WEB - Web Travel Group
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bigdog
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Yes you are right
the 4 to 1 share consolidation will take place on Thursday, 7 June 2007.
$1.30 / 4 = 32.5 cents on old basis.
bigdog
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WEB SP has been very disappointing over the years despite being a recommended "buy" for over 12 months (by Westpac Broking).
I look forward to the SP increasing and David Clarke not selling his bonus shares two days after receiving them in November 2007!
-- the SP dropped in Nov 2006 after David's last sale!!
Herald Sun report today covered ASX ann below:
http://www.news.com.au/heraldsun/story/0,21985,22173874-664,00.html
Internet travel agent boosts profit
August 02, 2007 12:00am
ONLINE travel agent WebJet expects to continue its upward climb this financial year, pointing to a satisfactory trading environment after boosting its annual net profit by almost 70 per cent.
Webjet yesterday reported a net profit of $4 million for 2006-07 - a 67 per cent increase on the $2.4 million it reported the previous year.
And the company expects further growth this year, despite the sensitivity of travellers to vagaries such as interest rates and the price of petrol.
Webjet has forecast net profit after tax to rise a further 30 per cent to about $5.2 million in 2007-08.
The company also expects earnings before interest, taxes, depreciation and amortisation to grow to $6.4 million, versus $3.7 million in 2006-07, and total revenue to jump to $22.3 million from $17.5 million last year.
Its total transaction value (TTV) soared 45 per cent to $250 million.
The overall strong result meant Webjet could declare its first dividend of 2 a share.
Managing director David Clarke said the results coincided with an increase in the size of the company's market.
"As a consequence of a pre-alerted aggressive marketing campaign during the year, Webjet added, in this year at a TTV level, approximately $78 million -- an amount the equivalent to the total turnover in financial year ended 2005," Mr Clarke said.
"This increase of 45 per cent on the previous year represents a growth rate many times that of the Australian travel industry."
Full-year costs were $12.2 million compared with $8.4 million the previous year.
Most of that increase was because of Webjet's more aggressive marketing.
Despite its buoyant results, Webjet shares fell 3.4 yesterday to $1.18.
WEB has made a number of good ASX ann this week which include:
01/08/2007 Letter to Shareholders
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00744916
ANNUAL RESULTS TO 30 JUNE 2007
• TTV up 45% to $250M
• NPAT up 67% to $4M
01/08/2007 2007 Full Year Results Presentation
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00744918
01/08/2007 Change in substantial holding
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00745068
Thorney Holdings (D Pratt) now has increased holding to 16.78% from 14.66%
I look forward to the SP increasing and David Clarke not selling his bonus shares two days after receiving them in November 2007!
-- the SP dropped in Nov 2006 after David's last sale!!
Herald Sun report today covered ASX ann below:
http://www.news.com.au/heraldsun/story/0,21985,22173874-664,00.html
Internet travel agent boosts profit
August 02, 2007 12:00am
ONLINE travel agent WebJet expects to continue its upward climb this financial year, pointing to a satisfactory trading environment after boosting its annual net profit by almost 70 per cent.
Webjet yesterday reported a net profit of $4 million for 2006-07 - a 67 per cent increase on the $2.4 million it reported the previous year.
And the company expects further growth this year, despite the sensitivity of travellers to vagaries such as interest rates and the price of petrol.
Webjet has forecast net profit after tax to rise a further 30 per cent to about $5.2 million in 2007-08.
The company also expects earnings before interest, taxes, depreciation and amortisation to grow to $6.4 million, versus $3.7 million in 2006-07, and total revenue to jump to $22.3 million from $17.5 million last year.
Its total transaction value (TTV) soared 45 per cent to $250 million.
The overall strong result meant Webjet could declare its first dividend of 2 a share.
Managing director David Clarke said the results coincided with an increase in the size of the company's market.
"As a consequence of a pre-alerted aggressive marketing campaign during the year, Webjet added, in this year at a TTV level, approximately $78 million -- an amount the equivalent to the total turnover in financial year ended 2005," Mr Clarke said.
"This increase of 45 per cent on the previous year represents a growth rate many times that of the Australian travel industry."
Full-year costs were $12.2 million compared with $8.4 million the previous year.
Most of that increase was because of Webjet's more aggressive marketing.
Despite its buoyant results, Webjet shares fell 3.4 yesterday to $1.18.
WEB has made a number of good ASX ann this week which include:
01/08/2007 Letter to Shareholders
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00744916
ANNUAL RESULTS TO 30 JUNE 2007
• TTV up 45% to $250M
• NPAT up 67% to $4M
01/08/2007 2007 Full Year Results Presentation
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00744918
01/08/2007 Change in substantial holding
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00745068
Thorney Holdings (D Pratt) now has increased holding to 16.78% from 14.66%
bigdog
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The share market has liked the announcements of past days
SP $1.25 +$0.07 +5.93% high of $1.25 low of $1.20 146,600 shares $181,962 @ 02-Aug 12:03:48
Webjet also launched their new website Planitonearth
Planitonearth automatically saves your Webjet booking or search results to its' unique Trip Planner. You can then add externally booked items, plot your trip on Google Maps and share your trip with friends & family online.
Welcome to Webjet's new online trip planner, Planitonearth. Using Planitonearth you can plan your trips by adding items from Webjet search results, Webjet bookings, external travel services and other items such as meeting friends and catching taxis.
https://securetravel.webjet.com.au/PLANIT/Login.aspx?ReturnUrl=/PlanIt/Default.aspx
SP $1.25 +$0.07 +5.93% high of $1.25 low of $1.20 146,600 shares $181,962 @ 02-Aug 12:03:48
Webjet also launched their new website Planitonearth
Planitonearth automatically saves your Webjet booking or search results to its' unique Trip Planner. You can then add externally booked items, plot your trip on Google Maps and share your trip with friends & family online.
