'Dysfunctional, embarrassing': Major investor slams Virgin Australia

Virgin Australia has come under attack from high-profile investor Geoff Wilson, who has said the airline's chairman should be "embarrassed" by the airline's share price and demanded the board reconsider privatisation. The carrier is about 90% owned by major foreign airlines, and its board considered taking the company private earlier this year but eventually decided against it. At Virgin's annual general meeting Wednesday, Wilson, from Wilson Asset Management, expressed frustration that his firm's shares in the airline had not increased in value to reflect the airline's improved underlying profitability, which he blamed on Virgin's "dysfunctional" shareholding structure and the resulting stock illiquidity. Virgin's share price has remained stubbornly low since the company raised A$1.1b in new capital from its major investors in 2016. <br/>