Thomas Cook - Press Release
Thomas Cook India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 30, 2008 has transacted the following:
“In terms of the Share Sale and Purchase Agreement dated March 07, 2008 (”SPA”) between Thomas Cook UK Ltd, Dubai Financial Group (LLC) and TCIM Ltd, Thomas Cook UK Ltd has acquired 100% of the shareholding of TCIM Ltd. TCIM Ltd currently holds 54.42% of the paid up equity share capital of the Company and Thomas Cook UK Ltd shall, therefore, indirectly control 54.42% of the total paid up capital of the Company. An open offer under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation 1997 (”SEBI Takeover Code”) made by Thomas Cook UK Ltd is currently in progress.
The Board has effected its reconstitution in accordance with Regulation 22(7) of the Takeover Code and a certificate from Kotak Mahindra Bank Ltd (the banker to the open offer) stating that 100% of the offer consideration payable to the public shareholders had been deposited in an escrow account.
Further the Company has informed that, Ms. Jacqueline Asher, Mr. Sayanta Basu, Mr. Mahendra Doshi and Mr. Abdul Hakeem Kamkar have resigned as directors of the Company. Mr. Manny Fontenla Novoa, Mr. Juergen Bueser, Mr. Michael Hallisey and Mr. Roland Zeh have been appointed as Additional Directors of the Company with immediate effect to hold office until the next Annual General Meeting of the Company.”
Tags: Thomas Cook