TUI AG, the German tour operator that has a significant footprint in the cruise industry, said it woild launch a €1.8 billion rights issue.

A total of 328,910,448 new ordinary registered shares with no par value of the company would be offered at a subscription ratio of 8:3 (8 New Shares for 3 existing shares). The subscription price of €5.55 per New Share represents a discount to TERP (theoretical ex-rights price) of approx. 39.85%, TUI said in a statement.

Alexey A. Mordashov – or any connected person or entity that indirectly holds 30.91% in the Company via Unifirm Limited and Severgroup LLC - are subject to a loss of rights as a result of far-reaching sanctions and under German securities law. “The Major Shareholder Sanctioned Persons or Entities can therefore not participate in the Rights Issue and no subscription rights will be granted to them,” TUI said.