Net Tangible Assets, page-8

Some airports reporting foot traffic down 50% on last year this week, qantas cutting 90% of international for 2 months, 60% of domestic. Makes sense that revenue might be 90%+ down for FLT over next couple of months.

However, June things may begin to pick up if the virus numbers stagnate after peaking in a few months, that would allow the gov to start slowly walking back restrictions and people will see the light and be more inclined to future book very cheap holidays.

The 'urgent review' surely will involve suspending the current div about to be paid next month (~40m) and hopefully an increase in funding capacity from banks, and maybe a discounted capital raising to compliment that. With very little revenue there is probably only a couple months of cash unless big forced/ voluntary staff cuts. Raising 200 or 300m in debt and/or equity would buy them another 2 months on a reduced cost base.

Probably going to be some tax payment grace for tourism businesses as well, massive employer in economy and the govs policies to slow virus has killed the industry. Although the biggest problem for FLT is the huge wage bill that will just be completely out of order when the phones stop ringing in a couple of weeks.