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approached VGI Partners seeking a meeting to explain the company’s response and ask that the report be corrected or withdrawn but they have not yet received a response.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

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Aviation

Airline executive arrested on suspicion of treason

This airline executive could face a long, cold holiday in the slammer if found guilty.

Share

CommentComments

Destinations

Queensland to reopen border to Greater Sydney travellers from December

Palaszczuk has extended a pre-emptive welcome to Sydneysiders who want to spend their summer in Queensland, while hinting an announcement about Victoria may come tomorrow.

Share

CommentComments

Aviation

COVID-19 vaccine will be compulsory for Qantas’ international passengers, says Joyce

Meanwhile, the AstraZeneca and Pfizer vaccine candidates are making progress, with one reporting more efficacy results and the other pushing for an early release.

Share

CommentComments

Destinations

Destination NSW enlists drag queens and shirtless life guards to welcome back Victorians

Sydney rolled out the welcome mat in spectacular style yesterday morning to Victorian travellers. Recap all the fun and frivolity here.

Share

CommentComments

Tourism

STUDY: More than a third of Aussie households to forego a summer holiday

Travel Weekly’s editor has sifted through a whole research paper on household spending habits to deliver you the most relevant bits, and he has a few paper cuts to prove it.

Share

CommentComments

Cruise

Aurora Expeditions reveals 2022 itineraries and internal renders for Sylvia Earle

Looking to give your travel bookings a bit of a boost? Well, consider Aurora’s new itineraries and ship renders the expedition cruising equivalent of a Red Bull.

Share

CommentComments

Destinations

Destination Gold Coast names new CEO

Do you recall Annaliese Battista’s shock resignation from Destination Gold Coast back in August? Well, meet her replacement.

Share

CommentComments

Wholesalers

‘The Places We’ll Go’: Bunnik Tours launches campaign for 2022 trips

It appears Dennis has been rifling through his collection of Dr Seuss books to find inspiration for his latest campaign. We can’t wait to see what he does with Green Eggs and Ham.

Share

CommentComments

Aviation

Rex seals $150m funding deal for launch of capital city operations

The regional airline is one step closer to being a fully-fledged domestic airline, thanks to the generosity of an Asian investment firm.

Share

CommentComments

Travel Agents

MTA advisor’s promotional effort sees customers “flocking” to book

CONTENT WARNING: This article is 90 per cent puns about sheep, so if you hate fun and laughter, please skip to the next story.

Share

CommentComments

Destinations

ScoMo reveals fresh candidates for expanded travel ‘bubble’, including some Chinese provinces

by Ali Coulton

With two-way trans-Tasman travel off the cards for the foreseeable future, Australia’s PM has revealed a few north Asian candidates for an expanded ‘bubble’.

Share

CommentComments

Aviation

Muslim influencer claims she was kicked off flight because “entitled white man” felt uncomfortable

The influencer said she was removed from a flight following an altercation with a man whose behaviour she claims would have seen her, a veiled Muslim woman, detained.

Share

CommentComments