Webjet informs ASX that shareholders will vote on demerger at EGM

Webjet informs ASX that shareholders will vote on demerger at EGM
Edited by Travel Weekly


Webjet shareholders will be invited to vote on the demerger of Webjet Group Limited at an Extraordinary General Meeting on 17 September, it has announced via the ASX.

If passed, the demerger will create two ASX-listed companies – WEB Travel Group and Webjet B2C – a move the board and Katrina Barry, the new CEO of Webjet B2C, believe will position the companies for continued success in an evolving and dynamic industry.

“Each Webjet Director recommends that Webjet Shareholders vote in favour of the Demerger Resolution to give effect to the Demerger of Webjet Group Limited,” the Webjet Limited Demerger Booklet document states. “The Independent Expert has concluded that the Demerger is in the best interests of Webjet Shareholders.”

Barry has held top roles at various travel organisations including Contiki Holidays and Trafalgar Tours, as well as serving on the board of the Australian Federation of Travel Agents (AFTA) until March 2022.

Barry is also a non-executive director of PetSure and was global CEO of me&u until January 2024. After an early career at McKinsey & Co, her previous roles have included the non-executive chair of Hollard Insurance Australia/New Zealand, managing director of Contiki Holidays and Trafalgar Tours Australasia, head of digital & direct businesses at BT Financial Group, and various strategy and investment roles over a long tenure with the Virgin Group, including co-founder of the gym chain, Virgin Active.

Proposed demerger

The group said Webjet had emerged from the COVID-19 pandemic as a stronger business.

“In a travel environment that is increasingly complex, its businesses act as important intermediaries – WebBeds connects travel suppliers with its global network of travel trade buyers, while Webjet B2C enables consumers to book flights, hotel accommodation and other travel related products.”

The proposed demerger will create two ASX-listed companies with leadership positions in their respective industries and with their own distinct operating profiles, strategies and growth opportunities.

If the demerger proceeds, both WEB Travel Group and Webjet B2C will maintain net cash statement of financial position to support the businesses’ respective growth strategies and cashflow profiles. Webjet B2C’s executive team, will be led by Barry as CEO, and the board, led by Don Clarke as chair, also ensures that Webjet B2C will be led by a team who have diverse and complementary skills and expertise, as well as the experience required to position Webjet B2C for continued success in a continuously evolving and dynamic environment.

The demerger must be approved by Webjet shareholders at the EGM on Tuesday, 17 September 2024.

Webjet shares dropped following the announcement. While they closed at $8.48 a share on Wednesday afternoon, they were trading at $8.25 at the time of writing.

Feature image: Katrina Barry has held top roles at Contiki Holidays and Trafalgar Tours.

Webjet explores split of WebBeds and Webjet B2C via demerger

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