Ann: Trading Update No 3 & COVID-19 Response, page-19

While the QAN stakes acts as a blocking stake to private equity or management taking over the company, the notion that QAN is stopping AQZ raising capital so it can compete with QAN and VA is curious. AQZ’s current business model is capital light and with low debt levels, coupled with generous dividend levels, so no obvious need for additional capital. I would be surprised if AQZ wanted to spend big money on modern aircraft to enter the RPT market in a big way. In any case, an underwritten renounceable rights issue at a discount would do the job.