Welcome to Webjet's new online trip planner, Planitonearth. Using Planitonearth you can plan your trips by adding items from Webjet search results, Webjet bookings, external travel services and other items such as meeting friends and catching taxis.
https://securetravel.webjet.com.au/PLANIT/Login.aspx?ReturnUrl=/PlanIt/Default.aspx
bigdog
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ASX ann today
06/09/2007 Trading Halt
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00756755
Pending release of announcement and remain in pre-open until Monday or when ann released.
Can only guess the ANN will be VG based upon increasing SP!
Yesterday's SP was all time high of $1.41 since share restructure on June 25.
-- any suggestions?
-- I always considered WEB as potential low cost target (IMO)
-- they use to have 19 staff two years ago!
Date----- Close Volume
05-Sep-07 1.41 569,430
04-Sep-07 1.35 187,218
03-Sep-07 1.35 221,396
31-Aug-07 1.28 56,506
30-Aug-07 1.27 50,775
29-Aug-07 1.27 137,111
28-Aug-07 1.28 107,962
27-Aug-07 1.26 366,297
24-Aug-07 1.24 221,753
23-Aug-07 1.23 304,779
22-Aug-07 1.21 490,939
21-Aug-07 1.18 1,019,028
06/09/2007 Trading Halt
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00756755
Pending release of announcement and remain in pre-open until Monday or when ann released.
Can only guess the ANN will be VG based upon increasing SP!
Yesterday's SP was all time high of $1.41 since share restructure on June 25.
-- any suggestions?
-- I always considered WEB as potential low cost target (IMO)
-- they use to have 19 staff two years ago!
Date----- Close Volume
05-Sep-07 1.41 569,430
04-Sep-07 1.35 187,218
03-Sep-07 1.35 221,396
31-Aug-07 1.28 56,506
30-Aug-07 1.27 50,775
29-Aug-07 1.27 137,111
28-Aug-07 1.28 107,962
27-Aug-07 1.26 366,297
24-Aug-07 1.24 221,753
23-Aug-07 1.23 304,779
22-Aug-07 1.21 490,939
21-Aug-07 1.18 1,019,028
bigdog
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ASX ann
WEB 1:21 PM Intention to Make Takeover Bid
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00756869
6 September 2007
Webjet Limited to acquire travel.com.au Limited
Webjet Limited (Webjet) (ASX: WEB) and travel.com.au Limited (TVL) (ASX: TVL) today announced a proposal under which Webjet would acquire 100% of the issued shares in TVL under a cash and scrip takeover offer. The acquisition is to be implemented by Webjet making a recommended off-market takeover bid for all of the issued ordinary shares in TVL.
Webjet will offer TVL shareholders:
• $0.10 cash; and
• 0.23 Webjet shares,
for each TVL share.
Webjet's offer will be subject to the conditions set out in Annexure 1, which include (among others):
• Webjet acquiring 90% of TVL shares;
• receipt of all regulatory approvals, including any approval required from the Travel Compensation Fund;
• no restraint that adversely affects Webjet’s offer;
• certain conduct of business conditions;
• no prescribed occurrences; and
• no material adverse change.
Webjet's offer will extend to any new TVL shares issued during the offer period due to the exercise of TVL options in accordance with their terms.
Implied value
Based on Webjet's closing price of $1.41 on 5 September 2007, the implied value of Webjet's offer is $0.424 per TVL share. This values TVL at approximately $42.3 million, excluding unexercised TVL options. The implied value of $0.424 per TVL share represents:
• a premium of 21.2% to the closing price of TVL shares on 5 September 2007;
• a premium of 37.0% to the one month VWAP of TVL shares prior to the date of this announcement; and
• a premium of 29.3% to the three month VWAP of TVL shares prior to the date of this announcement.
The cash component of Webjet's offer will require Webjet to pay a total of approximately $10.0 million to TVL shareholders. This will be funded from Webjet's internal cash reserves.
The scrip component of Webjet's offer will result in the issue of approximately 22.9 million new Webjet shares. Following completion of the takeover, TVL shareholders will own approximately 23.4% of Webjet's expanded capital.
While the cash component of Webjet's offer provides certainty to TVL shareholders, the value of the scrip component depends on the market value of Webjet shares. Therefore, the implied value of Webjet's offer will fluctuate during the offer period depending on movements in the market price of Webjet shares.
TVL directors' recommendation and intentions
TVL's independent directors have evaluated Webjet’s proposed offer and have unanimously agreed to recommend Webjet's offer, in the absence of a superior proposal and subject to the independent expert to be engaged by TVL concluding that Webjet's offer is fair and reasonable.
Subject to those same qualifications, all directors of TVL intend to accept Webjet's offer for all of the TVL shares they hold or in which they otherwise have a relevant interest.
WEB 1:21 PM Intention to Make Takeover Bid
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00756869
6 September 2007
Webjet Limited to acquire travel.com.au Limited
Webjet Limited (Webjet) (ASX: WEB) and travel.com.au Limited (TVL) (ASX: TVL) today announced a proposal under which Webjet would acquire 100% of the issued shares in TVL under a cash and scrip takeover offer. The acquisition is to be implemented by Webjet making a recommended off-market takeover bid for all of the issued ordinary shares in TVL.
Webjet will offer TVL shareholders:
• $0.10 cash; and
• 0.23 Webjet shares,
for each TVL share.
