Big payout for Worldchoice shareholders after merger gets the thumbs up
The merger between Worldchoice and Travel Trust Association has been given the go ahead after 99.98% of shareholders voted in favour.
The £4.4 million deal sees Worldchoice shareholders receiving 275 pence a share.
This means around 10 shareholders will get payments of more than £100,000, over 50 will come away with £27,500 each, and over 100 will benefit from between £15,000 and £20,000.
Chairman Colin Heal said the new joint entity, TTA Worldchoice, was likely to begin operations on October 16, pending approval from a High Court judge on September 30.
As part of the deal, a Membership Retention Trust Fund has been set up to encourage members to stay.
Based on a points system, it rewards members according to how actively they support the organisation and its preferred suppliers.
Those who earn maximum points could potentially earn another £20,000 in five years.
Even members who retire before five years can earn points, provided they do not join another grouping.
“It doesn’t matter how many shares you have, or even if you don’t have shares, you can still earn points,†explained Heal.
“Not only does this encourage people to stay, the more we support our preffered suppliers, the better the deal we will get.â€
He said there will continue to be significant investment to develop the Worldchoice brand.
Funds will also be made available to assist members’ individual businesses.
“If members have a good business plan, money will be made available to them, probably in the form of a low cost or even zero percentage interest loan,†said Heal.
He said Worldchoice would retain its regional structure, its Peterborough head office, and staff.
It would also continue with its Triton membership, he added.
“Following the success of our cruise club, we are looking to form a number of other specialist groups, including long-haul, coach and other specialist areas.
“We are also in the process of setting up a business travel group, which will certainly be as good as the Advantage Focus Group. It is smaller now, but members are quickly signing up for it and it will grow rapidly.
“With TTA’s financial strength and technical expertise, members of the merged company look forward to an exciting and profitable time.â€
The turn out of shareholders for the vote was 1,428,215, representing around 89.38% of the total.
There were 240 votes against the move but Heal said most of these had later assured him they would give their support.
The organisation has yet to find around 80 shareholders who have moved and failed to provide forwarding addresses. These too will be eligible for pay-outs, and the money will be kept in a trust fund.
By Bev Fearis
Chitra Mogul
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