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Transactions
JULY 2013
tHoMAS CooK GRoUP £1.6 BILLIon CAPItAL REFInAnCInG PLAn
Following on from an earlier announcement on 13 March 2013 that thomas Cook Group plc was reviewing its capital structure, and taking into account the progress to date in transforming the business, the Board of thomas Cook has recently announced a £1.6 billion capital refinancing plan (the ‘Capital Refinancing Plan’). the Capital Refinancing Plan comprises the following three inter-conditional financing elements:
• the raising of approximately £425 million gross proceeds from a fully underwritten placing and rights issue, comprising 87, 591, 241 Placing Shares at 137 pence per share (raising £120 million); and a 2 for 5 Rights Issue of 401, 556, 476 new Ordinary Shares at 76 pence per share (raising approximately £305 million);
• the raising of €525 million gross proceeds (approximately $441 million) from the issuance of new bonds maturing 2020 (the ‘New Bonds’), or if the New Bonds are not issues, utilisations under a fully underwritten bridge facility (the ‘Bridge Facility’); and
• £691 million of new facilities (the ‘New Facilities’).
Harriet Green, the CEO of Thomas Cook, said: “Today we are pleased to report improving financial results and announce important measures to strengthen our balance sheet. Earnings before interest and tax and gross margin are well ahead of last year and our cost out and profit improvement actions are going very well, allowing us to increase our target yet again. Our progress transforming the business also enables us to undertake our capital refinancing plan. We look forward to continuing the rapid transformation of the Group so that we fulfil the potential of the Thomas Cook brand for our customers, suppliers and employees.” LM
doLPHIn CAPItAL InVEStoRS
SELLS VEnUS RoCK GoLF RESoRt In CYPRUS
dolphin, a leading global investor in the residential resort sector in emerging markets and one of the largest real estate investment companies quoted on AIM in terms of net assets is pleased to report that on 17th May 2013, the Company’s 49.8% subsidiaries Aristo developers Ltd (Aristo) and Venus Rock Estates Ltd (together, the ‘Sellers’) executed a binding Contract of Sale (the Agreement) for their interest in the Venus Rock Golf Resort (Venus Rock).
The agreement has been entered into with a Hong Kong based international conglomerate and real estate investment group (the ‘Purchaser’) for the sale of shares and assets in the Venus Rock project, comprising all the plots and land, all permits and licences granted, all related machinery and stock, and all the contracts and other agreements relating to the Project’s developer (the ‘Transaction’).
The agreed purchase price for the sale of the Sellers’ interest in Venus Rock amounts in aggregate to €290 million and comprises a fixed consideration of €241.5 million and a conditional deferred consideration of €48.5 million.
Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited, commented: “In line with our strategic objectives for 2013, we are pleased to execute this landmark transaction, which has enormous benefits not only for Dolphin but also for the Cypriot economy in general. In a period of very challenging market and operational conditions in Cyprus due to the current banking crisis, the sale of Venus Rock for a significant cash consideration, demonstrates the quality of Dolphin’s real estate portfolio and proves to resilience of the Cyprus property market.” LM
Venus Rock Gold Resort
Thomas Cook Group