Corporate Travel Management (ASX:CTD), known as CTM, saw its shares close 23.4% higher at A$3.06 on Tuesday, 20 October 2026, after airline body IATA released a A$65 million security guarantee and restored the company’s normal payment terms. Directors who bought shares on the market in September are now sitting on gains of up to 46%.
What IATA did
According to CTM’s ASX announcement, IATA has:
- Released the A$65 million security guarantee CTM provided in December 2025
- Restored CTM’s previous settlement cycles for paying airlines through IATA’s ticketing system
CTM said these were temporary arrangements introduced while its FY25 accounts were being finalised. Restoring the old settlement cycles is expected to improve working capital by about A$30 million.
CEO Ana Pedersen called it “an important milestone for CTM,” adding that the company “continued to provide uninterrupted service to our clients” throughout the period.
Why CTM needed the guarantee
CTM’s shares were suspended from 26 August 2025 after an accounting scandal in its UK business. An independent investigation found the former UK chief executive had forged customer agreements, overcharged clients and kept money owed to them, according to Business News Australia.
When trading resumed on 3 September 2026, the shares fell about 80% from their pre-suspension price of A$16.07. Even after Tuesday’s rally, they are still about 81% below that level.
Directors bought after the crash
Several CTM directors bought shares on the market soon after trading resumed, according to Appendix 3Y notices reported by Market Index and Kalkine:
| Director | Date | Shares | Price | Gain at A$3.06 |
|---|---|---|---|---|
| Ana Pedersen (CEO) | 8 Sep | 12,000 | A$2.28 | +34% |
| Ana Pedersen (CEO) | 9 Sep | 10,992 | A$2.09 | +46% |
| Ewen Crouch | 4 Sep | 10,000 | A$2.45 | +25% |
| Jonathan Brett | 4 Sep | 8,000 | A$2.20 | +39% |
| Sophie Mitchell | 3 Sep | 4,000 | A$2.65 | +15% |
| Sophie Mitchell | 4 Sep | 6,000 | A$2.25 | +36% |
The amounts are modest, but directors buying after a major crash is a signal investors watch. Our Megaport insider trading analysis explains why on-market buys carry more weight than other director trades.
Big funds are moving in
Fund managers have also been building positions. DNR Capital lodged a notice on 20 October showing it had become a substantial holder with about 5.2% of CTM. Earlier filings show Antipodes, Pinnacle and Bennelong each holding more than 10%.
What CTM investors should watch
- The AGM, with CTM holding its 2025 and 2026 annual meetings after releasing notices this month
- Customer remediation from the UK overcharging
- Further director buying in Appendix 3Y notices
- Whether dividends resume, after being suspended
Bottom line
IATA’s decision removes a key overhang from CTM’s UK scandal. Directors who bought in September are already well ahead, but the shares remain about 81% below where they traded before the suspension. As with the WiseTech ASIC outcome, clearing a regulatory cloud can spark a sharp rally.
