JEast Posted April 13, 2013 Share Posted April 13, 2013 Just adding the topic as FFH has become the majority holder. Of note for our savvy Indian investors: as mentioned at the annual meeting FFH currently holds 77% and must reduce their stake to lower than 75%. The divestiture should take place soon if anyone is interested. http://www.bseindia.com/corporates/anndet_new.aspx?newsid=43f5d096-8373-4559-a8b3-f3320ca27149 Cheers JEast Link to comment Share on other sites More sharing options...
sampr01 Posted April 14, 2013 Share Posted April 14, 2013 What is the TBV for Tcook and why FFH has to reduce stake below 75%. Thanks Just adding the topic as FFH has become the majority holder. Of note for our savvy Indian investors: as mentioned at the annual meeting FFH currently holds 77% and must reduce their stake to lower than 75%. The divestiture should take place soon if anyone is interested. http://www.bseindia.com/corporates/anndet_new.aspx?newsid=43f5d096-8373-4559-a8b3-f3320ca27149 Cheers JEast Link to comment Share on other sites More sharing options...
Liberty Posted April 14, 2013 Share Posted April 14, 2013 What is the TBV for Tcook and why FFH has to reduce stake below 75%. Thanks Don't know TBV, but afaik it's Indian law that foreigners can't own more than 75% in a public company in the country. Link to comment Share on other sites More sharing options...
smathew Posted April 14, 2013 Share Posted April 14, 2013 What is the TBV for Tcook and why FFH has to reduce stake below 75%. Thanks Don't know TBV, but afaik it's Indian law that foreigners can't own more than 75% in a public company in the country. SEBI (equivalent of SEC in india ) requires listed companies should not be owned by more than 75% by a single owner. Link to comment Share on other sites More sharing options...
sampr01 Posted April 14, 2013 Share Posted April 14, 2013 Thanks guys.. Directly from CEO Q. Are you issuing some new shares or is it all a sale of Fairfax shares? A: It will be an issuance of new shares, which will dilute Fairbridge’s holdings in the company from 87 to 75 percent. http://www.moneycontrol.com/news/business/ipp-proceeds-to-fund-acquisition-capex-thomas-cook_840884.html What is the TBV for Tcook and why FFH has to reduce stake below 75%. Thanks Don't know TBV, but afaik it's Indian law that foreigners can't own more than 75% in a public company in the country. SEBI (equivalent of SEC in india ) requires listed companies should not be owned by more than 75% by a single owner. Link to comment Share on other sites More sharing options...
savant Posted April 15, 2013 Share Posted April 15, 2013 Just adding the topic as FFH has become the majority holder. Of note for our savvy Indian investors: as mentioned at the annual meeting FFH currently holds 77% and must reduce their stake to lower than 75%. The divestiture should take place soon if anyone is interested. http://www.bseindia.com/corporates/anndet_new.aspx?newsid=43f5d096-8373-4559-a8b3-f3320ca27149 Cheers JEast Mr Watsa says in the latest annual report that they bought the Company for 10x FCF after adjusting for value of real estate on balance sheet (or something to that effect). Which would lead to two interesting questions: 1. Does Thomas Cook plan on monetizing the real estate any time soon? 2. Does he believe that real estate in India is fairly valued today? Was anything mentioned regarding the above at the AGM? Link to comment Share on other sites More sharing options...
stahleyp Posted April 15, 2013 Share Posted April 15, 2013 Perhaps a really dumb question, but it looks like this trades on the pink sheets too under TCKGY (The ADR worth 2 ordinary shares) and TCKGF. Anyone know the difference..or a better question: what does TCKGF represent? Link to comment Share on other sites More sharing options...
savant Posted April 15, 2013 Share Posted April 15, 2013 Perhaps a really dumb question, but it looks like this trades on the pink sheets too under TCKGY (The ADR worth 2 ordinary shares) and TCKGF. Anyone know the difference..or a better question: what does TCKGF represent? Those might represent the Thomas Cook Group Plc. They sold their ~77% holding in the Indian subsidiary recently which was picked up by Fairbridge Capital. Link to comment Share on other sites More sharing options...
indirect Posted April 15, 2013 Share Posted April 15, 2013 My best guess is that they will sell their real estate. They have around 66k in Bombay split between nariman point and bandra which I presume is a lot of money. They will monetize and use it to buy growing business. You can expect same gameplan with fairfax, capital allocations at Hamlin wasta via fairbridge and operations with Indian management. Link to comment Share on other sites More sharing options...
