JTG shareholders told to vote yes to merger

first_imgSource = e-Travel Blackboard: G.A Jetset Travelworld Group (JTG) directors advised JTG shareholders that the proposed merger of JTG and Stella was in the company’s best interests, revealed an Explanatory Memorandum posted yesterday afternoon.“The JTG Directors unanimously recommend that JTG shareholders vote in favour of the merger proposal,” read the document. “[The merger] provides a compelling opportunity to integrate two complementary businesses…[and will] position the enlarged JTG Group to compete more effectively,” JTG Chairman Tom Dery said.Also provided was an Independent Expert’s Report by financial firm Deloitte which found that each company comes into the merger with relatively even equity “and therefore in the best interests of JTG shareholders”.The document advised changes to the share structure should the merger go ahead, its biggest shareholders being: Qantas with a 29 per cent stake; CVC Asia Pacific with 26.9 per cent; UBS with 17.9 per cent; and Spiros Alysandratos with 12.6 per cent.Further detailed were the board and staff appointments and structure of the new JTG Group, Stella’s Peter Lacaze and Elizabeth Gaines acting as chief executive and chief financial officers respectively.Tom Dery will become JTG Non-Executive Chairman as John King and Lesley Grant step down from the JTG board.Shareholders will be asked to vote on the proposed merger on 6 September 2010. <a href=”http://www.etbtravelnews.global/click/1e1fa/” target=”_blank”><img src=”http://adsvr.travelads.biz/www/delivery/avw.php?zoneid=10&amp;cb=INSERT_RANDOM_NUMBER_HERE&amp;n=a5c63036″ border=”0″ alt=””></a>last_img read more