Two Scottish Widows UK equity funds and Invesco Perpetual's UK Aggressive fund, run by Stephen Anness, have been dealt a blow after seeing their holdings in Thomas Cook fall almost 75% in value.
The tour operator's share price had nosedived 73.8% or 30.34p, to 10.77p, by 3pm, following the group's announcement this morning that it is seeking more capital because of a slowdown in trading. Thomas Cook, which is reportedly considering the closure of around 200 travel agencies, said it is seeking to adjust the size of its debts in order to boost cashflow. It is currently in talks with its major banks, amid reports it could breach covenants in December. Scottish Widows £715m UK Income fund, headed up by Chris Fontenla, is one of the top ten shareholders in Thomas Cook, according t...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
