(Alliance News) - Tour operator Thomas Cook PLC has come under criticism from shareholder group ShareSoc for misleading small shareholders about its cash position, the Daily Mail reported on Sunday.
Thomas Cook announced on Friday that Chinese investors Forun Tourism Group provided the troubled company with a GBP750,000 cash injection.
ShareSoc's director Cliff Weight said statements made in February and May, which said that the company's cash position was improving and it was taking a "number of prudent steps to de-risk our business" were optimistic.
He said: "Thomas Cook's directors need to be held to account for making such positive statements, which may have misled many investors."
Individual shareholders together own 20% of the company which has more than GBP1.20 billion worth of debt, the Daily Mail reported.
https://www.thisismoney.co.uk/money/markets/article-7246503/Thomas-Cook-slammed-misleading-investors-lifeline.html
Shares in the company closed down 59% at 5.38 pence each in London on Friday.
