HNA Group failed to fully disclose control of Virgin Australia stake

    HNA Group stated (02-Jan-2018) it lodged five incomplete notices with the Australian Securities Exchange that failed to properly disclose how its major stake in Virgin Australia was controlled. HNA said five substantial holder notices lodged between Jun-2016 and Oct-2017 relating to its 19% stake in Virgin Australia failed to list entities that held a “relevant interest” in the airline. HNA said it failed to include several relevant parties because of “an oversight”. HNA said all its companies in the “chain of ownership down to the entity directly holding [Virgin] shares” were disclosed but “sister companies of those entities were incorrectly omitted as they do not directly or indirectly have an interest in those shares but instead are deemed to have a relevant interest under the Corporations Act“. “HNA Group is committed to complying with its ongoing disclosure obligations in the Australian market”, HNA added. As previously reported by CAPA, HNA has a total of 1.68 billion securities equating to 19.82% voting power in Virgin Australia. [more – original PR]