Chris Luxon, Air NZ CEO has resigned from the Virgin Board effective immediately. I'm in NZ and there is much speculation here what all this activity means - big loan a week ago and then suddenly announcing that Air NZ wants to exit its 26% stake in Virgin. The feeling in NZ is that it is good for Air NZ (SP went up 2% but then settled back) and that the Virgin Board may not have agreed with Luxon's thoughts on running an airline. Still all rumour and speculation though, no definitive statements from anyone.
I took a punt and bought VAH at .34, betting that there will be a rebound from this sudden drop - I feel this is more from the markets' loss of confidence than from any compelling financial factors.
VAH Price at posting:
34.0¢ Sentiment: Hold Disclosure: Held
