The flying kanga might be stuck on the ground, but it's finally giving thanks to employees who were glued to its wings.
Background: It's been a rocky, rocky road for ol' Qantas over the last few years. With international borders shut, the airline's been about as useful as your doona in an Aussie summer.
What happened: Omicron set the airline's recovery back around 6 months. Now, it's reported underlying losses of $1.28 billion for the six months to 31 December.
What else: Qantas has turned a sour note into something a 'lil sweeter. It will give around 20,000 employees the rights to 1,000 company shares each as a 'thank you' for sticking through the rough times.
💡A 'rights issue' is when a company gives shareholders or employees the right - but not an obligation - to buy new shares.
💡 These shares are generally offered at a discount to the current trading price on the open sharemarket. If the employee accepts the right, it will convert to shares on a particular date in the future.
💡 For Qantas employees, that 'right' will convert to shares in August next year. That's if the company meets key targets and the employees stay put.
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