Cook shareholders back disposals

Cook shareholders back disposals

Thomas Cook shareholders have overwhelmingly voted for two key disposals as part of the group’s recovery plan.

Some 99.99% of proxy shareholder votes backed the planned sale and leaseback of part of its aircraft fleet and the disposal of five Spanish hotels.

Senior independent director Roger Burnell told a meeting of around 30 investors in London that the move was "in the best interests of shareholders" as he urged them to vote in favour of the deal.

Major stakeholders including fund manager Invesco, Standard Life and Marathon had previously expressed support for the resolutions.

Failure to support the fundraising move could have threatened Cook's recent £1.4 billion deal with lenders, including Royal Bank of Scotland and Barclays, to extend the maturity of its bank loans to 2015.

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