Qantas ownership
Apr 10, 2020, 11:46 pm
#1
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Qantas ownership
I think it was about 35% at last check - Qantas are required to keep tabs on it.
Apr 11, 2020, 12:19 am
#2
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How they prevent it from going over 49% I'm not sure.
Apr 11, 2020, 7:55 am
#3
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Apr 11, 2020, 2:18 pm
#4
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- no more than 49% of Qantas can be owned by foreign persons
- no more than 35% can be owned by a foreign airline
- no one foreign person own more than 25%
- no more than one third of the directors can be voted in by those representing foreign shareholdings.
Apr 11, 2020, 6:43 pm
#5
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Not if it’s classed as an essential entity, which is why the Qantas Sale Act legislated for the privatisation of Qantas at a time when large scale privatisations were deemed to be desirable. It included setting restrictions on foreign ownership meaning:
- no more than 49% of Qantas can be owned by foreign persons
- no more than 35% can be owned by a foreign airline
- no one foreign person own more than 25%
- no more than one third of the directors can be voted in by those representing foreign shareholdings.
If ABC owns a majority or 100% of DEF & DEF owns a majority or 100% of GHI & so on ...
If ABC is foreign, but shares are owned by an Australian co way down the line, who knows who owns what ?
Apr 11, 2020, 8:13 pm
#6
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The government will have visibility of Aussie companies and their share ownership, when it jumps, overseas it will be obvious. And there have been some good examples where they picked up these details when it came to circumventing tax or real estate laws
Apr 11, 2020, 11:38 pm
#7
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can't be that hard to hide onwership. Smart accountants don't work for ATO. ATO is always playing catch up.
Apr 12, 2020, 3:45 am
#8
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QF have to keep an eye on it. If they go over 49% there is a mechanism in the Qantas Sale Act, basically most recent foreign purchasers must sell their shares within a time period when notified by the company secretary. I am sure if there dont there will be a mechanism to force a sale/buy back.
Apr 12, 2020, 7:10 am
#9
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[mod hat] This thread comes from a larger discussion in the VA forum and was moved here. [/mod hat]