Webjet's offer will be subject to the conditions set out in Annexure 1, which include (among others):
• Webjet acquiring 90% of TVL shares;
• receipt of all regulatory approvals, including any approval required from the Travel Compensation Fund;
• no restraint that adversely affects Webjet’s offer;
• certain conduct of business conditions;
• no prescribed occurrences; and
• no material adverse change.
Webjet's offer will extend to any new TVL shares issued during the offer period due to the exercise of TVL options in accordance with their terms.
Implied value
Based on Webjet's closing price of $1.41 on 5 September 2007, the implied value of Webjet's offer is $0.424 per TVL share. This values TVL at approximately $42.3 million, excluding unexercised TVL options. The implied value of $0.424 per TVL share represents:
• a premium of 21.2% to the closing price of TVL shares on 5 September 2007;
• a premium of 37.0% to the one month VWAP of TVL shares prior to the date of this announcement; and
• a premium of 29.3% to the three month VWAP of TVL shares prior to the date of this announcement.
The cash component of Webjet's offer will require Webjet to pay a total of approximately $10.0 million to TVL shareholders. This will be funded from Webjet's internal cash reserves.
The scrip component of Webjet's offer will result in the issue of approximately 22.9 million new Webjet shares. Following completion of the takeover, TVL shareholders will own approximately 23.4% of Webjet's expanded capital.
While the cash component of Webjet's offer provides certainty to TVL shareholders, the value of the scrip component depends on the market value of Webjet shares. Therefore, the implied value of Webjet's offer will fluctuate during the offer period depending on movements in the market price of Webjet shares.
TVL directors' recommendation and intentions
TVL's independent directors have evaluated Webjet’s proposed offer and have unanimously agreed to recommend Webjet's offer, in the absence of a superior proposal and subject to the independent expert to be engaged by TVL concluding that Webjet's offer is fair and reasonable.
Subject to those same qualifications, all directors of TVL intend to accept Webjet's offer for all of the TVL shares they hold or in which they otherwise have a relevant interest.
bigdog
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http://www.smh.com.au/news/technology/webjets-bid-for-travelcomau/2007/09/06/1188783414095.html
Webjet's bid for travel.com.au
September 7, 2007
THE online travel agency Webjet is making a $42.3 million takeover bid for travel.com.au in an effort to create Australia's leading online travel agent.
Webjet is offering 10c cash and 0.23 Webjet shares for each travel.com.au share. The offer implies a value of 42.4c per share.
Travel.com.au's independent directors have unanimously recommended the offer, barring a superior proposal and subject to an independent expert's report concluding that it is fair and reasonable.
Travel.com.au, which owns the travel booking website lastminute.com.au, said the combination of the companies would create a "highly profitable, industry-leading online travel agent".
"Directors believe that the offer proposed by Webjet provides … shareholders with the opportunity to benefit from the increased scale and profitability that a combination of the two businesses would achieve," said the chairman of travel.com.au, Roger Sharp.
Webjet will fund the cash component of its bid from reserves. If the takeover succeeds, travel.com.au shareholders will own about 23.4 per cent of the combined group.
Webjet said it viewed its takeover target as a valuable and strategically significant addition. "It will provide Webjet with the opportunity of realising even more substantial economies of scale," said the managing director, David Clarke.
Webjet's bid for travel.com.au
September 7, 2007
THE online travel agency Webjet is making a $42.3 million takeover bid for travel.com.au in an effort to create Australia's leading online travel agent.
Webjet is offering 10c cash and 0.23 Webjet shares for each travel.com.au share. The offer implies a value of 42.4c per share.
Travel.com.au's independent directors have unanimously recommended the offer, barring a superior proposal and subject to an independent expert's report concluding that it is fair and reasonable.
Travel.com.au, which owns the travel booking website lastminute.com.au, said the combination of the companies would create a "highly profitable, industry-leading online travel agent".
"Directors believe that the offer proposed by Webjet provides … shareholders with the opportunity to benefit from the increased scale and profitability that a combination of the two businesses would achieve," said the chairman of travel.com.au, Roger Sharp.
Webjet will fund the cash component of its bid from reserves. If the takeover succeeds, travel.com.au shareholders will own about 23.4 per cent of the combined group.
Webjet said it viewed its takeover target as a valuable and strategically significant addition. "It will provide Webjet with the opportunity of realising even more substantial economies of scale," said the managing director, David Clarke.
bigdog
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SP today was down 4.5 cents
WEB $1.55 -$0.045 -2.82 with high of $1.595 264,689 shares $415,092 @ 28-Sep 16:10:05
ASX ANN
28/09/2007 Update on Webjet Offer for TVL
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00764713
UPDATE ON WEBJET OFFER FOR TVL
Webjet notes the announcement by TVL earlier today that it has received an unsolicited approach by an unnamed third party that may be interested in making a competing bid for TVL and that no assurance can be given that such party will proceed with an offer for TVL.
The Webjet offer for TVL announced on 6 September 2007 is the only offer for TVL that has been publicly proposed. Webjet's offer has been unanimously recommended by the directors of TVL, in the absence of a superior proposal. If TVL receives a competing proposal, Webjet has the right to revise its current offer to match or better the competing proposal prior to TVL publicly endorsing that competing proposal.
In addition to being the only offer for TVL that has been publicly proposed, Webjet's offer is subject to minimal conditions. Subject to the fulfilment or waiver of those conditions, Webjet's offer will deliver compelling value to TVL shareholders, together with an opportunity (through the scrip component of Webjet's offer) to participate in the benefits that a merger of the businesses of Webjet and TVL would deliver.
In addition, Webjet notes that it has a relevant interest in 19.9% of TVL shares through a pre-bid acceptance agreement, particulars of which were disclosed to ASX on 7 September 2007.
