Aviation

Financial reporting and AGM pressure eases for Virgin Australia

Virgin Australia has been given some breathing room to fulfil its financial reporting obligations and hold its annual general meeting (AGM), as the airline edges closer to emerging from administration.

Virgin’s administrators advised shareholders on Monday that the Australian Securities & Investments Commission (ASIC) had granted the embattled carrier “relief” from statutory reporting obligations for the last financial year “until the earlier date of 31 March 2021 or the date on which a disclosure document is lodged with ASIC in relation to any offer for issue or sale of group securities”.

The financial regulator has also granted an extension for Virgin to hold its AGM for FY20 until 31 May 2021.

“The priority of the administration and the unprecedented impact of the COVID-19 pandemic on the group’s business have greatly disrupted the ability of the group to comply with their statutory financial reporting obligations and for Virgin Australia to hold its AGM within the normal timeframes,” the company’s ASX statement read.

The news comes as Virgin Australia prepares to hand the keys over to Bain Capital, with the sale expected to be completed in early November.

The airline will exit administration with a new CEO, following the resignation of Paul Scurrah last week.

Virgin launches 20th birthday sale

To celebrate 20 years in the air, Virgin Australia is offering fares from just $69 (including baggage and seat selection) as part of its ‘Cheers to 20 Years’ birthday sale.

Ending at midnight next Tuesday (27 October), the sale includes fares with generous booking dates into 2021, and a host of fares to and from Melbourne in anticipation of Victorian borders reopening.

“Virgin Australia has been keeping the air fair for 20 years, bringing value to Australian travellers, so we’re delighted to be offering these fantastic sale fares to celebrate our vicennial year,” a spokesperson for the airline said.

“The aviation and tourism industries rely on a connected nation, and we hope that borders continue to safely reopen and more Australians return to the skies.”


Image source: iStock/peepo

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