Nice accumulation of new flow over the last few days – one addition is around Sterling Holiday resort repaying Cumulative Convertible Debentures and extinguishing them. A shift in capital allocation where subsidiary is repaying capital to parent. If this trend is established in multiple subs (and Thomas Cook is home to many) and key shift in capital allocation decision making gets established. Markets generally reward those companies. In the last few days, dividend declared, repayment of capital from subsidiary starts adding some confidence. Can they keep this up?
Discl: Invested
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