Results out soon in August.

Broker recos look very bullish and why not on a P/E of just over 6 to 2011.....

Thomas Cook Group PLC

FORECASTS 2010 2011
Date Rec Pre-tax (�) EPS (p) DPS (p) Pre-tax (�) EPS (p) DPS (p)

Panmure Gordon
02-08-10 BUY 319.00 27.10 11.30 338.00 28.70 12.40

Exane BNP Paribas
02-08-10 BUY 116.00 26.62 10.75 319.00 28.87 11.66

Numis Securities Ltd
02-08-10 ADD 324.20 27.60 11.25 357.10 29.90 11.81

Oriel Securities
02-08-10 BUY 330.40 28.40 11.40 363.50 31.30 12.10

KBC Peel Hunt Ltd
30-07-10 BUY 301.06 25.22 10.75 313.36 26.23 10.93

WestLB
30-07-10 SELL 28.81 11.52 29.91 11.96

Shore Capital
30-07-10 HOLD 312.00 26.50 11.80 347.00 29.50 13.00

Charles Stanley Securities
15-06-10 HOLD

Evolution Securities Ltd
11-02-10 None

Investec Securities [R]
09-02-10 BUY 327.00 27.30 11.74 352.23 29.39 12.49

Fyshe Horton Finney Ltd
25-01-10 BUY

Collins Stewart
24-12-09 BUY

Nomura Research Institute
25-09-09 RED

2010 2011
Pre-tax (�) EPS (p) DPS (p) Pre-tax (�) EPS (p) DPS (p)

Consensus 316.42 26.98 11.36 342.50 29.39 11.96

1 Month Change 1.07 -0.22 0.01 3.43 -0.14 -0.14
3 Month Change -11.92 -1.09 -0.05 -11.79 -1.00 -0.44


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS 2.76% 0.38% 8.92%
DPS 14.03% 10.80% 5.26%

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA �574.90m �589.69m �613.90m
EBIT �372.50m �420.55m �447.05m
Dividend Yield 5.38% 5.96% 6.27%
Dividend Cover 2.62x 2.38x 2.46x
PER 7.10x 7.07x 6.49x
PEG 2.57f 18.55f 0.73f
Net Asset Value PS -240.80p 224.47p 240.43p

so are any of us any the wiser as to how this RI - am i correct in thinking that PIs never got a look in yet again? - will affect the underlying sp?

If "not at all", then i think the current level is a good entry point - chart below indicates why ....

The way I read this is that the rights Issue is still ongoing as 3rd June is the record date:
The Rights Issue
"The Company proposes to offer 401,556,476 New Ordinary Shares by way of rights to (i) Qualifying Shareholders (other than, subject to certain exceptions, Qualifying Shareholders with a registered address, or located or resident (as applicable), in the United States or any of the other Excluded Territories) and (ii) Placees, at a Rights Issue Price of 76 pence per New Ordinary Share, payable in full on acceptance no later than 11.00 a.m. on 19 June 2013.

The offer of the New Ordinary Shares under the Rights Issue is proposed to be made on the following basis:

2 New Ordinary Shares at 76 pence for every 5 Ordinary Shares

held by (i) Qualifying Shareholders on the Record Date and so in proportion to any other number of Ordinary Shares each Qualifying Shareholder then holds and (ii) Placees as a result of the Placing and so in proportion to any number of Ordinary Shares each Placee would have held on the Record Date if the Placing had occurred immediately prior to the Record Date.

Qualifying Shareholders with registered addresses in the United States or in any of the other Excluded Territories will not be sent Provisional Allotment Letters and will not have their CREST stock accounts credited with Nil Paid Rights, except where the Company, and Credit Suisse and Jefferies Hoare Govett, are satisfied that such action would not result in the contravention of any registration or other legal or regulatory requirement in such jurisdiction."
---------------------------------------------------
The placing is under different terms:
"The Placing
Under the Placing, Credit Suisse and Jefferies Hoare Govett have agreed to procure Placees for an aggregate of 87,591,241 Placing Shares at a Placing Price of 137 pence per Placing Share.

The Placing Price (including the size of the Placing discount) has been determined, following discussions with both existing and potential new Shareholders, to be at the level which the Directors consider necessary to ensure the success of the Placing and the Rights Issue, taking into account the aggregate proceeds to be raised. The Board believes that the Placing Price and the discount which it represents are appropriate."

I have had a word with my broker and he says, the AGM was on the 3rd and the rights Issue has been approved, so will go ahead. Private investors will be asked to participate.

Admission and dealings in New Ordinary Shares, nil paid, commence on the London Stock Exchange and Ordinary Shares marked "ex-rights" 8.00 a.m. on 5 June 2013

Announcement of results of the Rights Issue by 8.00 a.m. on 20 June 2013

Dealings in New Ordinary Shares, fully paid, commence on the London Stock Exchange by 8.00 a.m. on 20 June 2013

probably quite a good deal/discount
consensus?

cynic, this is purely a personal point of view, I prefer to sit on the sidelines for the time being. I'm sure the whole Rights Issue and Placing will be completed successfully, but I'm wary of any further weakening of the share price in the interim.

I'm holding stock and will buy my allocation of rights (if available). There will be a stock price correction but am hoping it will only be brief!

Just closed the rest of my short @125.5.

but presumably that's ex rights though your opening position would have been cum rights, so i wonder what adjustment will need to be made to your notional profit ..... any idea?

Not as yet - I think info is sent out today.

"Admission and dealings in New Ordinary Shares, nil paid, commence on the London Stock Exchange and Ordinary Shares marked "ex-rights" 8.00 a.m. on 5 June 2013"

Ticker is TCGN

marginally cross with myself, as i looked at these first thing and dithered, not least because the order book didn't and still doesn't look too hot .... just shows; order book can give wrong signals

Plenty of time to buy back in over the next few months cynic! There still seems to be quite a bit of confusion on other bulletin boards about what exactly is going on. :-)

certainly on a very gruesome day, TCG (and BLNX) are shining beacons

Panmure Gordon summary:
"Post todays corresponding share adjustment, we believe Thomas Cook remains highly attractive given the improving underlying trading backdrop, potential for additional cost savings (we estimate at least a further £155m) and improving cash flow. With a forecast CAGR in EPS over the next three years of c70%, with earnings holding upside potential, we believe Thomas Cook offers exceptional value trading on a 2014E EV EBITDA of 4.1x, below peer multiples. Therefore, we reiterate our Buy recommendation and 164p Price Target, implying 33% upside."

It's taken a while for the message to get through to Panmure Gordon, but at last they have managed to join the dots together!

Lovely gap to be filled on the daily chart.

Oscilators oversold.

Fair range on the new shares today.

sp 119p down 5%

Anyone hazard a guess as to where the bottom might be??