Webjet shares plummet after demerger of consumer business
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The news: Shares in travel bookings provider Webjet, now renamed Web Travel Group, slumped on the ASX after the completion of its demerger.
The numbers: Web Travel shares were down 13% at $7.16 to reflect the demerger of the group’s consumer facing, which will be separately listed on the ASX under the Webjet Group name.
The context: The travel bookings provider flagged the demerger plan earlier this year to separate its growing WebBeds wholesale bookings business from the consumer facing business.
Webjet shareholders last week approved a resolution to demerge into two ASX-listed companies, with the proposal being backed by over 97% of shareholders voting.
Under the plan, the Web Travel Group holds the WebBeds wholesale bookings business, while the new Webjet Group will own the B2C businesses, including Webjet OTA, GoSee and Trip Ninja.
The source: ASX announcement
