Flight Centre is raising $700 million to get through the next few months. Its three founders, who currently own 41.9 per cent between them, would thus have to chip in $293.3 million if they wanted to avoid being diluted.
Of course, that's not how the raise has been structured. Despite owning almost half of the company, Graham 'Skroo' Turner, Geoff Harris and Bill James are only sending $25 million Flight Centre's way — "In aggregate". Which is hardly reassuring.
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Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media. Connect with Myriam on Twitter. Email Myriam at myriam.robin@afr.com
