Travel Agents

CTM says report attacking the scale of their business is “not supported by the facts”

Corporate Travel Management (CTM) has responded to a scathing report released by VGI Partners which questioned its accounting and the scale of its business.

Speaking at CTM’s annual general meeting, chairman Tony Bellas said the board is concerned about the potential impact on shareholders from the claims made in the report, which he said are not “supported by the facts”.

“The board acknowledges two issues, one of which relates to the need for the company to keep its website updated with its office locations,” he said, referencing VGI’s claims that CTM has exaggerated their global footprint by running “phantom” offices.

“The second relates to not using the term ‘patented’ in relation to its proprietary technology,” he continued.

“In the board’s opinion, the report either misunderstands or misrepresents the company’s financial performance, governance and business model.

“The detailed response issued by us this morning comprehensively addresses all of VGI’s issues.”

Bellas said CTM have approached VGI Partners seeking a meeting to explain the company’s response and ask that the report be corrected or withdrawn but they have not yet received a response.

“VGI has been very clear about its intention to benefit from a decline in the company’s share price,” he said.

“The timing of this report is unfortunate because it does not take into account the company’s excellent performance record and continued successful execution of strategy.

“The company is in great financial shape.”

Despite CTM’s comprehensive response to VGI’s claims, shares lost more than a quarter of their value in early morning trading today when the company lifted their self-imposed trading halt.

CTM also announced that despite Bellas’ intention to retire from the board at the conclusion of today’s AGM, the board have asked him to stay on for the time being.

“In light of the events of the past few days and the need to maintain stability, the board of CTM has today resolved to appoint Mr Bellas to fill a casual vacancy of the Board, effective immediately at the conclusion of the AGM,” the company said.

Aviation

How Air Canada is making its mark on gender equality, locally and globally

With the Women in Travel Awards 2019 just days away, we wanted to shine the light on a company that truly values female representation across the board.

Share

CommentComments

Aviation

Aviation wrap: Qantas grows US network, Emirates reduces single-use plastics, Air Vanuatu’s new service + more

This week’s aviation wrap comes free of any mentions of flaperons, altimeters or horizontal stabilisers.

Share

CommentComments

Cruise

TAA warns cruise industry could “flatten out” if Sydney doesn’t expand berthing facilities

Though that’s not to say Sydney’s overseas passenger terminal will now be equipped with a steamroller to flatten cruise ships at will.

Share

CommentComments

Aviation

Unruly passenger slaps cabin crew, throws up on Paris flight

Just when you thought nothing could top United’s ant-infested flight, Travel Weekly is proud to inform you of this mid-flight puke fest.

Share

CommentComments

Tourism

REVEALED: The number one Aussie brand for Chinese consumers is not what you think

If you think we left the name of the top brand out of this headline to make you click on it, you’re absolutely right.

Share

CommentComments

Tourism

“Australia remains a billion-pound market for Britain”, says VisitBritain CEO

by Teresa Russell

Have you lost faith in Great Britain’s appeal as a destination for Aussie travellers? Have it restored here with this.

Share

CommentComments

Aviation

Woman hilariously live-tweets ant-infested flight

by Ali Coulton

If you can think of anything worse than being surrounded by unruly insects during a nine-hour flight, please email your response to notpossible@doesnotexist.org.

Share

CommentComments

Destinations

Kiwis to say ‘Good Morning World’ every day for next 12 months as part of Tourism NZ’s new brand campaign

Kiwis are getting up at the crack of dawn to welcome the world as part of a Tourism NZ campaign. Meanwhile, Travel Weekly staff will be tucked up in bed wearing their Peter Alexander PJs and pom pom nightcaps.

Share

CommentComments

Tourism

STUDY: 95 per cent of Aussies have holiday regrets, with a quarter wishing they’d had a fling

Travel Weekly’s editor has many holiday regrets – the tattoo of a particular appendage on his right bicep being just one of them.

Share

CommentComments

Hotels

Airbnb launches new project to support country pubs

Meanwhile, Travel Weekly staff are supporting our local pub by blowing half our pay on its happy hour specials.

Share

CommentComments

Hotels

Opinion: Automation is the secret to personalisation in hotels

by Ahmed Youssef

We couldn’t find a robot who was willing to write this article for us, so we enlisted the help of Amadeus’ Ahmed Youssef instead.

Share

CommentComments

Aviation

Plane struck by lightning before fiery crash: report

A preliminary report on the tragic Aeroflot plane crash that killed 41 people last month has provided some more clarity around what went wrong.

Share

CommentComments