JAMIE PHEROUS: "NOT THE FIRST TIME WE'VE BEEN SHORTED, WON'T BE THE LAST"

This morning, Corporate Travel Management (ASX: CTD) responded to a short selling report from VGI Partners ahead of their AGM in Brisbane.

However, its attempts to stop shares from plummeting have failed. At 3:09pm AEDT shares are down by close to 22 per cent at $21.62.

Managing director and founder of Corporate Travel Management Jamie Pherous (pictured) spoke to investors this morning about the state of the company and to allay shareholder concerns.

"I want to make it crystal clear there are absolutely no issues of substance identified in the review," Pherous said.

"I don't speak for the share price. All I can do is run the business. The key point today is we upgraded - we're up 20 per cent," he told reporters after the AGM, where he had indicated the company was tracking in the upper end of previous underlying EBITDA guidance around the $150 million mark.

Because of timing issues, cash flow is expected to be lower in the current half but higher than usual in the second half.

Pherous claimed that in his interactions with VGI, before it released its short selling report, the hedge fund took a casual tone. Read more

David Simmons - Business News Australia - 31 October 2018