Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
What will happen to the shares now?
Great news. So we should Amers predictions finally come true ;-D
The article was published last Thursday (29th August)
Since it is print, I assume it was researched before. So I guess it might even have been researched before the last RNS tbh
(as per Google translate)
Klaus Hildebrandt, Michael Cranes
Around 1.6 billion pounds (nearly 1.8 billion euros) of debt away and in addition 900 million pounds of fresh capital for the financially weak winter season: Thomas Cook has after the agreement in principle on the rescue deal with the largest shareholder Fosun and the major banks and corporate bond holders have a real chance of a fresh start. However, the contract still numerous authorities and especially smaller shareholders and bondholders agree.
The Chinese
Conglomerate Fosun will invest £ 450m and will receive at least 75% of the tour operator and a 25% share in the airlines. The main creditor banks and bondholders are once again providing the same amount of fresh capital and converting the existing debt into a stake of probably 75 percent in Group Airline and up to 25 percent in the organizer. The organizer, which also includes its own sales department and hotel brands, is therefore separated as a separate company from the airlines, including Condor.
Fosun can
because of the aviation rights do not take the majority of the airline. In addition, the Chinese invest in their home country and their daughter Club Med only in the hotel and tour operator business. In the industry is expected that Fosun and the banks for the profitable TC airline with its more than 100 machines (see article on the right) will seek a buyer in the medium term. Thomas Cook had initially stopped the sales process started in the spring.
The agreement in principle is a breakthrough, but the deal is not perfect yet. Small shareholders are angry. Their shares, which have fallen 93 percent in one year anyway, will become virtually worthless as a result of the debt conversion and capital increase. This also applies to the good eight percent stake, which had acquired the Turkish Anex boss Neset Kockar. Sources close to Kockar claim that looking at the numbers was very sobering, and he therefore had not bought more shares. Thomas Cook, on the other hand, says Kockar saw no chance to play an active role in the reorientation.
The tourist group emphasizes that all shareholders have the opportunity to participate in the capital increase, and to reach a consensus with all shareholders and creditors. But whether the smaller shareholders nachschießen further money is doubtful. The banks inevitably move with, because otherwise they would have to fear a total loss.
With Thomas Cook
Despite the many steps that are still needed, including due diligence and multiple agreements between Fosun and the banks, you are confident that the deal will work. If the shareholders do not agree with the quota of 75 percent of the restructuring, there is under British law the possibility to enforce this consent, it says in the corporation. Not exactly the fine English style, but then maybe the last resort for the rescue package.
The FVW (one of Germanys leading tourism magazines) claims in its current issue, that Kockar has turned his back on TCG:
"Sources close to Kockar claim that looking at the numbers was very sobering, and he therefore had not bought more shares. Thomas Cook, on the other hand, says Kockar saw no chance to play an active role in the reorientation."
@JTMacs: Hey, you send me a private message. However I am not a premium members, so cannot read it.
Care to share it here?
@JTMacs: You can report his/her posts if they offend you... although I doubt that this will result in any actions being taken by mod
The shorties will have to close their positions eventually, right?
And currently about 10% is shorted...
To be honest, I think that the storm is over now.
We saw a drop yesterday (which wasn't as bad as expected) and a further drop today. But that should have been it.
Stan and Peter talked about single digit pence figures after dilution. So that's where we are now.
From here on there is only 3 possible ways for the SP:
1) further down
I truly doubt that. Not really much room left south of here, is there?
2) sideways
That's possible the way we will go until October. So a bit up and down movement, but mostly around the current SP.
3) up again
This is only likely with anything that will force TCG and Fosun out of the plan. This could be caused by a number of factors: counter offer, press, shareholders not giving their consent, etc.
I for myself (without wanting to give anyone advice) will hold on to it. I am currently 70% down with my investment. But hey, if its wiped out, that's only another 30% on top - so not that bad ;-) And my strategy is to stay in there until we see a definite result. I am in the race to finish and not to quit before the final lap...
I appreciate that, Buck.
Now let me also learn something new... checking the trades there is someone buying big:
16:35:06 28-Aug-2019 5.90 GBX 1,387,862 81,911.62 Uncrossed Trade XLON
16:37:50 28-Aug-2019 5.90 GBX 200,000 11,804.00 Automatic Trade XLON
16:29:54 28-Aug-2019 5.85 GBX 91,649 5,365.13 Automatic Trade ALGO XLON
Any ideas?
Its based on a European directive, so you should check with your financial supervisory authority.
Great post, HeresHopin... helps the discussion!
Do yourself a favor and read the whole thing, before you comment...
Foreign companies included
A compensation offer is not only a requirement for German stock corporations wishing to withdraw from a regulated market in Germany, but also for all other companies whose shares are admitted to trading on a regulated market in Germany. Pursuant to section 2 (2) of the WpÜG, this also applies to securities comparable to shares, certificates representing shares and other securities whose object is the acquisition of shares, securities comparable to shares, or certificates representing shares.
The provisions thus also apply to the delisting of companies domiciled outside Germany, whether or not they are domiciled in the EEA. However, they only apply to a delisting from the regulated market; no compensation offer is required for the withdrawal from the regulated unofficial market of a stock exchange. In any case, the rules and regulations of the stock exchange from which the issuer wishes to withdraw must be adhered to.
https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Fachartikel/2016/fa_bj_1601_delisting_en.html
As part of the implementation of the new European Transparency Directive, German legislators have also revised the conditions which a company must fulfil to withdraw from the stock exchange (delisting).
As of 26 November 2015, issuers seeking to revoke the admission to trading of their shares on a regulated market must, (...) submit a compensation (...)
(...) it must offer the volume-weighted average stock exchange price of the last six months. (...)
Seek professional help... wow, we have hit rock bottom again.
Thats what makes it so hard to have a professional discussion on this board.
Right around the corner waits a punchline that needs to be shouted out.
But then again, I can refer to my "Bovine Scat"... isn't that another mirror of British society?
Like Boris running up to her majesty to send parliament into an extended holiday, ready to risk an economy just to save his blonde behind... Classic!
Don't you worry about my investments. I am fine where I am.
I do not get annoyed by the SP or the current developments, but I do get annoyed when people paint a dooms day scenario based upon lack (and obviously laziness) to research...
Thats the British society in a nutshell.
Quoting tabloids, ignoring laws, trusting gut more than brain...
Look at where that strategy has brought you...
STRG-F is a common shortcut to find things you are looking for, Buck...
https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013L0050&qid=1433498257075&from=EN