13 December 2011 – disposal
The group has reached agreement to sell its interest in the Spanish hotel group Hoteles Y Clubs De Vacaciones SA for €72.2m. With €22.4m of debt also going with the hotels, the group’s net debt will fall by €94.6m. This is just one step towards the rehabilitation of the group. Although there is a long way to go the shares are a SPECULATIVE BUY.