Stobart Group Limited Completion of Acquisition (8106X)
24 Febbraio 2017 - 12:50PM
UK Regulatory
TIDMSTOB
RNS Number : 8106X
Stobart Group Limited
24 February 2017
24 February 2017
Stobart Group Limited ("Stobart" or the "Group")
Acquisition of remaining interests in Propius Holdings Limited
and Stobart Air
Stobart Group, the infrastructure and support services group,
today announces the completion of the acquisition of the remaining
interest in its aircraft leasing business, Propius Holdings Limited
("Propius").
This follows the announcement on 18 November 2016 that the Group
had agreed in principle to acquire the remaining 33% interest in
Propius from Aer Lingus, taking the Group's interest in Propius to
100%. The consideration for the transaction was $14.7 million in
cash funded from the sale from treasury on 18 November 2016 of
10,081,778 ordinary shares of 10p each of the Company, at 155 pence
per share. As part of the transaction, Aer Lingus has released
security over certain cash balances of Propius and other group
companies in exchange for a guarantee from other Stobart Group
companies for an initial EUR18m which is expected to reduce to
EUR8m in due course.
Propius recorded profit before tax of $2.8 million for the year
ended 31 December 2016 and had gross assets at that date of $153.3
million.
In addition, the Group has also completed the acquisition of the
remaining 19% interest in Everdeal Holdings Limited ("Everdeal"),
the holding company of Stobart Air, taking its interest in Everdeal
to 100%.
Warwick Brady, Deputy CEO of Stobart commented "The Aviation
Division is a key growth focus for the Group over the next few
years. The completion of the acquisitions of Propius and Stobart
Air give us more control over our ability to continue to grow and
develop our operations across the UK, Ireland and Europe, and to
deliver our target of welcoming 2.5 million passengers at London
Southend Airport annually by 2018. We are now operating Stobart
Air's regional services under franchise agreements with Aer Lingus
and Flybe and aim to continue to grow with our partners whilst also
attracting an increased share of London's 160 million passenger,
capacity constrained market to London Southend."
Enquiries:
Stobart Group Limited +44 20 7851 9090
Andrew Tinkler, Chief Executive Officer
Mark Adams, Chief Financial Officer
Redleaf Communications +44 20 7382 4730
Emma Kane
Charlie Geller
influence Associates +44 20 7287 9610
Stuart Dyble
James Andrew
This information is provided by RNS
The company news service from the London Stock Exchange
END
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