The documentation in relation to Webjet's offer will be sent to TVL shareholders shortly. This will comprise a Bidder's Statement and offer from Webjet and TVL's target's statement, in a single consolidated booklet. TVL's Target's Statement will contain an independent expert's report expressing an opinion on whether Webjet's offer is fair and reasonable.
Travel.com.au receives third party offer
http://www.smh.com.au/news/Business...ird-party-offer/2007/09/28/1190486551172.html
September 28, 2007 - 3:49PM
Travel.com.au, the takeover target of Webjet Ltd, has received an unsolicited third party proposal.
Travel.com.au did not name the company and said "no assurance can be given that such party will proceed with an offer for the company".
Earlier this month, Travel.com.au's directors recommended Webjet's offer of 10 cents cash and 0.23 Webjet shares for each travel.com.au share.
The offer values the company at $42.3 million.
Travel.com.au, which owns travel booking website lastminute.com.au, said it will continue to comply with the obligations of its agreement with Webjet.
WEB $1.55 -$0.045 -2.82 with high of $1.595 264,689 shares $415,092 @ 28-Sep 16:10:05
ASX ANN
28/09/2007 Update on Webjet Offer for TVL
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00764713
UPDATE ON WEBJET OFFER FOR TVL
Webjet notes the announcement by TVL earlier today that it has received an unsolicited approach by an unnamed third party that may be interested in making a competing bid for TVL and that no assurance can be given that such party will proceed with an offer for TVL.
The Webjet offer for TVL announced on 6 September 2007 is the only offer for TVL that has been publicly proposed. Webjet's offer has been unanimously recommended by the directors of TVL, in the absence of a superior proposal. If TVL receives a competing proposal, Webjet has the right to revise its current offer to match or better the competing proposal prior to TVL publicly endorsing that competing proposal.
In addition to being the only offer for TVL that has been publicly proposed, Webjet's offer is subject to minimal conditions. Subject to the fulfilment or waiver of those conditions, Webjet's offer will deliver compelling value to TVL shareholders, together with an opportunity (through the scrip component of Webjet's offer) to participate in the benefits that a merger of the businesses of Webjet and TVL would deliver.
In addition, Webjet notes that it has a relevant interest in 19.9% of TVL shares through a pre-bid acceptance agreement, particulars of which were disclosed to ASX on 7 September 2007.
The documentation in relation to Webjet's offer will be sent to TVL shareholders shortly. This will comprise a Bidder's Statement and offer from Webjet and TVL's target's statement, in a single consolidated booklet. TVL's Target's Statement will contain an independent expert's report expressing an opinion on whether Webjet's offer is fair and reasonable.
Travel.com.au receives third party offer
http://www.smh.com.au/news/Business...ird-party-offer/2007/09/28/1190486551172.html
September 28, 2007 - 3:49PM
Travel.com.au, the takeover target of Webjet Ltd, has received an unsolicited third party proposal.
Travel.com.au did not name the company and said "no assurance can be given that such party will proceed with an offer for the company".
Earlier this month, Travel.com.au's directors recommended Webjet's offer of 10 cents cash and 0.23 Webjet shares for each travel.com.au share.
The offer values the company at $42.3 million.
Travel.com.au, which owns travel booking website lastminute.com.au, said it will continue to comply with the obligations of its agreement with Webjet.
bigdog
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Wotif launches bid for travel site
http://www.smh.com.au/news/technolo...for-travel-site/2007/10/01/1191091029770.html
Scott Rochfort
October 2, 2007
AUSTRALIA's largest online hotel booking service, Wotif.com, has launched a $49.8 million takeover offer for Travel.com.au, trumping a rival bid made by online competitor Webjet.
Wotif said yesterday it planned to offer Travel.com.au shareholders 50c a share in either cash or scrip, which it said was 9.5 per cent higher than the scrip bid Webjet has on the table.
"It's a pretty big increase for [Travel.com.au] shareholders," said Wotif's chief operating officer, Robbie Cooke, who also noted the share price was 35c before Webjet's offer received the backing of Travel.com.au's board a month ago.
"What we bring to the table for [Travel.com.au] shareholders has some attraction too," Mr Cooke said.
He said Wotif had "direct relationships" with 10,000 hotels worldwide, which would greatly boost what was offered on Travel.com.au's online hotel website, lastminute.com.au.
However, there could be some complications to Wotif achieving its condition of snaring 90 per cent of the online travel retailer.
Aside from the fact Travel.com.au's board has backed the Webjet offer, the company's largest shareholder, Co-Investor Capital Partners, has entered into a deal to sell its 19.9 per cent stake to Webjet.
"Certainly Co-Investor is not in a position to simply jump ship because there's a new offer being announced," Travel.com.au's chairman, Roger Sharp, who also runs the Sydney investment company, said.
But Co-Investor is free to renege on the deal if Webjet does not increase its offer within 10 days of Travel.com.au dispatching its bidder's statement.
Webjet did not return the Herald's calls yesterday, and is yet to indicate whether it could match or better Wotif's offer.
The company's second-largest shareholder, Netus, also backed Webjet's lower bid last month.
Asked what he thought of the Wotif offer, the Netus founder and Travel.com.au director, Daniel Petre, said it would be "inappropriate to comment" ahead of today's board meeting.
Wotif's plans to buy the nation's fourth-largest travel website represent a big challenge to Flight Centre. But Flight Centre has played down any notion it should enter the battle for Travel.com.au to protect its turf.
"We've got a website that is already the No. 1 site in Australia," a Flight Centre spokesman, Haydn Long, said, adding the company's recent focus had been on expanding into the corporate and "wholesale" end of the travel market.
Travel.com.au shares rose 3c to 58c on hopes Wotif's bid could trigger a bidding war for Travel.com.au. Webjet fell 2c to $1.53, while Wotif shares rose 9c to $5.34.