valueinvesting101 Posted April 3, 2014 Share Posted April 3, 2014 Has anyone looked at arbitrage opportunity at Thomas Cook-Sterling Holiday Merger? Thomas cook has indicated there will be open offer to buy Sterling share at 98. But more interestingly if shares are not tendered in the open offer then Sterling shareholder will get 1.2 share of Thomas Cook for each share of Sterling. With Thomas cook trading at 100 and Sterling trading at 96 this looks too good to be true. I have never done arbitrage play and India might have peculiar rules warranting this discrepancy. Any inputs on this? I am looking to switch from my position of Thomas cook into Sterling and not looking at arbitrage in pure sense as I am not familiar with short selling in India. Link to comment Share on other sites More sharing options...
cameronfen Posted April 3, 2014 Share Posted April 3, 2014 What broker do you use to invest in India? Link to comment Share on other sites More sharing options...
siddharth18 Posted April 3, 2014 Share Posted April 3, 2014 What broker do you use to invest in India? You have to jump through a lot of hoops to buy stocks in India. This should help: http://www.kotak.com/personal-banking/investments-insurance/qualified-foreign-investor-qfi.html Link to comment Share on other sites More sharing options...
kmukul Posted April 4, 2014 Share Posted April 4, 2014 Has anyone looked at arbitrage opportunity at Thomas Cook-Sterling Holiday Merger? Thomas cook has indicated there will be open offer to buy Sterling share at 98. But more interestingly if shares are not tendered in the open offer then Sterling shareholder will get 1.2 share of Thomas Cook for each share of Sterling. With Thomas cook trading at 100 and Sterling trading at 96 this looks too good to be true. I have never done arbitrage play and India might have peculiar rules warranting this discrepancy. Any inputs on this? I am looking to switch from my position of Thomas cook into Sterling and not looking at arbitrage in pure sense as I am not familiar with short selling in India. Thanks Valueinvesting This seems too good to be true, please let me know if there is any catch here (there is not enough liquidity for sterling), I am also thinking of doing the same. BTW IB is also there in india, Not sure how easy it is to get access via them Link to comment Share on other sites More sharing options...
vinvestor2010 Posted April 4, 2014 Share Posted April 4, 2014 Some interesting articles on Thomas Cook India and it's latest developments From Business Today http://businesstoday.intoday.in/story/thomas-cook-india-transformation-new-owner/1/203043.html Sanjay Bakshi a management professor on his blog on Thomas Cook http://fundooprofessor.wordpress.com/2013/12/01/why-i-bought-thomas-cook/ Thomas Cook and the Sterling Resorts Deal http://www.livemint.com/Money/TSzjlXa4Q5kSCoyVCx7WcK/Thomas-Cook-pays-top-dollar-for-Sterling.html http://articles.economictimes.indiatimes.com/2014-02-07/news/47126366_1_thomas-cook-india-fairbridge-capital-sterling-resorts Link to comment Share on other sites More sharing options...
JEast Posted July 1, 2014 Author Share Posted July 1, 2014 Small update for the record. http://www.vccircle.com/news/consumer/2014/07/01/thomas-cook-raises-holding-sterling-holiday-417-set-get-majority-stake Link to comment Share on other sites More sharing options...
netnet Posted July 2, 2014 Share Posted July 2, 2014 This is my first look at the name. The arbitrage looks somewhat interesting when first mentioned not now, but the real deal may be the underlying security, Thomas Cook. Look at the analysis of Bakshi: (https://dl.dropboxusercontent.com/u/28494399/BFBV_2013_14_Files/Lecture_19_Thomas_Cook.pdf. To invest along with Watsa in his Indian investment vehicle, which looks a little bit like Amex 50 years ago. I'm going to have to really investigate this name. But at first glance it looks pretty good. (except that I'm not a non-Resident Indian!). Link to comment Share on other sites More sharing options...
jch548 Posted July 3, 2014 Share Posted July 3, 2014 I looked at the Kotak link. Seems pretty easy to set up an account. What happens afterward? Is it easy to transfer your funds back to a U.S. account? What about taxes? Do you pay capital gain taxes in India? Complete an Indian tax return? Can you claim a full foreign tax credit in the U.S. if yes? Thanks. Link to comment Share on other sites More sharing options...
kmukul Posted July 26, 2014 Share Posted July 26, 2014 The results came out http://www.bseindia.com/corporates/anndet_new.aspx?newsid=5802ee23-9ead-4858-8c0c-d6aa7a65adbf, any one knows when are they going to swap shares of sterling. Thanks a lot Link to comment Share on other sites More sharing options...
JEast Posted September 3, 2014 Author Share Posted September 3, 2014 What is a brand worth? Small article of Thomas Cook's effort to determine what their brand is worth. http://www.thehindubusinessline.com/companies/thomas-cook-undergoes-brand-valuation/article6357458.ece?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication Link to comment Share on other sites More sharing options...
JEast Posted August 14, 2015 Author Share Posted August 14, 2015 An update on some tuck-in purchases for the record. http://www.thehindu.com/business/Industry/thomas-cook-india-grows-through-acquisitions/article7519154.ece Link to comment Share on other sites More sharing options...
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