WEST PALM BEACH, FL (HEDGECO.NET) – MyTravel Group PLC, the package holiday company based in the UK escaped bankruptcy a few years ago when the Financial Services Authority (FSA) fined the company for an unaccounted Ł24.3 million in the previous year’s published accounts, causing a breach of the Listing Rules in July 2002.

Now according to TimesOnline, Pardus Capital, an activist American hedge fund, had acquired a 4% stake in shares at MyTravel. Activist hedge funds pressure company management to boost share prices by unlocking shareholder value, it is believed that the hedge fund may pressure MyTravel to boost its share price by selling parts of the business or merging with rivals..

Shares in MyTravel have dropped 4.5 per cent this year. Last month it reported that pre-tax losses for the six months to April 30 had dropped to Ł70.3 million from Ł119.5 million a year earlier.

The group includes brands such as Airtours, Aspro, Cresta, Direct Holidays, Escapades, Manos and Panorama in the UK, Sunquest and ALBA Tours in North America, and Ving, Always, Tjoreborg, Spies, Skibby, MyTravel Tango, Bridge and Saga Solreiser in Scandinavia. The company also includes an in-house airline, MyTravel AirwaysMyTravel

MyTravel is a listed company whose shares are traded on the LSE.

Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net

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