Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
do they really need 75 % ?
https://abouttravel.ch/reisebranche/tos-und-retailer/thomas-cook-rekapitalisierung-auf-steinigem-weg/
Thomas Cook recapitalization on stony path
From TRAVEL INSIDE - 21.08.2019
© Thomas Cook
The planned restructuring of the Thomas Cook Group under the leadership of Chinese major shareholder Fosun and the banks could encounter difficulties, reports "fvw". At least expect that from Jim Qian, boss of Fosun Holidays. Fosun is negotiating with different parties.
The rescue plan for Thomas Cook provides that Fosun will take over the majority of the organizer and a minority on the airline. Together with the banks and bond creditors, up to 900 million pounds of fresh capital are expected to bridge the financially weak winter season and create room for investment, for example in the hotel business.
On the occasion of the announcement of the semi-annual figures Qian said, according to a report of the Japanese medium "Nikkei Asian Review", there was "some difficulties" in the proposed participation in Thomas Cook as in any merger. Negotiate with different parties and listen well. He did not rule out that Fosun would not participate in the planned recapitalization. "There are some long-term principles for our investments that we will not give up," Qian quotes
Shareholders may not join
Qian did not say what hurdles there are. But an important requirement of the deal is that 75 percent of the shareholders approve of Thomas Cook's Annual General Meeting. However, many shareholders are angry because their shares would be almost worthless by the planned conversion of debts into a share and the capital increase, if they do not even participate in the capital increase. The share price of Thomas Cook has fallen already very much anyway.
Also among the shareholders is the Turkish tourism entrepreneur Neset Kockar, head of the Anex Group. He recently bought Thomas Cook shares. He wants to achieve a position in order to sit at the table during the negotiations. Kockar is interested in a constructive business relationship. (TI)
https://www.touristik-aktuell.de/nachrichten/verkehr/news/datum/2019/08/21/lufthansa-bleibt-an-condor-dran/
Lufthansa stays with Condor
Wednesday, 21.08.2019
The German Lufthansa has apparently still interested in Condor or on their route network. It is said "very soon" about a cooperation, it is said from the environment of the airline.
The background for the attempt to harmonize the activities, especially on the medium and long haul routes, is understandable. For the Chinese investors of the Fosun Group are primarily interested in the tour operator business of Thomas Cook - even though there are initial concerns about this (see here).
It is clear, however, that the Chinese have little interest in the Group's airlines. In this respect, it would not be excluded that they give Condor at a possible Cook entry to a bank to generate cash, experts report.
In this case, there would then be a resale to other interested parties from the international competitive environment in the room. In what form and to what extent this would happen is open.
http://www.thestandard.com.hk/section-news.php?id=210803
Fosun Tourism back in black
Business | Stella Zhai 20 Aug 2019
hm, different interpretation from that newspaper:
Jim Qian Jiannong, chairman of Fosun Tourism said the company is in talks of a restructuring plan of London-listed Thomas Cook, with the expectation to acquire more shares in the company and its airlines.
Qian said he is confident about the industry though many travel agencies are facing difficulties recently, and the company believes the value of Thomas Cook brand will help Fosun in the future.
as I wrote, Triton for the Nordic Region.
https://e24.no/boers-og-finans/ving/oppkjoepskamp-om-ving-redningspakken-til-ving-eier-thomas-cook-utvides-med-milliardbeloep/24674663
Wing owner needs billions for rescue operation
Tourism group Thomas Cook is in deep crisis and now the size of the rescue package is being sharply increased. A Chinese tourism group and a European acquisition fund are struggling to take over key parts of the "charter giant", including Norwegian Ving.
https://asia.nikkei.com/BONG KONG (NikkeiMarkets) -- Fosun Tourism Group, the operator of the Club Med branded resorts, expects to face hurdles in the planned acquisition of a controlling stake in Thomas Cook Group, its chairman and chief executive said on Monday, adding that there was a chance the Chinese company will not take part in the latter's re-organization.
"Like any merger and acquisition, the acquisition of Thomas Cook involves much difficulty," Qian Jinnong said at a post-earnings news conference. "Various sides have got their own priorities. We are intensively listening and negotiating with various parties."
In July, Fosun Tourism said it is considering a proposal made by London-listed Thomas Cook in relation to potential investment and reorganization.
Under the proposal, Thomas Cook is targeting an injection of 750 million pounds ($909 million) of new money, which may comprise capital injection and new financing facilities, Fosun had said in that filing. It also mentioned that Thomas Cook's external bank and bond debt will be converted into equity.
The recapitalization would require reorganization of the ownership of Thomas Cook's tour operator and airline business, resulting in Fosun owning a controlling stake in Thomas Cook's tour operator and a minority interest in Thomas Cook's airline, the filing added.
"There are some long-term value investing principles that we will not give up though," Qian said. The company does not see Brexit impacting the negotiation process.
Fosun Tourism, part of conglomerate Fosun International, which raised $428 million in its initial public offering late last year, saw its share price fall 48.2% so far this year.
The stock rose 4.5% to HK$8.35 on Monday after reporting interim results, while the city's benchmark Hang Seng Index gained 2.2%.
Qian said the company is not 'happy' with the current share price. "It does not show our value."
Earlier Monday, the company reported it swung to net profit of 490.02 million yuan ($69.55 million) for the first half from net loss of 254.52 million yuan year-ago as revenue rose 35.9% on year to 9.06 billion yuan.
