Galileo has decided to sell its 8.4% stake of cashed up online retailer Webjet, which is lobbying shareholders to approve the deal. The Galileo stake of 27.2 million shares will cost Webjet around A$8 million as the present share price of 32 or 33 cents. Webjet has also decided to buy-back a further 14.8 million of its shares over the next 12 months, a move that may cost around A$4.5 million. After these acquisitions, it will still have more than A$16 million cash. These moves should help underpin its share price, which has been dormant for some time.
12 April, 2007