Comair’s return to the skies in December has been painted as ‘heroic’ by their new executive team, but all is not well when one goes ‘inside the cabin’ to see who is flying the plane now.
South Africa’s current state of emergency laws, coupled with business rescue laws, have opened the barn door for immoral, unethical and discriminatory business practices to flourish in SA.
Even the JSE, who has long been the corporate market regulator, is struggling to contain what is happening during turbulent Covid times.
Transparency has become near non –existent for some public shareholders – and Comair, through voluntary business rescue, are about to pull off what can be bluntly termed their own:
Great Air Heist
We have all recently watched how Steinhoff, then Tongaat, have destroyed shareholder wealth on the JSE.
Now it’s the turn of Comair, but they are going one step further by delisting.
Through providing ‘beneficial outcomes’ to major shareholders, the new Comair consortium have conspired to ‘wipe out’ all minorities.
Most of us as South Africans would like to see the big ‘Green Machines’ flying again soonest – in order to save jobs – but NOT if it unethically and immorally flies in the face of encouraging desperately needed business investment in South Africa.
Let’s face it. Comair was far from bankrupt.
Although Comair’s Business Rescue practitioners have tried hard to paint a picture of near liquidation, it will be hard to convince anyone who knows the flying game, that Comair with its vast assets, and having been flying successfully in SA’s skies since 1943 – was ever close to liquidation.
Like other companies facing a temporary cash flow challenge, all that was needed was a rights offer to stabilize their balance sheet, coupled with an innovative turnaround plan to:
RE IMAGINE, RESIZE, RESTRUCTURE & REBOOT
But, they chose to play their own ‘COVID CARD’ and go into voluntary business rescue – then suspend their public shares – and then delist in order to wipe out all their minority shareholders.
As we approach the 3rd SA INVESTMENT CONFERENCE this week, Brand South Africa is entering torrid turbulent waters, if we just stand back and allow a public company like COMAIR – together with their business rescue practitioners: ASO CAPITAL – to quietly pull off their own ‘Great Air Heist’.
Taking the company private, without making a fair offer to minorities, is nothing short of a cleverly disguised:
At a time when crime and corruption has badly tarnished BRAND SA’s overall image, corporate business ethics need to be more guarded, and more accounted, not flouted.
My advice. Fly ORANGE or PINK, never GREEN.
PS: IF you would like a complimentary copy of my recently published eBook: CHAMPIONS DO MORE please send me an email request.
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Read more : www.thegameplan.co.za
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Rob Opie is a Brand Strategist, Keynote Speaker, Author, Performance Consultant to Business & Sports Teams – and Life Coach to those on a journey to self-actualisation.
His game- changing THE GAME PLAN METHOD, is helping both teams and individuals throughout South Africa to achieve their greatest potential.
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