Ash,
Do you really think the shareholders think that they're doing a good job?
So far, while Joyce has been at the helm/heavily involved, Jetstar Asia has been set up, which has only just, for the first time, broken even. Jetstar Pacific has been established, which has caused losses and had its executives under investigation by the local government. Similarly, under his leadership Qantas has been required to pay significant fines for engaging in cartel behaviour, which will make the 'loss' by QF International seem like pocket change.
There has been an announcement of a grand revitalisation of QF International, which involved reducing aircraft and changing nothing. There has been an announcement of a grand new airline that will be established in Asia. Except so far there is no detail other than the use of the A320. There hasn't even been a partner named, despite the fact the partner will need to be a majority investor.
The share price is rock bottom, and no dividends are being paid despite the company making good profits and holding an incredible amount of cash reserves on the books.
We don't have long to wait to find out just how much the shareholders appreciate the board's efforts. Although I fancy if the shareholding community believed a good job was being done, the share price wouldn't be $1.50.
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