Webjet to Split WebBeds and Webjet B2C

Highlights

• Leadership Change: Katrina Barry appointed as CEO of Webjet B2C.
• Demerger Structure: Shareholders to receive one Webjet B2C share for each Webjet Limited share.
• Completion Timeline: Demerger expected to complete in 2024, with shareholder vote in September 2024.

Separation Details

Webjet Limited (ASX: WEB) is advancing the separation of its WebBeds and Webjet B2C divisions through a demerger. This move aims to enhance both businesses' responses to industry changes, optimize capital allocation, and create long-term shareholder value.

Transaction Structure

The demerger will be executed via an in-specie dividend and capital reduction. Shareholders will receive one Webjet B2C share for each Webjet Limited share they hold, retaining their shares in Webjet Limited. Post-demerger, Webjet Limited will be renamed to align with its WebBeds business. Both entities will be listed on the Australian Securities Exchange (ASX).

Leadership Appointments

Katrina Barry will lead Webjet B2C as CEO, having extensive experience in technology and travel. She has stepped down from the Webjet Limited Board to assume her new role. Supporting her will be Layton Shannos as CFO. Don Clarke will serve as Chair of Webjet B2C, with Brad Holman and Shelley Beasley as Non-Executive Directors.

Webjet B2B will continue to be led by Roger Sharp as Chair and John Guscic as Managing Director. The leadership team will include Tony Ristevski as CFO and Shelley Beasley as Global COO.

Capital Structure and Timing

Both Webjet B2B and Webjet B2C will maintain net cash positions, with Webjet B2B retaining A$250 million in convertible notes. The demerger is expected to complete in 2024, with a detailed Demerger Booklet to be sent to shareholders in August 2024. A shareholder meeting to vote on the demerger is scheduled for September 2024.

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