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Qantas establishes new frequent flyer programme to generate cash and equity valuation

According to a Centre for Asia Pacific Aviation (CAPA) report, Qantas formally announced earlier this week, the establishment of a new frequent flier programme, first flagged when private equity group TPG and partners bid to buy the airline a little over a year ago. This offers the airline a range of potential upsides. But Qantas is yet to formally decide to split out the unit into a new skin. Although Air Canada introduced a corporate concept in its Aeroplan, a listed company that is now worth many times more than Air Canada itself, few others have yet followed suit. The Aeroplan concept is predicted to work for Qantas.

The Qantas board will decide next month whether to establish a separate corporate entity for its five million-member frequent flyer programme. But this looks to be a foregone conclusion, as Geoff Dixon, CEO, Qantas announced that a potential Initial Public Offer (IPO) will not allow Qantas’ holding to fall below 60 per cent - or alternatively, that the airline was considering selling up to 40 per cent of a listed entity. The announcement prompted Qantas shares to rise nearly seven per cent, in a market which otherwise trended steeply downwards.

Qantas daily open share price: August 2007 to July 2008

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