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*wrong
@illbe i may be in the wring but lenders and bondholers are writing off circa £1.7b and injecting another £450m, i see no reason why the pension scheme is not willing to compromise
If a deal is not reached then admin will be on its way, with such stance the pension trust will be among the biggest losers IMO. No deal simply means no future value for TCG
its only really the shareholders who get impacted under the terms of this recap. Fosun and the banks have to be commited to TCG remaining a viable business so all creditors (be they hedging banks, suppliers, unsecured creditors etc) will be made good under the terms - as these are all crucial components in the ongoing day to day running and viability of the business; this, pension schemes always become an issue - not quite sure what they will do here...
Thx Saj.
2 points:
- are you 100% sure about the 26 weeks average?
- when i take the 26 weeks average i have more then 11..we may align our unserstanding.
Thanks
900m for the bondholders and Fosun to own 100% of the tour opps and the airline. Let’s see what they are going to offer the shareholders who own 30% of the PLC. Delist, they would have to offer the average share price over the last 26 weeks which I calculate at 11p or if dilution, it’s going to be lock away for many years to see if you can get to your entry price
As i previously mentioned .. delisting is almost inevitable in case of such deal.
I may be wrong DYOR
Sources said this weekend that a crucial board meeting next Wednesday was likely to decide on the optimal route to completing the deal in the next four weeks.
They added that this could mean cancelling Thomas Cook's public listing.
Lending banks and bondholders would contribute £450m in aggregate and write off £1.7bn in existing debt in exchange for the remaining stakes in the two divisions.
That would leave shareholders being effectively wiped out by the restructuring.
EU ownership rules prohibit Fosun from controlling the Thomas Cook airline? business.
The stand-off between Thomas Cook and its pension trustees has added to the complexity of finalising the rescue bid by early October.
https://www.mkfm.com/news/business/thomas-cook-in-battle-with-pension-scheme-over-and163900m-rescueand160/
Delisting is coming likely
@illbe what I’m failing to understand regarding the recap is the form of the dilution.
Will it be in the form of new shares issue or just like Hornby PLC?
It’s always difficult when you have invested a substantial amount in a company to get out before you end up with next to nothing. I once invested in a company called “ Claims direct” and lost a fortune. I naively hung on for better days which never came.
So what happens if no one agrees to it
without entering the technical details on the pension plan...have a read on the different schema ... this may be one of the agreement point with Fosun to secure the actual plan ....
who talk about Turkey ... take a chair and relax and watch the money game in the few next weeks until end of October
So good to get out what u got left then then maybe buy back after this advise please
75% to agree on the delisting. the SP still need to be buy back.
who on earth will vote a delisting to get 0 :)...think out of the box mate
fireworks weeks between 17th and 20th of Sept :)....
once again ... in case of dilution many parameters are taken into account ... it's not straight forward ....
one example: an employe of TCG that he put all his pension plan in TCG will see his plan wiped out? it's a complex process and very complicated that will take months to set up a full agreement...
guys you should differentiate dilution from delisting ... this 2 difference things.
in case of delisting a buy back of the share is mandatory and this is based on the market price ...3 months 6 months average whatever the rule of each stock place.
dilution it's another story... delisting is not mandatory in this case but it's like a share swapping ...for this nobody will know what will be the agreement ....
U reckon that low might lol
Ah well granny got this one wrong roll on retirement in spain Xmas ubav come over for beer
1p after dilution
As recently as July, Dan.p was predicting “way over 30p”. Clearly forecasts are not his strong point!
thanks for this.
however, it should be some compensation they can not make delisting without a compensation of the share on float?
do you agree?