Web Travel Group, the hotel room aggregator that was spun out of the former Webjet, convinced investors it has survived an adverse accounting ruling with minimal damage to its earnings.
It said it would buy back $150 million worth of shares on-market, starting in December. The move is expected to reduce the potential future dilution of $250 million of outstanding convertible notes that are due 2026. Web Travel shares jumped 13.5 per cent to $4.80.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
