8.5m shares available and no doubt there are a few long termers in there as well).

Over time as the debt is reduced, the eps and PE ratio will get this company onto the radar screen.