VGI, page-2

It has been difficult here for a while hasn't it? Single digits soon imo.

"The $3 billion hedge fund questions how the group came to report a decline in the unique category of revenue airlines and hotels use to reward travel agencies for hitting their targets - known as volume-based incentives - when its actual turnover from transactions increased during the same period." https://www.copyright link/markets/equity-markets/vgi-reloads-on-corporate-travel-20200301-p545sg
"It contends that 7 per cent is “very high”, and coupled with interest income of just 0.2 per cent, mounts an argument that Corporate Travel in effect window-dressed its debt balance at the end of the half to make its accounts look healthier. Further, it is speculated to be utilising credit card facilities to cover expenses where such liabilities can be presented as trade payables not borrowings, the hedge fund alleges."


" According to VGI's analysis, the amount of "software" assets on Corporate Travel's balance sheet has grown ten times in four years, from $3.6 million in the first half of 2016 to $35.2 million in the first half of 2020. " https://www.copyright link/street-talk/vgi-s-corporate-travel-short-report-hits-inboxes-ubs-in-ctd-block-20200224-p543mi


I also note the rumour is Bennylong might have capitulated...better late than never i guess.

Fish.