Branson attacks Virgin dividend payment
By Scott Rochfort
November 17, 2005

Virgin Blue will pay $262 million in dividends next month as its 62.4 per cent owner Patrick Corp seeks to fend off a hostile $4.6 billion takeover bid from Toll Holdings.

The animosity between the airline's two major shareholders intensified yesterday, after 25 per cent owner Sir Richard Branson barracked for the success of Toll's takeover. He also denounced Virgin Blue chairman and Patrick boss Chris Corrigan for approving the airline's first-ever dividend of 25c a share.

Amid the chaos, Virgin Blue chief executive Brett Godfrey attempted to paint a picture of normality after reporting a 33 per cent slump in full-year net profit to $105 million.

Talking up the airline's plans to move away from its "low-cost" model to its so-called "new world carrier" status in a bid to attract higher paying corporate and government passengers through its new frequent-flyer scheme, Mr Godfrey declined to take sides in the latest boardroom stoush. "Look, I only wish I could be left alone to run the airline," he said.

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Virgin Blue shares surged 15c to $1.82 on news of the dividend.