Wotif shares have nearly trebled since it listed in June last year and the company recently exceeded its prospectus forecasts by posting a 60 per cent lift in full-year profits to $26.4 million.
http://www.smh.com.au/news/technolo...for-travel-site/2007/10/01/1191091029770.html
Scott Rochfort
October 2, 2007
AUSTRALIA's largest online hotel booking service, Wotif.com, has launched a $49.8 million takeover offer for Travel.com.au, trumping a rival bid made by online competitor Webjet.
Wotif said yesterday it planned to offer Travel.com.au shareholders 50c a share in either cash or scrip, which it said was 9.5 per cent higher than the scrip bid Webjet has on the table.
"It's a pretty big increase for [Travel.com.au] shareholders," said Wotif's chief operating officer, Robbie Cooke, who also noted the share price was 35c before Webjet's offer received the backing of Travel.com.au's board a month ago.
"What we bring to the table for [Travel.com.au] shareholders has some attraction too," Mr Cooke said.
He said Wotif had "direct relationships" with 10,000 hotels worldwide, which would greatly boost what was offered on Travel.com.au's online hotel website, lastminute.com.au.
However, there could be some complications to Wotif achieving its condition of snaring 90 per cent of the online travel retailer.
Aside from the fact Travel.com.au's board has backed the Webjet offer, the company's largest shareholder, Co-Investor Capital Partners, has entered into a deal to sell its 19.9 per cent stake to Webjet.
"Certainly Co-Investor is not in a position to simply jump ship because there's a new offer being announced," Travel.com.au's chairman, Roger Sharp, who also runs the Sydney investment company, said.
But Co-Investor is free to renege on the deal if Webjet does not increase its offer within 10 days of Travel.com.au dispatching its bidder's statement.
Webjet did not return the Herald's calls yesterday, and is yet to indicate whether it could match or better Wotif's offer.
The company's second-largest shareholder, Netus, also backed Webjet's lower bid last month.
Asked what he thought of the Wotif offer, the Netus founder and Travel.com.au director, Daniel Petre, said it would be "inappropriate to comment" ahead of today's board meeting.
Wotif's plans to buy the nation's fourth-largest travel website represent a big challenge to Flight Centre. But Flight Centre has played down any notion it should enter the battle for Travel.com.au to protect its turf.
"We've got a website that is already the No. 1 site in Australia," a Flight Centre spokesman, Haydn Long, said, adding the company's recent focus had been on expanding into the corporate and "wholesale" end of the travel market.
Travel.com.au shares rose 3c to 58c on hopes Wotif's bid could trigger a bidding war for Travel.com.au. Webjet fell 2c to $1.53, while Wotif shares rose 9c to $5.34.
Wotif shares have nearly trebled since it listed in June last year and the company recently exceeded its prospectus forecasts by posting a 60 per cent lift in full-year profits to $26.4 million.
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Todays news
http://www.smh.com.au/news/business...avelcom-pursuit/2007/10/02/1191091114432.html
Third vehicle joins travel.com pursuit
Scott Rochfort
October 3, 2007
THE online hotel booking service Wotif's $49.8 million takeover bid for travel.com.au is already under challenge, after the Melbourne-based tour group Australia Online Travel emerged with a 7.8 per cent stake in the online travel portal.
Amid speculation AOT wants to grab a 10 per cent blocking stake in travel.com.au, the company's owner, Andrew Burnes, said: "We're building a stake in the company. That's all I've got to say about it." Mr Burnes also sits on the Tourism Australia board.
Travel.com.au is already subject to two rival takeover bids and its board last month endorsed the initial, lower, bid from Webjet.
As consolidation of the online travel sector accelerates, there is speculation Mr Burnes wants to build a blocking stake to force either Wotif or Webjet to the negotiating table.
It has been suggested Mr Burnes might want to strike a deal with the new owners of travel.com.au, which may involve a joint venture with his own travel websites Travelmate and Need It Now.
Travel.com.au declined to comment on Wotif's 50c-a-share offer.
"This really does require the travel.com board to indicate what it's going to do," said Wotif's chief operating officer, Robbie Cooke. Mr Cooke said he had yet to talk to travel.com.au about his company's proposed offer.
Webjet, which has a lower, 44.5c cash and scrip offer on the table, has not returned the Herald's calls for the past two days.
But even before AOT disclosed it had built up its stake - after appearing as a substantial shareholder only last Thursday - travel.com.au shares rose 2c to 60c yesterday, well clear of Wotif's offer.
The chairman of travel.com .au, Roger Sharp, admitted it could be difficult for him to endorse automatically the higher Wotif offer.
Mr Sharp, who runs travel .com.au's largest shareholder, Co-Investor Capital Partners, has already entered into a deal to sell its 19.9 per cent stake to Webjet.
Aside from making an easy profit from an impending bidding war, there are rumours Mr Burnes's AOT might be in favour of Webjet taking control of travel.com rather than Wotif. AOT and Webjet have engaged in joint marketing deals in the past.
Flight Centre has so far played down its interest in launching a rival offer to protect its No. 1 position in the fast-growing online travel market.
The Queensland property and travel company MFS, which bought out Australia's largest travel agency franchise operator, S8, last year, did not respond on whether it could have an interest.
http://www.smh.com.au/news/business...avelcom-pursuit/2007/10/02/1191091114432.html
Third vehicle joins travel.com pursuit
Scott Rochfort
October 3, 2007
THE online hotel booking service Wotif's $49.8 million takeover bid for travel.com.au is already under challenge, after the Melbourne-based tour group Australia Online Travel emerged with a 7.8 per cent stake in the online travel portal.
