Sydney - Friday - April 21: (RWE Australian Business News) -
Travel.com.au Ltd (ASX code: TVL) today announced Netus Pty Ltd, a
technology investment company chaired by Mr Daniel Petre, had agreed to
acquire 8.63 million shares (a 10 per cent interest) in Travel from
founding shareholder Amadeus Global Travel Distribution SA.
The acquisition by Netus is conditional on Amadeus board
approval, which is expected in due course.
Also, Travel has agreed to make a placement of a further 10.66
million shares to Netus at 17c each upon completion of the acquisition
by Netus of Amadeus's shareholding.
Netus will then hold a 19.9 per cent shareholding in Travel.
The placement will raise $1.8 million for Travel and brings the
total raised by the company this calendar year, including its recent
1-for-7 issue, to $3.4 million (before issue expenses).
The additional funds raised will be used to build and promote
Travel's two brands, travel.com.au and lastminute.com.au.
Mr Petre will be invited to join Travel's board upon conclusion
of this series of transactions.
Mr Bill Lawler from Amadeus will resign upon the sale of
Amadeus's holding.
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Directors say the Netus investment comes at a time when Travel
is experiencing continued growth of its lastminute.com Australia brand.
Total Transaction Volume (TTV) sales in March were at a record
level, driven by increased hotel and domestic flight bookings, and
represented an increase of more than 40 per cent on March 2005 TTV.
Also, the travel.com.au brand had record TTV sales for
international online flights in March and the Arnold business
experienced record transaction numbers in March.
Shares in Travel.com.au fell 1c to 18.5c yesterday.
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