6 Dec 2016 07:03
The Co-op has served notice to exit the joint venture that was set up with Thomas Cook Group in 2011, which has operated the UK retail travel branches of both businesses.
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Under the agreement the Co-op will receive £50m plus interest in return for its shares in the joint venture by 30 November 2017. A payment schedule has also been agreed for the guaranteed minimum dividend of £31.9m, with £20m due on 3 January 2017 and the remainder on 3 April 2017. Interest will be payable on both instalments.
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For further information on the terms of the exit and the agreed payment schedule, please see the announcement made by Thomas Cook Group  https://www.thomascookgroup.com/regulatory-news
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