Virgin Australia says all conditions for its ownership restructure have been met and the plan will go ahead over the next two weeks.
Announced last month, the restructure will see Virgin’s international business split off to become a separate, unlisted company owned by current shareholders. That will free Virgin’s domestic business from government regulations that limit foreign ownership of Australian international carriers to 49 per cent, opening the way for increased overseas investment.
Virgin said it will issue current shareholder a stake in the new international business. It assigned those shares a nominal value of 0.0001 cents. The airline said the restructure will be complete by March 30.
Qantas has challenged the plan, saying the new international business would be a separate entity in name only.