Ann: Change of Director's Interest Notice - S McMillan, page-2

Not a good sign when we have the second sizeable share sale by a director inside a week! While I don't have an insight into the reasons for each sale, I would be much happier if directors actions demonstrated they they thought all of their shares they own were worth holding at least to the next insider share trading window opens.

The share price is still higher than it was prior to the Qantas E190 announcement on 4 February, however my read on the director share sales is that there isn't any impending news (such as a regional flying deal with Virgin Australia) that is likely to kick the share price along in the short term.

While it would be good to see some further announcements on deploying the E190's, It is sensible that AQZ don't compromise their low risk commercial flying contract terms for the sake of increased flying hours. Its not going to cripple AQZ if there a 20 E190's not flying, but there should be a material increase in profitability if management can expand the existing contract flying business in a low risk fashion, so the earlier this is achieved the sooner shareholders should see some benefit.