Colin Heal is chairman and managing director of Worldchoice UK
In all discussions the Worldchoice board has held with Stella/Global and TTA (2007), it has sought to achieve three objectives.
These are to achieve a deal which is good for members’ future success; fair and reasonable for shareholders; and good for staff. The board has recommended a deal fulfilling all three.
The £2.75 per share which, subject to due diligence, will be received by shareholders, represents good value on their original investment. As the average holding is around 10,000 shares, agents can expect £27,500.
These shareholders will also have received £2,000 in dividends. Many agents have operated in a challenging market over the last year and these extra funds will be well received.
Thanks to a £5 million cash injection by Carlson some years ago, and the Worldchoice name on 60 million passport applications over the past decade, the Worldchoice brand has higher public recognition than any independent group.
TTA (2007) has recognised this and promised to invest in its development. A feature of the agreement is the £1.3 million members’ retention trust fund that will make payments of up to £20,000. TTA (2007) has indicated it will provide funds to develop members’ businesses.
The Worldchoice board believes the deal meets all objectives and that members and staff will have an exciting future.
- ‘I was cynical when I first realised TTA and Worldchoice might merge, but this cynic has been converted’
TTA boss Simon Hargreaves on the deal