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TCG issue an RNS tomorrow at 7am ISH, indicating an approach with a bid figure, lots of shorters had better be wearing pampers!!
Roll on Tuesday to see how things pan out.
Gla

Jed.. surely that would be one of the resolutions that they ask shareholders to vote on, not sprung on!

Extract from circular

2. MATTERS TO BE CONSIDERED
Article 122(B) provides that:
The Board shall restrict the borrowings of the Company and exercise all voting and other rights or powers of control exercisable by the Company in relation to
its subsidiary undertakings (if any) so as to secure (but as regards subsidiary undertakings only in so far as by the exercise of the rights or powers of control the Board can secure) that, save with the previous sanction of an ordinary resolution, no money shall be borrowed if the aggregate principal amount outstanding of all Net Borrowings by the group (exclusive of Net Borrowings
owing by one member of the group to another member of the group) then exceeds, or would as a result of such borrowing exceed, an amount equal to two
times the Adjusted Capital and Reserves.
As part of its ongoing strategic review of the Group airline as announced on 7 February
2019, the Board has received external advice that its current interpretation and treatment of
Article 122(B) may currently, and in certain periods in the past, have led the Company inadvertently to permit a level of borrowings which, while consistent with the credit rating
and financial needs of the business, may have been in excess of the limit permitted under the Articles. These potential technical breaches and their consequences, which have
implications for the day-to-day use of the Company’s existing facilities going forward, are capable of remedy by the passing of an ordinary resolution by the shareholders (i) ratifying
any and all monies borrowed, or any other actions contemplated by Article 122(A) undertaken by the Company and/or any of its subsidiaries, prior to the passing of the
resolution in excess of the limitations contained in Article 122(B); and (ii) that each current director, and each person who has served as a director in the period prior to the date of the
resolution, be released from any liability to the Company, and that the Company waive all claims, in respect of any of such matters. The amount of the liability released (and any
associated costs) is capped for each such director at an amount equal to 0.25% of the Company’s market capitalisation as at the date of the resolution.
An implication of the possible technical breaches is that the Company would be unable to roll-over existing credit facilities for the purpose of day-to-day treasury management, as it
has done in previous years...continues..

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