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Came across this, does it help ????? Travel Weekly News Travelzest in talks on management buyout Apr 20, 2011 08:00AM GMT 0 Comments Travelzest is in talks with a prospective buyer, believed to involve a management buy out (MBO). The company confirmed it was in “the very early stages of discussions over a potential offer” yesterday. Travelzest is the owner of tour operator brands Best of Morocco, Tapestry Collection, Captivating Cuba and the naturist Peng Travel and listed in London on the Alternative Investment Market (AIM). However, the core of its business is in Canada where it owns tour operator itravel2000. Chief executive John Carroll is reported to be heading a joint bid with the Canadian family owners of tour operator Sunwing that would see the latter take 55% of Travelzest and Carroll and finance director Jack Fraser the rest. A spokeswoman told Travel Weekly: “An MBO is one of the options that has been mooted.” Travelzest has previously been the subject of takeover speculation involving its current largest shareholder, investment company Gartmore, Thomas Cook and - in 2008 - Tui Travel. It is understood the company made ten staff redundant at its Cheltenham head office last week. Travelzest refused to comment on the redundancies, saying: “The business flexes.” The company reported a £9.9 million loss in the year to October 2010 following restructuring that saw five offices brought into one at Cheltenham, where it also opened a call centre. In its most-recent trading statement, Travelzest reported summer 2011 bookings in the UK down by 18%. Travelzest was set up in 2005 by Chris Mottershead, who left in 2009 to rejoin Tui Travel - which he previously ran in the UK - to head its Russian business. Shares in the company rose 16% at one stage after yesterday’s announcement but were 36% down on six months ago and have lost 90% of their value since 2006.
HiThank you for getting in touchI would like to propose on behalf of the shareholders for you to reach out to your client to open a dialogue between us and them.We quite rightly feel that we have been misled and that the 2 companies have been sold on our behalf by our directors. We also feel that they acted negligently by turning down previous offers for the issued shares and have ultimately got up a poor deal.We would like to reach a compromise if Aldenham Canada would be willing to offer us a good will gesture payment. I believe we would settle at a significant discount to Mondays closing share price. Making this move would prevent further disruption to itravel2000 by members of the action group. Furthermore members have purchased rights to websites including itravel2000.co.uk, itravel2000.org.uk and various other. These will link to affiliate schemes at rival businesses based in Canada. We have also contacted Carlion Solicitors who last year won 16m pounds for shareholders from a subsidiary company of The Cattle Group when The Cattle Group went into administration.I strongly suggest that you kindly contact your client to discuss their willingness to reach a swift resolution.I look forward to hearing from you Kindest
Heard the rumour from a source.
Can Jen tell us who told her that Sunwing were involved?
The rumour of Sunwing and Redtag buying back to Travelzest we may be able to get them. I believe they started the rumours to get people buying
It's a good job Sir Richard Branson didn't except the government ruling when he lost his franchise on the West coast. He stood up to them and told them that they had got it wrong and he was right. I believe that there has been some strange goings on between Elleway and the board and as share holders we deserve to know. I also believe that Elleway new as soon as they ask for the money TVZ would have no choice but to call in the admin team, and then they would purchase the shares on the cheap through Aldenham. Could anyone tell me was it not possible to ask share holders for the money through a share purchase. If the price was too low they could of done a share consolidation and then we could have had a share purchase. Sorry for not know the real name of purchasing shares like this as I'm not they clued up on these thing. As many people have said these two companies were worth a lot more than 15m so why has it all gone so wrong?
i still have 3 million ERX shares from 2008. Money gone move on, lucky many made money on the bounce from 0.3p RNS 's did say basically deist is likely for a few months.
Cheers mate. Can you please post email to which you sent that?
Come on guys your all adults you knew the risks when you gambled on this share just move on you lost and unfortunately there is no way back here. The sooner you accept your money is gone the better for your sanity...
To The Attention of Mr Ian Corfield / David Dunckley, RE:Travelzest Shareholder I wish to advise you that I hold 305,700 shares in the company. In reference to your letter dated 07/11/13 to TVZ shareholders, you state there is unlikely to be any 'return' for shareholders. May I ask whether this assumption is supported by Aldenham, can you confirm. We the Shareholder Group are considering legal action against the directors for negligence. We strongly feel, the sale further supports and re-affirms out belief that the board have not acted in the shareholders best interest, but to the contrary, allowed the company finances to fall whilst also not accepting previous offers for the Company which would have paid the company debts and return value to shareholders.How else do you explain, the itravel2000 business valued at £30-35m, together with Cruise Professional business, even together not being able to pay the company debt of circa £15m. Thanks.
Don`t know how many have read this yet, but Grant Thornton had drawn up, signed and dated the Motion Record For Sale Approval an Receivership for submission to the courts on 31st October 2013 (see page 51 of the pdf), but shares were not suspended until approval was granted on 4th November 2013. http://www.grantthornton.ca/resources/creditor_updates/documents/iTravel2000/MR%20%28sale%20approval%29%20Returnable%20Nov.%204,%202013%20Vol%201%20of%202.pdf
Grant Thornton wont give a sh@t about us, that letter was used to stop us taking action and lets not forget they are being paid by TVZ. I urge everyone on here to up the campaign, get emailing and posting on all media sites, the only way we will get anything from this now is to apply more pressure.
... isn't it. Let Grant Thornton do it's job and wait and see where we all stand in due course.
and posted accordingly.
I don't have fb but the wife does. it comes up with an error message when I find it? Is this them not allowing comments or am In in the wrong place?
Please email Grant Thornton administrators to request that they contact Aldenham to clarify that position. The shareholders are considering legal action against the directors for negligently allowing finance to run out and also for not accepting previous offers for the company.
Thank you for your email. We have received a large number of shareholder queries, many of which are similar. Rather than provide individual responses, for reasons of efficiency and transparency we will be collating queries and updating shareholders at appropriate intervals on a common platform to ensure that all shareholders have access to the same, consistent information. I therefore ask that you please refer to the Travelzest website atwww.travelzest.com where you will find a copy of our initial notice to all shareholders of the Company. We will continue to update the website as required with further information and shareholder communications. Kind Regards Heile
Yes they are down to 1.5 star out of 5 And their customers have stopped posting. Some have claimed that they will no longer be booking with the company which is brilliant We need to keep it up. So far we have not had many posts after 4pm. Can everyone join in please Also join us at: itravel2000 Action Group on Facebook
Hanif (chiko) Nanji 1002 Sherbrooke St. West, Suite 2000,Montreal,QUE Montreal, Quebec
Has any1 been able to contact nanji.. Thus article suggests that these guys might know how to.. But dated 2011. http://www.ripoffreport.com/r/Hanif-chiko-Nanji/Montreal-Quebec-/Hanif-chiko-Nanji-7928033-Canada-Inc-landlord-Chiko-Nanji-poor-business-practices-Mon-802369
Well done with your campaign guys, the itravel fb page has lost around 25 likes in the last 24 hours. Might seem a drop in the ocean when you consider they have 50k plus but as you say 'power of the media', just a matter of time until you get the rest.
only costs a small amount
Well put Tarpon1, there are some people who put alot of money on this after doing some stirling research, they don't need the comments that mtuk1 made. I only lost a fraction compared to some, but it is still a loss. I hope this action works out for everyone keep the good work up, but please remember to look after yourselves and remember it may be hard to say it's only money flesh and blood will also be there for you. GLA ris
And has passed I'm afraid