Amid speculation AOT wants to grab a 10 per cent blocking stake in travel.com.au, the company's owner, Andrew Burnes, said: "We're building a stake in the company. That's all I've got to say about it." Mr Burnes also sits on the Tourism Australia board.
Travel.com.au is already subject to two rival takeover bids and its board last month endorsed the initial, lower, bid from Webjet.
As consolidation of the online travel sector accelerates, there is speculation Mr Burnes wants to build a blocking stake to force either Wotif or Webjet to the negotiating table.
It has been suggested Mr Burnes might want to strike a deal with the new owners of travel.com.au, which may involve a joint venture with his own travel websites Travelmate and Need It Now.
Travel.com.au declined to comment on Wotif's 50c-a-share offer.
"This really does require the travel.com board to indicate what it's going to do," said Wotif's chief operating officer, Robbie Cooke. Mr Cooke said he had yet to talk to travel.com.au about his company's proposed offer.
Webjet, which has a lower, 44.5c cash and scrip offer on the table, has not returned the Herald's calls for the past two days.
But even before AOT disclosed it had built up its stake - after appearing as a substantial shareholder only last Thursday - travel.com.au shares rose 2c to 60c yesterday, well clear of Wotif's offer.
The chairman of travel.com .au, Roger Sharp, admitted it could be difficult for him to endorse automatically the higher Wotif offer.
Mr Sharp, who runs travel .com.au's largest shareholder, Co-Investor Capital Partners, has already entered into a deal to sell its 19.9 per cent stake to Webjet.
Aside from making an easy profit from an impending bidding war, there are rumours Mr Burnes's AOT might be in favour of Webjet taking control of travel.com rather than Wotif. AOT and Webjet have engaged in joint marketing deals in the past.
Flight Centre has so far played down its interest in launching a rival offer to protect its No. 1 position in the fast-growing online travel market.
The Queensland property and travel company MFS, which bought out Australia's largest travel agency franchise operator, S8, last year, did not respond on whether it could have an interest.
bigdog
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News today
http://www.smh.com.au/news/business...for-travel-site/2007/10/03/1191091194078.html
Suitors dig deeper in fight for travel site
Scott Rochfort
October 4, 2007
AFTER trading at a fraction of its listing price and having never posted a profit over the past eight years, the once unloved travel.com.au has suddenly become a highly sought stock.
Shares in the flight and hotel booking website are set for another surge this morning, after its online rival Webjet indicated late yesterday it was preparing to better Wotif's $49.8 million offer for the travel portal.
Webjet broke its two-day silence over Wotif's higher bid to inform the market late yesterday that it had "secured commitments" to raise $15 million in fresh equity from a range of "institutional and other investors".
After its original 44.5c-a-share friendly takeover bid was trumped by Wotif's 50c-a-share offer on Monday, a Webjet statement said: "The funds raised in conjunction with existing resources means Webjet is in a strong and flexible position to consider the nature and structure of the revised bid."
Webjet's managing director, David Clarke, and the company's head of investor relations, David Turner, declined to discuss Webjet's plans. "I don't talk to the press," Mr Turner said. "My official brief is no comment."
Expectations of a third bid for travel.com.au intensified yesterday, even before Webjet released its statement amid signs the Melbourne tour operator AOT was building a stake in travel.com.au.
Travel.com.au shares rose 2c to 62c yesterday, well clear of Wotif's latest offer and their mid-August low of 25c.
The company listed at $1.25 in 1999 and at the time spoke of holidaymakers switching from booking trips through their local travel agent to booking online instead. But with a small proportion of people booking international trips online eight years later, only now does it appear travel retailers are seeing the importance of having a strong market position online.
Webjet is expected to use the extra $15 million in funds to lift the cash component of its offer, presently valued at $43.5 million.
A new offer from Webjet could help travel.com.au's chairman, Roger Sharp, avoid making any awkward decisions. Mr Sharp heads travel.com.au's largest shareholder, Co-Investor Capital Management, which has struck a deal to sell a 19.9 per cent stake in the company to Webjet.
http://www.smh.com.au/news/business...for-travel-site/2007/10/03/1191091194078.html
Suitors dig deeper in fight for travel site
Scott Rochfort
October 4, 2007
AFTER trading at a fraction of its listing price and having never posted a profit over the past eight years, the once unloved travel.com.au has suddenly become a highly sought stock.
Shares in the flight and hotel booking website are set for another surge this morning, after its online rival Webjet indicated late yesterday it was preparing to better Wotif's $49.8 million offer for the travel portal.
Webjet broke its two-day silence over Wotif's higher bid to inform the market late yesterday that it had "secured commitments" to raise $15 million in fresh equity from a range of "institutional and other investors".
After its original 44.5c-a-share friendly takeover bid was trumped by Wotif's 50c-a-share offer on Monday, a Webjet statement said: "The funds raised in conjunction with existing resources means Webjet is in a strong and flexible position to consider the nature and structure of the revised bid."
Webjet's managing director, David Clarke, and the company's head of investor relations, David Turner, declined to discuss Webjet's plans. "I don't talk to the press," Mr Turner said. "My official brief is no comment."
Expectations of a third bid for travel.com.au intensified yesterday, even before Webjet released its statement amid signs the Melbourne tour operator AOT was building a stake in travel.com.au.
Travel.com.au shares rose 2c to 62c yesterday, well clear of Wotif's latest offer and their mid-August low of 25c.
The company listed at $1.25 in 1999 and at the time spoke of holidaymakers switching from booking trips through their local travel agent to booking online instead. But with a small proportion of people booking international trips online eight years later, only now does it appear travel retailers are seeing the importance of having a strong market position online.
