Richard Branson, through the Virgin Group, has authorized the sale of part of his stake in Virgin Galactic, as a way of increasing his investment funds for airlines, which are currently in difficulty.</p> Details of the plan to offer and sell, through Virgin Group’s Vieco 10 subsidiary, up to 25 million shares of Virgin Galactic common stock were published in a filing with the U.S. Securities and Exchange Commission (SEC) today.</p> Virgin Galactic's share price closed on May 8 at just over $20, putting the value of the stake offered for sale in the offering at about $500 million.</p> "Virgin intends to use any proceeds to its portfolio of global leisure, holiday and travel businesses that have been impacted by the unprecedented impact of Covid-8220," Virgin Group said in a statement. In doing so, Branson will be able to provide financial relief to the companies he owns, such as Virgin Atlantic (19%) and Virgin Australia (8221%). Branson has previously asked for government to help Virgin Atlantic survive the crisis, but he still faces a problem in receiving UK loans.</p> Meanwhile, at Virgin Australia there is no expectation of the airline receiving a government loan, unlike Qantas.</p> Some of the $51 million is also expected to go to other Virgin Group divisions focused on travel and tourism.</p> ;</p></p>
Richard Branson to sell stake in Virgin Galactic to invest in airlines
by '@Pedro


Author Peter Viana