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

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

However, the company has been unable to stop the downward pressure on stock. At the close of trading shares were down 27 per cent at $20.05.

Managing director and founder of Corporate Travel Management Jamie Pherous (pictured) spoke to investors this morning in a bid to allay their concerns.

He was also eager to highlight recent achievements despite the negative sentiment that has plagued the company since Sunday.

"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 and Matt Ogg - Business News Australia - 31 October 2018