Stobart Group Limited Disposal of Stobart Air and Propius (8039Q)
22 Febbraio 2019 - 8:00AM
UK Regulatory
TIDMSTOB
RNS Number : 8039Q
Stobart Group Limited
22 February 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014
22 February 2019
Stobart Group Limited
(the "Stobart Group" or the "Company")
Disposal of Stobart Air and Propius
Further to the announcement on 11 January 2019 in respect of the
formation of the aviation joint venture, Connect Airways Limited
("Connect Airways"), Stobart Group announces that the sale and
purchase agreement in respect of the disposal by its wholly-owned
subsidiary, Stobart Aviation Limited ("Stobart Aviation") of its
interest in Everdeal Holdings Limited ("Everdeal Holdings") and
Everdeal Holdings group companies which indirectly hold the entire
issued share capital of Stobart Air Unlimited Company ("Stobart
Air") has become unconditional. Accordingly, the sale by Stobart
Aviation of its interest in Everdeal Holdings and Everdeal Holdings
group companies to Connect Airways has completed ("Stobart Air
Disposal").
In addition, as set out in the announcement on 11 January 2019,
Stobart Group also announces that the sale and purchase agreement
in respect of the disposal by Stobart Aviation of Propius Holdings
Limited ("Propius Holdings"), which indirectly holds the entire
issued share capital of Propius Limited ("Propius"), to Connect
Airways has become unconditional. Accordingly, the sale by Stobart
Aviation of Propius Holdings and Propius to Connect Airways has
completed (together with the Stobart Air Disposal being referred to
as the "Disposals")
In line with Connect Airways' announcement on 11 January 2019,
the combination of Stobart Air and Propius with Connect Airways is
expected to bring benefits to customers, suppliers and employees,
providing stability in a tough trading environment.
The Disposals and Stobart Aviation's contribution to Connect
Airways constitute a Class 2 transaction for the purposes of the
Listing Rules.
The person responsible for arranging the release of this
announcement on behalf of Stobart Group is Louise Brace, Company
Secretary.
Stobart Group Limited C/o Newgate Communications
Charlie Geller, Head of Group Communications
Newgate Communications +44 203 757 6880
Robin Tozer stobart@newgatecomms.com
Ian Silvera
Fiona Norman
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END
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