Webjet is expected to use the extra $15 million in funds to lift the cash component of its offer, presently valued at $43.5 million.
A new offer from Webjet could help travel.com.au's chairman, Roger Sharp, avoid making any awkward decisions. Mr Sharp heads travel.com.au's largest shareholder, Co-Investor Capital Management, which has struck a deal to sell a 19.9 per cent stake in the company to Webjet.
bigdog
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ASX ANN
04/10/2007 Variation of Takeover Bid
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00766541
Webjet, Australia’s multi-award winning agency² today announced an improved proposed offer to shareholders of Travel.com.au Limited (TVL) under the takeover bid for TVL that Webjet announced on 6 September 2007.
------------------------------Improved proposed offer Original proposed offer
Cash amount per TVL share--------------------- $0.22 -------$0.10
Number of Webjet shares per TVL share ---------- 0.21 ------- 0.23
Implied value¹ --------------------------------$0.5447 ------ $0.4581
Webjet has 19.9% of shares in TVL as advised to the market on 7 September 2007 through a pre-bid agreement with Co-Investor and its associated entity.
04/10/2007 Variation of Takeover Bid
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00766541
Webjet, Australia’s multi-award winning agency² today announced an improved proposed offer to shareholders of Travel.com.au Limited (TVL) under the takeover bid for TVL that Webjet announced on 6 September 2007.
------------------------------Improved proposed offer Original proposed offer
Cash amount per TVL share--------------------- $0.22 -------$0.10
Number of Webjet shares per TVL share ---------- 0.21 ------- 0.23
Implied value¹ --------------------------------$0.5447 ------ $0.4581
Webjet has 19.9% of shares in TVL as advised to the market on 7 September 2007 through a pre-bid agreement with Co-Investor and its associated entity.
bigdog
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ASX ANN today
11/10/2007 TVL: Proposed offers for TVL - Change of Recommendation
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00768634
Proposed offers for TVL Change of recommendation
11th October 2007
travel.com.au Limited (TVL) refers to the previous announcements regarding the proposed offers for all of the shares in TVL by Webjet Limited (Webjet) and Wotif.com Holdings Limited (Wotif).
On the 10 October 2007 the board of directors of TVL resolved to change its unanimous positive recommendation for the proposed offer by Webjet as detailed in the market announcement on 6 September 2007 (Original Webjet Offer).
The board of TVL have withdrawn their support for the Original Webjet Offer but are continuing to consider the revised proposals from Webjet and Wotif and have instructed TVL’s advisers to explore the terms of the revised proposals with Webjet and Wotif.
The board of directors of TVL has withdrawn its recommendation for the Original Webjet Offer as the board unanimously considers the revised proposals from Webjet and Wotif to be superior to the Original Webjet Offer. The board of directors of TVL have terminated the Implementation Agreement with Webjet referred to in the market announcement on 6 September 2007.
The board of directors of TVL will provide guidance to TVL shareholders as soon as they have completed their assessment of the revised proposals. In the meantime, TVL shareholders are urged to take no action in relation to the proposed offers.
11/10/2007 TVL: Proposed offers for TVL - Change of Recommendation
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00768634
Proposed offers for TVL Change of recommendation
11th October 2007
travel.com.au Limited (TVL) refers to the previous announcements regarding the proposed offers for all of the shares in TVL by Webjet Limited (Webjet) and Wotif.com Holdings Limited (Wotif).
On the 10 October 2007 the board of directors of TVL resolved to change its unanimous positive recommendation for the proposed offer by Webjet as detailed in the market announcement on 6 September 2007 (Original Webjet Offer).
The board of TVL have withdrawn their support for the Original Webjet Offer but are continuing to consider the revised proposals from Webjet and Wotif and have instructed TVL’s advisers to explore the terms of the revised proposals with Webjet and Wotif.
The board of directors of TVL has withdrawn its recommendation for the Original Webjet Offer as the board unanimously considers the revised proposals from Webjet and Wotif to be superior to the Original Webjet Offer. The board of directors of TVL have terminated the Implementation Agreement with Webjet referred to in the market announcement on 6 September 2007.
The board of directors of TVL will provide guidance to TVL shareholders as soon as they have completed their assessment of the revised proposals. In the meantime, TVL shareholders are urged to take no action in relation to the proposed offers.
tinhat
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H1 Interim Results announced Today
After informing the market on Jan 5 2011 that transaction values were up 15% in the first half and that transaction fees were up 25% Webjet today released its first half results...
NPBT $7.3 M flat
NPAT $5.0 M down 4% on H1 2010
EPS 6.7c down 3% on H1 2010
The report gives some balance sheet figures but is mostly a piece of spinning bull**** including charts that show how they are actually losing market share (flat to falling) despite rising sales and heavy advertising.
No explanation of why costs have obviously gone up to erode all profit from the increased sales revenue. Instead they try to fudge the figures with an esoteric graph titled "Margins Maintained".
Today the market punished WEB and rightly so too. The share price plunged 9.5% to close at 2.21
I took a small position and bought WEB at $2.50 on 19 Jan 2011 based on a re-evaluation of the company's worth based on the Jan 5 announcement. I was actually contemplating buying WTF at the time but changed my mind to WEB based on the rosy sales figure announcement. (Webjet's presentation today actually shows that wotif is gaining market share on webjet albiet from a low base). Today I got stopped out 5c below my stop loss trigger. No big deal but it wiped out my paper profits on CBA today.
I'm quite angry at Webjet's management. I feel that I was deceived by their January 5 announcement. It was a price sensitive announcement that effected analyst recommendations and valuations. How can they not have known that costs were up and margins were down at the same time? If you put the updated sales figures announced in Jan 05 together with the guidance issued in November 2010 you would not have expected profit and EPS to be down in H1 2011.
