The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Having had quite a few conversations in the last couple of days, and in particular this afternoon, there are two main areas of discussion I’ll seek to answer here.
The first is what’s going on with the recapitalisation deal.
The second is a number of questions about the specifics affecting pilots and crew in the scenario that the recapitalisation was unsuccessful.
1. Is the recapitalisation deal still in progress?
Work to seek successful completion of the recapitalisation continues.
You’ll recall from Sunday’s update that one of the issues, as reported widely in the press, was the Hedge Fund interest in a payout from a contract they had taken in the credit default swap market. This was set to pay out to them in the event Thomas Cook couldn’t pay it’s debt. This led to them seeking to block the recapitalisation because they believed that it’s successful completion would prevent payout.
The business has now filed for Chapter 15 Bankruptcy Protection in the USA. The Credit Derivatives Determinations Committee, which rules on whether a payout should be made for such a product in a specific set of circumstances, met today to review whether the US Chapter 15 filing meets the requirement for payout. It was reported that an agreement to do so would help facilitate completion of the recapitalisation.
A decision was deferred until 1100 on Monday 23rd. Following this there has been a flurry of press activity and stories published today.
All options are being pursued for a successful outcome for the business and it’s people.
Thanks Slowly.
Based on your holding of 1000000 BOULD OPPS PLC ORD GBP0.0001 shares on 01 May 2019, which was the Open Offer Ex Date, you have an Entitlement to 1000000 BOULD OPPS PLC ORD GBP0.0001 shares at a total cost of 125.00 GBP. Does not say anywhere you must hold them.
Just received notification of my 1 million Open Offer shares, which have excepted. Anybody know if you can sell original 1 million now or before 16th May and still be entitled to the open offer.
Wonder what that will be. Massive difference from last week now and maybe again next week, if this continues.
They will issue an RNS to give date.
Suggests they will have a placing before announcing RTO.
Any ideas when that might occur.
Re posted again for you.
5 recommendations.
Normal service resumed, AIMoracle, Topaimer, Luthercorp and oneofus all show up together ramping on some news, probably sitting next to each other in the office. Then you have Investor1111 trying to troll the board probably sitting on his own in a cellar somewhere.
There is some truth in Ramping and Trolling.
Have some fun why we wait.
Ramp. Keep voting 1 and 4. See how many more RNS's they issue.
Believe RTO will happen either way. Dilution will give the Directors more shares at a very heavy discount to what they have paid recently. They have not loaded up, as would give the game away. Antos can take it or leave it. Not sure if he cares what holding he has as long as RTO is done.
RTO happening either way.
So the games begin.
You can buy now.
The Company expects a profitable and cash generative second half with discussions already underway with a major financial institution to provide global banking services and financing should funds be required to support incremental growth opportunities.
Cashflow is another principal risk as, while the Company is in its growth phase, working capital is under demand to fund the purchase and manufacture of stock in concert with trading terms to retail buyers. The Group has alleviated this risk with recent capital raisings and stands well prepared to meet the requirements of its growth plans.
Might depend on the above.