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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Thomas Cook Group    TCG   GB00B1VYCH82

THOMAS COOK GROUP

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Thomas Cook : in rescue talks with Chinese investors

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07/12/2019 | 05:48am EDT

London, Jul 12 (EFE).- Travel firm Thomas Cook is in advanced talks with its main shareholder, Chinese company Fosun Travel Group, in a bid to secure a cash injection of 750 million pounds ($940m) to save the struggling enterprise.

In a statement, Thomas Cook Group said the new money would provide it with enough liquidity to continue its business throughout the 2019/20 winter season and would allow it to invest in the future.

The company's chief executive, Peter Fankhauser, said: "After evaluating a broad range of options to reduce our debt and to put our finances onto a more sustainable footing, the Board has decided to move forward with a plan to recapitalize the business, supported by a substantial injection of new money from our long-standing shareholder, Fosun, and our core lending banks.

"While this is not the outcome any of us wanted for our shareholders, this proposal is a pragmatic and responsible solution which provides the means to secure the future of the Thomas Cook business for our customers, our suppliers and our employees."

Thomas Cook's share prices have plunged in recent weeks as it struggles to stay afloat just as peak holiday sales take off for the summer period.

If the deal comes into effect, Fosun Travel would become a majority shareholder in the Thomas Cook's Tour Operator and a significant minority interest in the Group Airline.

"Existing shareholders will be significantly diluted as part of the recapitalization. However, shareholders may be given the opportunity to participate in the recapitalization by way of investment alongside Fosun and converting financial creditors on terms to be agreed," the statement said.

Thomas Cook said that trends in the first half of the year had carried over into the second half, reflecting consumer uncertainty in the United Kingdom.

It said that its third-quarter trading update for July 18 had been canceled pending a review.

Once synonymous with high street package holidays in the UK, Thomas Cook has fallen behind amid high online competition.

On March 22, the company announces the closure of 21 stores across the UK, which would cost around 300 jobs.

Fankhauser revealed in May that the company had lost 1.4 billion pounds in the first six months of the year.

"The prolonged heatwave last summer and high prices in the Canaries reduced customer demand for winter sun, particularly in the Nordic region, while there is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer," he said. EFE

© 2019 EFE News Services (U.S.) Inc., source EFE Ingles

Stocks mentioned in the article
ChangeLast1st jan.
FOSUN INTERNATIONAL LIMITED 1.79% 9.69 End-of-day quote.-15.30%
THOMAS COOK GROUP -8.33% 7.024 Delayed Quote.-77.17%
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Financials (GBP)
Sales 2019 9 159 M
EBIT 2019 157 M
Net income 2019 -84,5 M
Debt 2019 681 M
Yield 2019 0,17%
P/E ratio 2019 -1,50x
P/E ratio 2020 -3,35x
EV / Sales2019 0,09x
EV / Sales2020 0,08x
Capitalization 108 M
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Technical analysis trends THOMAS COOK GROUP
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Average target price 11,17  GBp
Last Close Price 7,02  GBp
Spread / Highest target 156%
Spread / Average Target 59,1%
Spread / Lowest Target -57,3%
EPS Revisions
Managers
NameTitle
Peter Fankhauser Group Chief Executive Officer & Director
François Louis Meysman Non-Executive Chairman
Sten Daugaard Chief Financial Officer & Executive Director
Dawn Elizabeth Airey Senior Independent Non-Executive Director
Martine Germaine Verluyten Independent Non-Executive Director
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