Thomas Cook, the struggling package tour operator, has sold its 77% stake in Thomas Cook India to a subsidiary of the financial services firm Fairfax Financial Holdings. The sales will net Thomas Cook around £94m and is equivalent to 50 rupees per share, which the firm said was a premium of 11% to the market price immediately prior to the announcement of the auction process. The disposal is part of the group's ongoing plans to reduce debt and strengthen its ailing financial position.
Profits at network monitoring and analysis firm Endace fell in the year to the end of March after UK Government budget cuts hit the firm. Profits for the year came in at 2.19m down from $2.43m the year before on revenues that were up to $41.15m from $38,37m in 2011. The firm said economic uncertainty resulted in slower purchase decisions by some clients towards the end of the traditionally-stronger second half. The Chief Executive added he was "cognisant" of macro-economic uncertainty.
Shares in Baltic Oil Terminals fell 7% after it had placed £0.95m new shares with institutional investors. the firm said the money would be used to to progress its fuel oil optimisation project at its refined product terminal in Aabenraa, Denmark.
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