Thomas Cook share issue to raise £400 million mooted

Thomas Cook share issue to raise £400 million mooted

A rights issue to raise £400 million to help cut Thomas Cook’s £1.5 billion in debts is thought to be under consideration.

The fund raising could be announced when half-year results are revealed later this month.

Chief executive Harriet Green is hoping to capitalise on the travel group’s surging share price which closed on Friday at 136.5p, valuing the company at £1.2 billion, the Sunday Times reported.

One unnamed leisure sector analyst was quoted as saying: “She has a great window of opportunity to do this.”

The speculation comes ahead of a requirement by Cook to refinance its borrowing by 2015.

This comes on the back of a series of asset sales, including Cook’s North American arm. Other elements thought to be ripe for disposal include the Neilson ski business.


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