Travel Agents

Corporate Travel Management boss resolves shareholding issue

The boss of Corporate Travel Management (CTM) has taken back control of his shareholding in the business after it was revealed that has investment company had been deregistered.

In a statement to shareholders, CTM (which trades as CTD on the ASX) said that the personal investment company owned by founder and managing director Jamie Pherous, Pherous Holdings, had been reinstated by the Australian Securities and Investments Commission (ASIC).

“Mr Pherous has confirmed to CTD that he continues to indirectly hold 20.74 million CTD shares via that personal investment company, and that he has not sold or does not intend to sell any CTD shares,” the statement read.

“Mr Pherous has also confirmed to CTD that a company named Pherous Holdings Pty Ltd, which has been registered with ASIC by Rob Luciano and Douglas Tynan of VGI Partners, is unrelated to him.”

It comes after The Australian Financial Review revealed that Pherous Holdings – which Pherous held his shares in CTM under – was deregistered on 8 March because it failed to pay its annual review fees to ASIC.

Soon after the deregistration of Pherous Holdings, another company was registered under the same name on 14 March, with hedge fund VGI Partners – which has been vocally negative against CTM in recent months – named as its sole shareholder, according to the AFR.

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