Triton bosses have fiercely defended the share structure of Triton Travel Limited against claims it is a Global takeover.
The company, to be formed as a result of the Worldchoice and Global Travel Group merger, has revealed details of its new structure to members at regional roadshows over the past fortnight.
Triton consultant and Global founder George Begg said fears of a takeover were unfounded and based on members’ misunderstanding of the new structure.
Triton Travel will offer three tiers of shares – members’ ordinary shares, ordinary financial shares and preference shares.
Members’ ordinary shares have no monetary value but have been created to give members control of their own interests and avoid owners of ordinary financial shares having overall control of the company.
Only Begg and Global chief executive Andrew Botterill are ordinary financial shareholders but once the company has merged members will be awarded shares based on their sales of Triton products.
Begg said: “The main issue was one of control and people were asking what there was to stop majority shareholders at Global taking over the day after the merger. We have identified that problem and dealt with it.”
Begg admitted confusion meant some members did not realise control of the company would be shared between members and financial shareholders.
“They didn’t realise ordinary shares were split. The members’ shares are to give ownership and power to members. Ownership will be shared,” he said. “Global shareholders have actually conceded most of the control in the new company so members have control.”
Worldchoice shareholder Gordon Roberts, who no longer has a travel agency, remained unconvinced and said he still believed Global shareholders would retain ownership control.