Virgin Australia Holdings Limited (ASX:VAH) has welcomed a decision by the Takeovers Panel declining to make a declaration of unacceptable circumstances after Stephen Mayne applied to amend the terms of the airline's capital raising.
The Takeovers Panel says the outcome of the airline's $350 million entitlement offer will be to maintain substantially the structure of its share register.
Mr Mayne had applied to the panel to allow retail shareholders to apply for extra shares above their entitlements.
He said the offer was structured in a way that concentrated the control of three foreign institutional investors at the expense of other shareholders.
The panel said there may be circumstances where a cap on subscriptions for additional shares would be unacceptable, but that was not the case here.
Virgin Australia announced a net loss of $98.1 million in the 2013 financial year.
VAH Price at posting:
39.5¢ Sentiment: None Disclosure: Held
