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Thankfully exited some time ago, really sorry for all holders here, particularly that one last night spending £289k on 6.5m shares..........ouch!
Are any brokers taking shorts?
This is going to tank 80% today
Will be on bbc and sky new tonight
The END is here
I really do hope TCG goes under and BOD gets feck all. Total fecking SHAM, the way company has been run for the past 12 to 18 months. Put the Share Holders out of their misery.
So can they keep the sp above 1p before they get the extra £200m or go pop.
probably be one longgggg auction
So it looks like the bod's cannot be more simple, we need more money and the chances are there will be NO return for the shareholders.
They are confirming that TCG is a dead duck and about time too.
After taking no action for about 2 years to raise money when they could have and just stick their heads in the sand hoping it will all turn out OK has just not worked. These current BOD's should all be struck off for good. So end game within days now.
Post rec..................................
One investor from losing lots when I said get out at 12p, 10p, 9p 6p, 5p. I repeat this will be a total wipe out get out now!!!
@lazarus there’s no almost zero it’s zero in fact
If there was a chance that SH will retain something they would have mentioned
“However with significant risk of no recovery.”
It's like deja view.
Lots of coverage this morning on BBC Breakfast no painting a good picture
You are right, it’s been said before many times. Wonder WHY they keep saying it? Could that be because they expect shareholders to be diluted to almost zero or to be at significant risk of loosing all their money I wonder? It’s not like they are saying there is a small chance that shareholders will get a 10 bagger is it? At some point that will sink in.
There’s going to be a mass rush for the exit today! I do wonder what that big late buy yesterday was all about though could that have been a short closing?
I cannot believe they are still including significant dilution when the end result is wipe out
Abandon ship !
"The recapitalisation is expected to result in existing shareholders' interests being significantly diluted, with significant risk of no recovery."
No you can't get any clearer than that. But its not anything that they haven't said before.
You can not get much clearer than that I'm afraid....
There’s a new Times article. I’ve put it under a new thread (“News articles”).
..continued (that was the maximum comment size):
Another source said: “Just when we thought we were there, Thomas Cook is having to scrabble around trying to underwrite £200 million it does not need. It would only be needed in a worst-case scenario such as a hurricane in the Canary Islands, a terrorist attack or if the pound sank to a record low.”
Thomas Cook declined to comment, while an RBS spokesman said: “We don’t recognise this characterisation of events . . . RBS has provided considerable support to Thomas Cook for many years and continues to work with all parties to try and find a resolution to the funding and liquidity shortfall.”
This is the Times article:
Heading: Thomas Cook on the skids as RBS demands extra £200m
Sub-heading: Holidaymakers risk being stranded if holidaymaker collapses
Thomas Cook’s chances of survival are in the balance as it struggles to meet a demand from Royal Bank of Scotland and its other banks for an extra £200 million of funding.
The travel company risks going bust if it cannot secure the funds, which would force the government to launch the biggest peacetime repatriation of British citizens at an estimated cost of £600 million.
It is understood Thomas Cook has held talks with ministers about contingency measures. A collapse would hit an estimated 150,000 UK holidaymakers as well as more than 500,000 customers in overseas source markets, mostly Germany and Scandinavia.
One airline captain suggested that preparations were already being made for repatriations: “The jungle drums are beating about lots of unusual handling requests for early morning arrivals on October 1 at Gatwick.”
An industry analyst said: “Companies and governments across Europe would have to pick up the bill for this. The collapse of Monarch Airlines was big, but this would dwarf it.”
Thomas Cook, which was founded in 1841, is one of the world’s largest holiday businesses, with 21,000 employees in 16 countries and more than 22 million customers every year.
Its debts have left it vulnerable, forcing it into a rescue deal led by Fosun, the owner of Club Med.
The £200 million was demanded by Thomas Cook’s lenders, led by RBS and Lloyds, as an extra contingency, providing further liquidity over the winter, the traditional low-cash period for tour operators as they pay hoteliers and suppliers after the summer season.
The demand to raise the financing package to £1.1 billion caused consternation as it came after the key elements of a £900 million refinancing were agreed at the end of last month.
The company announced then that “substantial agreement regarding key commercial terms” had been reached by the main parties to the rescue: Thomas Cook, China’s Fosun Tourism Group, a majority of its bondholders and its “core lending banks”.
It is understood that the last-minute demand for an extra £200 million standby facility was the main reason why Thomas Cook announced a delay to the key vote by bondholders to rubberstamp the rescue deal to next Friday.
One person close to the negotiations said: “We are rapidly approaching an insoluble impasse precipitated by the banks’ demand. RBS are pushing hardest, so you could end up with a state-owned bank landing another government department with the cost of repatriating thousands of holidaymakers, not to mention dealing with the fallout from 9,000 UK job loses.”
Another source said: “Just when we thought we were there, Thomas Cook is having to scrabble around trying to underwrite £200 million it does not need. It would only be needed in a worst-case scenario such as a hurricane in the Canary Islands... (
The Monarch collapse was handled reasonably well with all of the short haul fleet, inbound passengers and crews back in the UK I believe before the plug was pulled; not sure about the long haul operations.
In another failure about 10 years ago, crews were stranded overseas and had to rely on other airlines to assist and get them back
This is a new Times article:
0001 Friday 20/9/19 “Thomas Cook on the skids as RBS demands extra £200m” http://www.thetimes.co.uk/article/51865aa8-daf5-11e9-a836-b8a7068a08fb. Text to follow.
That was the root cause - Thomas Cook/First Choice merger as proposed was the optimum leaving Thomson almost having to merge with MyTravel/Airtours to maintain share and position.
Thanks MFN for nothing
1912 Thursday 19/9/19: https://news.sky.com/story/thomas-cook-seeks-last-ditch-fire-sale-in-bid-to-avert-collapse-11814043
2138 Thursday 19/9/19: https://www.mirror.co.uk/news/uk-news/crisis-hit-thomas-cook-on-20101996