Australia’s premier hotel company is now looking to bring some much-needed cash back to its shareholders after being knocked out of the Australian Hotel and Lodging Association (AHLMA) last year.AHLSA chairman and CEO Tim Wilson says the company has decided to put its assets under liquidation to help raise funds for the company.
“We’ve always believed that our shareholders are our most valuable asset,” Wilson told reporters.
Wilson said the company is going to make “some hard decisions” to try and keep the company going, but it’s not something it would normally do.””
We are here to serve our shareholders and to do so with a plan to support them financially.”
Wilson said the company is going to make “some hard decisions” to try and keep the company going, but it’s not something it would normally do.
“The company’s going to take some hard decisions to make sure that it’s profitable and that we’re able to pay our dividend,” Wilson said.
“There’s no way we’re going to survive at this point in time, so we’re looking at the options available to us.”
Wilson told reporters the company will be looking to find other investors and “create a structure where we can fund that”.
“That’s not the only thing we’re thinking about, which is what we’ve done with our assets and our debt, so it’s going in the right direction,” he said.
“But there are some other opportunities for us to go forward in terms of building and improving the brand of our business.”
Wilson also said the AHLMA had “taken a really bad decision” by stripping the company of its $7.5 billion in debt.
“That decision was very costly for us,” Wilson continued.
“The AHLSA has taken a really big step backwards in the last few years.”
Wilson’s comments came after the AHLA announced it was laying off almost 500 employees and reducing the size of its board.
The move was in response to the collapse of the company’s share price last year, which saw it lose almost $7 billion in value.
“It’s a very tough time for us because we have a lot of work to do and we’ve got to rebuild our organisation and grow the brand,” Wilson explained.
“There’s a lot that needs to be done in our brand, but I’m really optimistic that we can do that.”