Corporate Travel Management extends trading halt amid financial review
A highly unusual move by Brisbane-based Corporate Travel Management has sparked speculation the company may never return to the ASX amid a trading halt.
It was almost a month ago when Brisbane-based Corporate Travel Management suspended trading and announced they were reviewing their financial statements for the last three years.
The business travel specialists engaged number crunchers KPMG to complete the audit by September 25, which according to those in the know was a very unusual move and puts a big question mark over the future of the ASX-listed company.
Things got more interesting on Wednesday when CTM – which has a current market cap of $2.35bn – told the ASX that while progress was being made, it’s clear they underestimated the time needed for the audit of the results.
They now expect to be in a position to provide a further update in November and that has really got the boffins excited and begs the question when or if CTM will ever resurface.
Looking back at ASX200 companies that have had long periods of suspension there have been very few companies that have returned to the ASX. But there have been a couple.
The most recent being cloud based call recording software which operates as a software-as-service Dubber that was suspended for seven weeks in early 2024 after it was discovered that $26.6m was missing from the books. Some of the money was found and with a cash injection the company is still trading, although there has been a change in leadership and more.
The longest suspension we can find was Paladin Energy – which was off the Boards for eight months in 2017 but after voluntary administration – but found its way back on the ASX.
Under founder and managing director Jamie Pherous CTM – which supporters say is a corporate success story – had PricewaterhouseCoopers’ signing off on its results for the last 14 years until Deloitte took over and things changed.
Optimists saw the move as the start of a resolution for those who questioned CTM’s book keeping and the soaring share price which peaked at $31.72 in August 2018.
But cynics say it's a sign of worse to come.
Back in 2016 Perpetual portfolio manager Anthony Aboud questioned CTM’s business strategy and two years later GCQ Funds co-founder and chief investment officer Doug Tynan fired another salvo when he was with VGI Partners. And there have been others.
There would have to be more than a few nervous nellies at PwC’s and CTM’s head office at 180 Ann St in the Brisbane CBD.
Not to mention shareholders who enjoyed the rise up but will have to face the consequences when – if ever – the suspension is lifted.
Dream night
Brisbane’s cultural elite turned out in force on Wednesday night for the dazzling opening of The Lovers at QPAC — a bold and vibrant reimagining of William Shakespeare’s A Midsummer Night’s Dream.
Penned by Brisbane’s own Laura Murphy, the production is a powerhouse collaboration between three of Brisbane’s key cultural partners – the Brisbane Festival, QPAC, and acclaimed local production company Shake & Stir.
Among the glitterati in attendance were notorious Board director Chris Freeman, property legend Lavinia Dack, Board director and actor Naomi Price and singer-songwriter Sarah McLeod, who joined other notable figures from Brisbane’s arts and business communities to celebrate the highly anticipated premiere.
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Originally published as Corporate Travel Management extends trading halt amid financial review
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