Corporate Travel Management (CTM), a global travel firm, made its turbulent return to the Australian Securities Exchange (ASX) on Thursday, ending a suspension initiated in August 2025. The company specialises in providing integrated travel management services to businesses. CTM’s re-listing followed a significant scandal involving the overcharging of customers by $272 million, notably the British government. Shares, which last traded at $16.07 on August 22, 2025, commenced at approximately $2.90, marking an immediate plunge of 82 per cent. The stock subsequently stabilised around $3.05, representing an 80.5 per cent decrease from its pre-suspension price, though less severe than some fund manager guesstimates.
The company’s return follows a challenging path to address the governance and funding crisis. This included the departure of founder and CEO Jamie Pherous and the appointment of Ana Pedersen. Alongside CFO James Spence and Chairman Ewen Crouch, Pedersen focused on cleaning up the scandal and retaining the existing business, successfully keeping 97 per cent of customers, despite some revenue slowdown. Crucially, CTM secured an agreement with the UK government for a lower repayment amount and obtained $175 million in funding from Pacific Equity Partners to complete its remediation program, along with audit sign-off for its 2025 and 2026 accounts.
Despite these efforts, the clean-up remains a work in progress. A governance review is ongoing, and board refreshing is yet to begin, with Chairman Ewen Crouch expected to depart. The substantial share price plunge has also drawn attention from class action lawyers. Former CEO Jamie Pherous retains a 13 per cent stake, now valued at approximately $60 million from an initial $305 million, making him a wildcard in any potential opportunistic takeover bids. For many investors, however, trust remains the biggest challenge. While CEO Pedersen spoke of a ‘new future,’ the ghosts of CTM’s past are expected to linger for some time.
