Register
Login:
Share:
Email Facebook Twitter


EXCLUSIVE: Ascent Resources ask shareholders for ability to raise funds


Stobart Group Regulatory News (STOB)



Regulatory News for Stobart Group (STOB)


Share Price: 194.00Bid: 192.80Ask: 193.40Change: 0.00 (0.00%)No Movement on Stobart
Spread: 0.60Spread as %: 0.31%Open: 196.40High: 201.00Low: 187.40Yesterday’s Close: 194.00





Completion of Acquisition

Fri, 24th Feb 2017 11:50

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 €18m which is expected to reduce to €8m 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
 
 
ACQOKQDQDBKDOBB






DateSourceHeadlineCategory
01-Nov-18 07:00RNS-RStobart Air agreement with BA CityFlyerCompany Announcement - General
25-Oct-18 12:02RNSPrice Monitoring ExtensionCompany Announcement - General
24-Oct-18 07:00RNSInterim ResultsResults and Trading Reports
02-Oct-18 17:00RNSTR-1: Notification of Major Interest in SharesHolding(s) in Company
20-Sep-18 07:00RNSPre-Close Trading StatementResults and Trading Reports
06-Sep-18 07:00RNSQuarterly DividendDividends
23-Aug-18 07:00RNSBoard AppointmentsExecutive Changes
08-Aug-18 07:00RNSNotice of ResultsAdvance Notice of Results
25-Jul-18 09:24RNSAppointment of AdvisersExecutive Changes
11-Jul-18 10:14RNSEGM UpdateCompany Announcement - General
09-Jul-18 17:47RNSBoard plans and actions following AGMCompany Announcement - General
09-Jul-18 07:00RNSResult of AGM and change of directorResults and Trading Reports
06-Jul-18 16:24RNSResults of the Annual General MeetingResults and Trading Reports
06-Jul-18 07:00RNSAGM StatementCompany Announcement - General
02-Jul-18 12:46RNSAGM UpdateCompany Announcement - General
28-Jun-18 16:50RNSCorrection: Director/PDMR ShareholdingDirectors' Dealings
27-Jun-18 18:24RNSDirector/PDMR ShareholdingDirectors' Dealings
27-Jun-18 17:51RNSTR-1: Notification of Major Interest in SharesHolding(s) in Company
26-Jun-18 10:39RNSCorrection: Transfer of SharesHolding(s) in Company
26-Jun-18 07:00RNSTransfer of SharesHolding(s) in Company
25-Jun-18 07:00RNSRequisitioned EGM - Posting of CircularCompany Announcement - General
25-Jun-18 07:00RNSCorrection: Transfer of SharesCompany Announcement - General
22-Jun-18 07:00RNSDirector/PDMR ShareholdingDirectors' Dealings
20-Jun-18 07:00RNSTransfer of shares and Total Voting RightsCompany Announcement - General
15-Jun-18 07:00RNSShareholder letterCompany Announcement - General
14-Jun-18 14:07RNSBoard ChangeExecutive Changes
13-Jun-18 11:00RNSLondon Southend Airport agreement with RyanairCompany Announcement - General
08-Jun-18 07:00RNSAGM NoticeResults and Trading Reports
07-Jun-18 12:36RNSAppointment of Joint Corporate BrokerExecutive Changes
05-Jun-18 07:00RNSShareholder requisitionCompany Announcement - General


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk






Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.