MYT shares jump almost 30% in one day.
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It would appear that willoman has a reading age somewhat less than the average primary school child 
.
To quote willoman: “They have now been transferred to equity rather than debt”.
To quote from the original article that willoman was trying to read: “they will now be treated as debt instead of equity”.
Spot the difference?
I was going to suggest he purposely misquoted the article to put MyTravel in a bad light, but that would probably lead to accusations that I’m paranoid
.
You can read the article here: Sunday Times. But you’ll need to register for a free username.
.To quote willoman: “They have now been transferred to equity rather than debt”.
To quote from the original article that willoman was trying to read: “they will now be treated as debt instead of equity”.
Spot the difference?
I was going to suggest he purposely misquoted the article to put MyTravel in a bad light, but that would probably lead to accusations that I’m paranoid
.You can read the article here: Sunday Times. But you’ll need to register for a free username.
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I apologise for my misquote over debt/equity but that does not change the emphasis of what was a fairly damning report from the Sunday Times.
I wonder if Jarvis's departure was influenced by the ongoing financial alterations occurring at MYT.
If you had a few spare quid, would you purchase MYT shares ? - I certainly wouldn't.
I wonder if Jarvis's departure was influenced by the ongoing financial alterations occurring at MYT.
If you had a few spare quid, would you purchase MYT shares ? - I certainly wouldn't.
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Well someone bought a few shares at the end of last week willowman!
However, the article does make interesting reading. I am not sure I would call it damming! It raises a question or two for sure but as far as I can see the MIPS should never have been treated as an asset, so if anything this is making matters more transparent rather than less.
With the level of scrutiny the banks have applied to MYT over the last few months I can only assume they are happy with the situation if they are continuing to move towards refinancing in June. As for the CAA, if the finance is put in place in June they will renew the bond at the end of the year and breath a sigh of relief!
I wonder how many travel companies these days meet the CAA rules? My guess is none of the major players!
However, the article does make interesting reading. I am not sure I would call it damming! It raises a question or two for sure but as far as I can see the MIPS should never have been treated as an asset, so if anything this is making matters more transparent rather than less.
With the level of scrutiny the banks have applied to MYT over the last few months I can only assume they are happy with the situation if they are continuing to move towards refinancing in June. As for the CAA, if the finance is put in place in June they will renew the bond at the end of the year and breath a sigh of relief!
I wonder how many travel companies these days meet the CAA rules? My guess is none of the major players!
Last edited by kinsman; 4th May 2003 at 23:40.
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The article isn’t damning but it is rather stupid nethertheless.
The thrust of the journalist’s complaint is that some preference shares issued by MyTravel are going to be treated as debt rather than equity from now on, as part of the company’s commitment to put it finances in order. The journalist complains that MyTravel haven’t given sufficient reason for the change but then says “In what way, exactly, should the MIPS ever have been treated as equity?” - thereby answering his own query.
The journalist then goes on to speculate that, come November, the CAA will revoke MyTravel’s ATOL because they will have “hardly anyone overseas” so it’ll be cheaper to repatriate customers than doing it in the height of the summer. This argument makes no sense: if the CAA were sufficiently worried, it would revoke the ATOL now before the summer season properly starts.
The article ends with “You can buy one of their cheap and cheerful winter packages to Corfu if you want, but I’m sticking to Center Parcs in Sherwood Forest”. Now, I’m not saying that newspapers should go out of their way to encourage people to take holidays abroad because I know the British tourism industry needs customers too, but is it really the place of the Business Editor at a broadsheet paper to weave this kind of personal opinion into a Business article? And if he thinks that all the MyTravel Group sells is “cheap and cheerful” packages to Corfu then he really hasn’t done enough research. With tour operators like Tradewinds, Bridge and Cresta in the portfolio there’s a lot more to MyTravel than the bucket and spade brigade.
The thrust of the journalist’s complaint is that some preference shares issued by MyTravel are going to be treated as debt rather than equity from now on, as part of the company’s commitment to put it finances in order. The journalist complains that MyTravel haven’t given sufficient reason for the change but then says “In what way, exactly, should the MIPS ever have been treated as equity?” - thereby answering his own query.
The journalist then goes on to speculate that, come November, the CAA will revoke MyTravel’s ATOL because they will have “hardly anyone overseas” so it’ll be cheaper to repatriate customers than doing it in the height of the summer. This argument makes no sense: if the CAA were sufficiently worried, it would revoke the ATOL now before the summer season properly starts.
The article ends with “You can buy one of their cheap and cheerful winter packages to Corfu if you want, but I’m sticking to Center Parcs in Sherwood Forest”. Now, I’m not saying that newspapers should go out of their way to encourage people to take holidays abroad because I know the British tourism industry needs customers too, but is it really the place of the Business Editor at a broadsheet paper to weave this kind of personal opinion into a Business article? And if he thinks that all the MyTravel Group sells is “cheap and cheerful” packages to Corfu then he really hasn’t done enough research. With tour operators like Tradewinds, Bridge and Cresta in the portfolio there’s a lot more to MyTravel than the bucket and spade brigade.
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On a lighter note the author of the article clearly knows little of the travel industry, as we don’t go to Corfu in the winter. Then again he clearly does not rate our competitors, as he seems to think the only other option to an MYT holiday is to stay at home!
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So, it's 9:45 on Tue morn, and another rise in share price.
It's a funny old world, but if you believed in the product, and showed it by buying shares, there is the potential to have doubled your money in two working days.
If those of you with doubt put as much energy into supporting a company as you did in constant put downs MYT is not the only company that would benefit.
Too many of you speak a bad game on the back of trumped up self belief and importance. You have absolutely not contact with facts or indeed the real world.
Stop.
Life is best viewed with a vertical horizon.
It's a funny old world, but if you believed in the product, and showed it by buying shares, there is the potential to have doubled your money in two working days.
If those of you with doubt put as much energy into supporting a company as you did in constant put downs MYT is not the only company that would benefit.
Too many of you speak a bad game on the back of trumped up self belief and importance. You have absolutely not contact with facts or indeed the real world.
Stop.
Life is best viewed with a vertical horizon.
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