The Worldchoice/Travel Trust Association merger is to be delayed until April when major changes to Triton Travel Group’s structure are set to be revealed.
Due diligence of Worldchoice accounts was due to be completed this week, but a court date to approve an extraordinary general meeting on the TTA deal has not
been set.
Court approval is required before an EGM can be called to vote on a bid by TTA’s holding company TTA (2007) to buy Worldchoice shares.
The process could be further delayed if a court date is not secured before the Easter recess from March 19 to April 2.
Worldchoice chairman Colin Heal admitted it was unlikely the deal would be sealed before new capital gains tax rules come into force on April 5.
This could mean the deal is completed later in April, when TTA director Todd Carpenter and managing director Simon Hargreaves hope to join Worldchoice members at the Triton conference.
Changes to Triton’s structure, to be unveiled at the conference, are expected to axe current membership contracts and create a more flexible arrangement. This follows talks between current members Worldchoice, Global Travel Group and Advantage.
Heal said: “There will be changes to structural and operational procedures and some may expand the role of Triton.”
Meanwhile, Heal rubbished a document sent anonymously to select members and shareholders in the last fortnight as “troublemaking”.
The document, thought to have been written in 2006 and entitled Operation Fair Play – Proposed Strategy, details proposals for more executive directors on Worldchoice’s board.
Heal said: “I’ve no idea who sent this but it’s irrelevant, out of date and inaccurate.”