Fosun Tourism remains confident on its strong pipelines to open new resorts in the future, it said in an exchange filing. These include a resort in l' Alpe d' Huez in France, a new chalets-apartments in Grand Massif Samoëns Morillon in France and a resort located in Miches Playa Esmeralda in the Dominican Republic, which is likely to open in 2019, among others.
In addition, the company signed several contracts to open new resorts in China in the next few years, including the Club Med resorts in the Lijiang and Taicang project, the filing said.
The company is in discussion with holiday resorts in several provinces in China to provide resort management services, Qian added.
-- Benny Kungusiness/Markets/Nikkei-Markets/Fosun-Tourism-sees-much-difficulty-in-Thomas-Cook-acquisition
Performance Interpretation] Fosun Travel: may not participate in the restructuring of Thomas Cook
Article date: August 19, 2019 18:24
Fosun Tourism Culture (1992) announced its performance in the first half of this year. The sharp increase in revenue led the Group to turn losses into profit, with a net profit of 490 million yuan (the same below). Qian Jiannong, chairman and executive director of Fosun Tourism Culture, pointed out today that Fosun has been in close consultation with the old British travel group Thomas Cook, but has been ignorant of progress. He said that all parties are very active, but "any negotiation of acquisition transactions is difficult", that is, the company will adhere to its investment principles for consultation, but did not disclose the time of the agreement. He also pointed out that whether the company is involved in the restructuring is not conclusive. If it does not participate, the company will strengthen its current tourism ecosystem in other ways.
The group previously issued an announcement that its shareholding Thomas Cook will be reorganized to seek a capital injection of 750 million pounds, and Fosun intends to obtain control of its travel agency and a major minority stake in the airline.
Asked about Thomas Cook's previous poor business performance, but also engaged in the increasingly weak travel agency business in recent years, why the group intends to increase investment, Qian Jiannong said that the company is now facing geopolitical and Brexit difficulties, but its The travel agency has been established for 175 years and still believes in its brand value. As for the Thomas Cook business, he said that if the travel agency can integrate with other businesses and provide one-stop services, it is believed that the benefits will be very obvious and the prospects for the industry are also very promising. Looking up the data, as of March 31 this year, Thomas Cook recorded a pre-tax loss of 1.25 billion pounds in the first half of the year, and revenue of 3.02 billion pounds, a 208% year-on-year decline.
[Company performance] Fosun travels in the middle of the period to lose nearly 500 million
https://www.mpfinance.com/fin/instantf2.php?node=1566210594793&issue=20190819
in Germany this morning :
Tradegate
0,1034 € +15,79% 5.364.695 0,0901 - 0,1035 08:40:09
this email is dated from ???
Nordic Business Triton: x mio ?
Ving Takeover Battle: The multi-billion dollar rescue package from Ving owner Thomas Cook – Ving – Stock Exchange and Finance https://newsbeezer.com August 12, 2019
"A source with knowledge of the process tells E24 that both Fosun and Triton are still active and are working their offers against Thomas Cook. Therefore, it is still unclear who Thomas Cook will own in the Nordic region and whether the company will survive as an integral part or whether it will be split. "
Russian Business: x mio ? Russian Lady ?
German Business / Condor : x mio ? Anex/Kockar
"Turkish Tourism GroupBerlinghoff advises Anex CEO KockarExperienced tourism specialist Dierk Berlinghoff, most recently head of Lidl Reisen, now serves as Advisor to the Board of Anex Group. The Turkish entrepreneur Neset Kockar is not only expanding his group, but also causing a stir with stock purchases by Thomas Cook.by Klaus Hildebrandt -Friday , August 16, 2019 https://www.fvw.de
TCP UK Fosun ?
this is new, from today:
Turkish Tourism Group: Berlinghoff advises Anex CEO Kockar - fvw
https://www.fvw.de
21 minutes ago - Berlinghoff advises Kockar and the Board of Anex Tourism Group on strategic issues. ... Kockar wants to play an active role in Thomas Cook.
Turkish Tourism Group: Berlinghoff advises Anex CEO Kockar - fvw
https://www.fvw.de> Organizer> Personal data
21 minutes ago - Berlinghoff advises Kockar and the Board of Anex Tourism Group on strategic issues. ... Kockar wants to play an active role in Thomas Cook.
maybe interesting:
Türkische Tourismusgruppe: Berlinghoff berät Anex-Chef Kockar - fvw
https://www.fvw.de › Veranstalter › Personalien
vor 21 Minuten - Berlinghoff berät Kockar und den Vorstand der Anex Tourism Group künftig in strategischen Fragen. ... Kockar will aktive Rolle bei Thomas Cook spielen.
ürkische Tourismusgruppe: Berlinghoff berät Anex-Chef Kockar - fvw
https://www.fvw.de › Veranstalter › Personalien
vor 21 Minuten - Berlinghoff berät Kockar und den Vorstand der Anex Tourism Group künftig in strategischen Fragen. ... Kockar will aktive Rolle bei Thomas Cook spielen.
"We have received no formal approach or alternative proposal from any other shareholder or third party to recapitalise the Group."
..no formal approach ! and not formal approaches ?
..to recapitalise ! and to buy the company ?
newsbeezer.com
Maybe a new battle :
https://newsbeezer.com/norwayeng/ving-takeover-battle-the-multi-billion-dollar-rescue-package-from-ving-owner-thomas-cook-ving-stock-exchange-and-finance/
'A source with knowledge of the process tells E24 that both Fosun and Triton are still active and are working their offers against Thomas Cook. Therefore, it is still unclear who Thomas Cook will own in the Nordic region and whether the company will survive as an integral part or whether it will be split. '