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There’s a new Times article. I’ve put it under a new thread (“News articles”).
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
I myself gave this share the Metamorphosis84 kiss of death back at the start of June, if you go back enough through thousands of posts it is still there to be seen.
Have only given my kiss of death to two other shares, IRV and DEB. Both gone now.
3 out of 3 success rate now, same thing every time.
The only surprise for me in this case is that it has taken as long as it has.
Meta very true. It's now to late to warn investors. Many good posters warned about the issues of tcg
289.73k
some one is risking a lot?? or have I missed something?
So very sad to see Thomas Cook in this awful situation and while I think this BOD was not any help and made many mistakes I do think Manny Fontenla-Novoa has an awful lot to answer for, his take overs for My travel and so badly Co-op travel, at a time when others were downsizing, Co -op travel losing money, also duplicated the stores in many locations. Manny also loved to party, the staff had amazing partys, at Xmas there were long weekends in the sun, all inclusive+++ entertainment was the best, the Co Op management staff even were invited before the deal was agreed, money certainly not a problem,his earnings 2m ++ shares were £2.39 more than now :(( Manny I hope the guilt stays with you, a great company ruined by your greed and wanting to be bigger than tui,
Got out of this share 2 months ago. Lost £30k but could have been a lot more if I’d of stayed! Can’t believe so called executives/board of talent have allowed this to get in such a state. Insolvent know by the looks of it. Gla
Mate, shareholders here loose whatever the outcome. But don’t be too despondent as the message was delivered by the pair of smiling assassins telling you what a brilliant job they are doing, indeed they were almost laughing when they said shareholders would be wiped out. Personally I will never book a holiday with TCG if by some miracle they do survive.
Absolute dumbos anyone who hasn't sold yet.
News outlets reporting that the greatest peacetime repatriation of Brits could take place if something isn't done within a matter of days.
The board told you a few months ago that any deal would result in dilution to existing shareholders.
The likes of Matlot have been warning you for weeks yet there are still folks umming and arghing about whether to sell or not.
Seriously, the mind boggles. You might as well invest in a box of matches, take your cash out of an ATM, and set fire to it. You would have as good a chance of getting a return on your investment.
I'd be tempted to count the losses but that just my opinion, I cant see things getting any better here. Give it 10 years and there won't be any companies like this left. Who books holidays with a travel company these days
Sat with my finger on the Sell button..... Sat on 11k a month ago, 3k now..... damage limitation I guess.
Do I don't I?
“If the travel group cannot get the extra £200 million underwritten, it risks going bust, forcing the Civil Aviation Authority, a public corporation of the Department for Transport, to pick up the estimated £600 million cost of repatriating British holidaymakers.”
As always we tax payers end up paying the price!!
I wonder what will the official answer be if one day I decide to walk into the department of transport and request £10K only!!!
1. F*uck off
2. Do one
3. Are you insane
Hi Chaps, i've been a bystander on this site for a few years and value the opinions thrown about.
Is there any way there can be light at the end of the tunnel for shareholders?
If TCG go bump ....we lose....
According to Sky News, a takeover by Fosun would see the shares wiped out.... we lose....
Unbelievable, they originally rejected offers for parts of the airline as they were not in line with expectations due it being considered a distressed sale. Well this really is a distressed sale and unlikely to generate the required value. what an incompetent bod that have reduced this company to nothing... Disgusting. PF is responsible for the demise of the company, but I really cant understand why he wasn't removed back in may with the potential for a new interim CEO to commence turnaround and instil confidence.. what a waste of a once great company
Thanks HK
HK, as myself and a number of posters on this Bb have said before, this BOD are so out of their depth, but you can bet your house that they will all walk into another high profile role somewhere. We just seem to reward failure in this country with our regulators who seem inept at putting these people to the sword
@Saj
https://www.thetimes.co.uk/article/thomas-cook-rescue-hit-by-bank-demand-for-extra-capital-h52f0983n
@JT
It’s got nothing to do with posters or shorters.
It’s purely the BOD mismanagement, even when it comes to rescue strategies they really suck. They put the assets sale on hold while they were 1000% depending on the rescue deal.
It’s basic common sense to always have an alternative strategy in case one doesn’t work
Hk, can’t see the article in the Times online which was updated 5 mins ago. Could you post a link please
@HK
Cheers.
Very complex - certainly a money blackhole.
The repercussions with Admin - all those jobs - UK economy and a giant loss.
Posters on here rejoice ?
How very strange this shorters world.
Sorry for investors losses.
@JT
The times
Sky News...
Sounds like the Fat Lady is singing.
@HK
Source please?
That’s rich coming from one of the most corrupt banks in the 2008 financial crisis!!!!
One person close to the negotiations said: “We are rapidly approaching an insoluble impasse precipitated by the banks’ demand for another £200 million of headroom. 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 that, before the last-minute demand, FTI Consulting, the advisory group representing the interests of the banks in the negotiations, had provided written confirmation that the £900 million cash injection was comfortably sufficient to ensure Thomas Cook could continue to trade through the low-season.
“Just when we thought we were there, Thomas Cook is having to scrabble around trying to underwrite £200 million it does not need,” the source said. “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 sunk to a record low. The irony is that, in seeking to ensure the business can survive the winter, RBS may end up tipping it over the edge.”
If Thomas Cook were to collapse, it would affect an estimated 150,000 UK holidaymakers as well more than 500,000 customers in overseas source markets, mostly Germany and Scandinavia.
“Companies and governments across Europe would have to pick for this, said one analyst. “The collapse of Monarch Airlines was big but this would dwarf it.”
The other potential stumbling block to securing the rescue deal comes from a group of bondholders who have credit insurance that pays out in the event of default. The hedge funds, including Sona Asset Management and XAIA Investment, have threatened to vote against the rescue deal unless the insurance — in the form of so-called credit default swaps — pays out.
The hedge funds were concerned that they would have been unable to claim payouts from their insurance under the proposed debt-for-equity swap that forms part of the restructuring. Their hopes of a payout were lifted on Monday when Thomas Cook filed for Chapter 15 bankruptcy protection in a US court, but the holiday company has yet to decide to trigger the payout.
Thomas Cook declined to comment, while RBS has yet to make any comment.