Today's guidance is for profit to remain flat in H2 2011. Frankly, I don't think the management of this company are credible and I don't believe them. I consider the Jan 05 2011 announcement as deceptive. I find the complete lack of information concerning costs and margins in today's report unacceptable.
Here is a list of the current Board of Directors as per the webjet website along with the other companies they are involved with. I would review any investment in any company that has any of this possy of clowns involved.
Allan Nahum, Chairman.
This guy retired as a partner in an accounting firm in 2004 so he probably sleeps through most meetings anyway.
David Clarke (Managing Director)
if the information service I subscribe to is correct he still has 1,000,000 options he can exercise.
Steven Scheuer
Christopher Newman
Chris is presently a director of four ASX listed public companies including Gunns Limited, Austereo Group, Prime Financial Group Limited,Coneco Limited and Auspine Limited.
Don Clarke
Don is presently a director of ASX Listed companies, Circadian Technologies Limited, and Metabolic Pharmaceuticals Limited.
Richard Noon
I'm quite glad I got stopped out of WEB today. Trustworthy and honest management is an important investment criteria for me.
After informing the market on Jan 5 2011 that transaction values were up 15% in the first half and that transaction fees were up 25% Webjet today released its first half results...
NPBT $7.3 M flat
NPAT $5.0 M down 4% on H1 2010
EPS 6.7c down 3% on H1 2010
The report gives some balance sheet figures but is mostly a piece of spinning bull**** including charts that show how they are actually losing market share (flat to falling) despite rising sales and heavy advertising.
No explanation of why costs have obviously gone up to erode all profit from the increased sales revenue. Instead they try to fudge the figures with an esoteric graph titled "Margins Maintained".
Today the market punished WEB and rightly so too. The share price plunged 9.5% to close at 2.21
I took a small position and bought WEB at $2.50 on 19 Jan 2011 based on a re-evaluation of the company's worth based on the Jan 5 announcement. I was actually contemplating buying WTF at the time but changed my mind to WEB based on the rosy sales figure announcement. (Webjet's presentation today actually shows that wotif is gaining market share on webjet albiet from a low base). Today I got stopped out 5c below my stop loss trigger. No big deal but it wiped out my paper profits on CBA today.
I'm quite angry at Webjet's management. I feel that I was deceived by their January 5 announcement. It was a price sensitive announcement that effected analyst recommendations and valuations. How can they not have known that costs were up and margins were down at the same time? If you put the updated sales figures announced in Jan 05 together with the guidance issued in November 2010 you would not have expected profit and EPS to be down in H1 2011.
Today's guidance is for profit to remain flat in H2 2011. Frankly, I don't think the management of this company are credible and I don't believe them. I consider the Jan 05 2011 announcement as deceptive. I find the complete lack of information concerning costs and margins in today's report unacceptable.
Here is a list of the current Board of Directors as per the webjet website along with the other companies they are involved with. I would review any investment in any company that has any of this possy of clowns involved.
Allan Nahum, Chairman.
This guy retired as a partner in an accounting firm in 2004 so he probably sleeps through most meetings anyway.
David Clarke (Managing Director)
if the information service I subscribe to is correct he still has 1,000,000 options he can exercise.
Steven Scheuer
Christopher Newman
Chris is presently a director of four ASX listed public companies including Gunns Limited, Austereo Group, Prime Financial Group Limited,Coneco Limited and Auspine Limited.
Don Clarke
Don is presently a director of ASX Listed companies, Circadian Technologies Limited, and Metabolic Pharmaceuticals Limited.
Richard Noon
I'm quite glad I got stopped out of WEB today. Trustworthy and honest management is an important investment criteria for me.
tinhat
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Just one more thing to add to my diatribe.
On the 18th January 2011, WEB made an announcement concerning the "Webjet Global Flight Plan". In it they wrote:
As at the half year filing in February we will provide some guidance metrics on the level of
start up costs and capital commitments which are being conservatively and cautiously
managed.
Well, did we get that info today? No, costings were completely missing from the report.
Honestly, the half year report is just full of the most blatant spin. You should see the graphs they have thrown into this piece of propaganda. Just an absolute disgrace. I don't know how they can expect to maintain any credibility with any serious investor.
On the 18th January 2011, WEB made an announcement concerning the "Webjet Global Flight Plan". In it they wrote:
As at the half year filing in February we will provide some guidance metrics on the level of
start up costs and capital commitments which are being conservatively and cautiously
managed.
Well, did we get that info today? No, costings were completely missing from the report.
Honestly, the half year report is just full of the most blatant spin. You should see the graphs they have thrown into this piece of propaganda. Just an absolute disgrace. I don't know how they can expect to maintain any credibility with any serious investor.
One thing I found a little worry about these business
they use your site to search for flights then they use the airline sites to book
cheaper, no middle man taking a cut.
Internet it take a few clicks to go to another stores, switching cost is CHEAP as
skc
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Exactly. I've visited webjet website many times but never bought any airfares there. Why pay the booking fee when another window with qantas.com will do the job just the same and cheaper?
I do the same thing with Wotif... but do book with them every now and then as their rates are often better than what you can get from the individual hotel websites. Not to mention that some small hotels have pretty poor booking functions.
tinhat
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I've been informed that during the analyst teleconference yesterday, Webjet did not allow any questions.
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Agree with the sentiments expressed.
Booked a flight direct with Virgin Blue, after checking out the Webjet site.
Found that the prices were identical, but that Webjet charged a booking fee (from memory $10 ?).
Can't understand how they(WEB) do any business.
IMO Webjet don't offer anything of value.
Just book directly with the airlines.
