Sir Richard Branson's Virgin Atlantic Airways is plotting a surprise flotation on the London Stock Exchange as it pins its hopes on a rapid rebound in transatlantic travel.
Selling shares to the public would inevitably mean Virgin's stake being diluted unless Sir Richard elected to subscribe for new equity in the IPO. The aviation industry's failure to stage a rapid recovery amid continued travel restrictions led Virgin Atlantic to seek a total of approximately £300m more - in two instalments - that was generated by the sale of several Dreamliner aircraft and a further loan from Virgin Group.
Bookings on the key New York-to-London route are said to have surged by 150% this month, although the industry continues to seek further concessions from the Biden administration to open up travel to the US for fully vaccinated passengers.
What about the 49% owned by Delta Airlines….oh yes…ooops!
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The same guy who asked for a government bailout while flying to space ☹️
It's not a Surprise now is it