Thomas Cook shareholders vote for £8m dividend

Thomas Cook shareholders vote for £8m dividend

Shareholders of Thomas Cook Group plc have voted in favour of a dividend payout in the region of £8 million.

Voters chose overwhelmingly to receive a dividend from the company, the first payout to shareholders in five years, at 0.5p on each share.

This morning, Thomas Cook released its annual report in which it said it had a “solid start” to 2017.

Europe’s second largest travel group reported that underlying losses of £49 million in the three months to December 31, 2016, improved by £1 million over the same period the previous year as revenue rose to £1.6 billion from £1.4 billion.

Later on Thursday, February 2, shareholders voted in favour of all resolutions presented to them after a question and answer session with chief executive Peter Fankhauser and chairman of directors Frank Meysman.

But more than 20% of shareholders that took part in the ballot voted against the directors’ remuneration policy and directors’ remuneration report.

Concerns had earlier this week been raised over the size of chief executive Peter Fankhauser’s bonus.

And 32.7% of shareholders who cast their vote did not want to go ahead with the strategic share incentive plan (SSIP). The annual general meeting was told that as a result of the votes against the SSIP the company would not be introducing it this year.

Meysman told the shareholders present: “Our experience in the last years has shown that we operate in a very volatile industry.

“Therefore, we believe that it is wise, and in the best interests of shareholders, to maintain flexibility with incentives for management.

“If and when we decide to implement the strategic share incentive plan, we will consult with shareholders.”

 

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