Ann: Fleet Update, page-5

Whichever way you cut it, this announcement tells me risks with their fleet expansion are increasing. A 36% reduction in plan to aircraft being parted out just seven weeks after what Management presented to shareholders, will have cash flow implications.

I was a holder for many years, exiting shortly after the failed Qantas takeover. I still closely follow. Management may have a long recordof opportunistically purchasing aircraft and realising exceptional value by deployment, sale or lease, but their history in managing working capital requirements to fund large fleet expansions has been poor.