Ann: Update on separation of WebBeds and Webjet B2C, page-11

My thoughts exactly! Especially after I read the announcement today about KKR becoming a substantial holder. KKR is a huge, global private equity company that specialises in buying companies, then selling it in parts, or the whole.

In many cases, these private equity guys buy a company (usually a struggling one), then artificially inflate the share price by pumping money into it, at which point they sell out. But in other cases – and I think Webjet is one of these – they see real value in the company and grow it for future sale.

Just speculating here... I wonder if the separation of Webjet and WebBeds is Gusic taking advance measures to prevent a takeover of the company while it includes both divisions? I think that would be smart, as WebBeds is worth more as an independent company than when joined with the OTA division. Are KKR becoming a substantial holder while WEB still includes both divisions in order to have leverage over the decision to split? Or to build a position when they do? Just musings...

In any case, I think both of today's announcements are good news.