MyTravel completes restructuring, plans to simplify stock structure

By Jeff Pines

Washington, Jan. 12 - MyTravel plc said it completed the consensual restructuring and now has three classes of stock. The Manchester, England-based tour operator plans to combine those three classes into a single ordinary share class if its shareholders approve the proposal at the company's planned March 31 shareholders' meeting.

The three classes are: ordinary shares of 10p with 544.46 million shares outstanding, ordinary shares of 1p with 4.1 billion shares outstanding and convertible shares of 1p with 7.88 billion shares outstanding. The convertible shares of convertible into ordinary shares of 1p under certain circumstances. Another 1.09 billion ordinary 1p shares may issued if the 7% subordinated convertible bonds due 2007 are converted.

If the proposal to create a single class of ordinary shares is approved, the company would convert the convertibles for ordinary shares and the terms of the warrants for 10p stock would be amended for the new class.

A goal of the restructuring is to cut the total number of shares in circulation to reach a more appropriate trading price range, the company said.

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