Cobham plc company Thrane & Thrane Selected by Lockheed Martin for C-130J Communication Upgrades
Cobham plc ('Cobham' or 'the Group') is pleased to announce that recently acquired company, Thrane & Thrane A/S, has been awarded the satellite communication component of an upgrade for a fleet of some 200 US Air Force C-130J Super Hercules in a deal expected to exceed DKK 150 million (~£15.9m).
The upgrade will use the AVIATOR 700D product which can be tailored to suit any commercial or military airframe and mission profile.
Further details of the award from Lockheed Martin (USA) are attached.
"These transactions substantially complete the planned divestments of Cobham's non-core businesses, leaving us with a portfolio of focused businesses, each of which has differentiated technology and a leading position in attractive markets."
Divestment of Emergency Locator Beacon Businesses for US$73m
Cobham plc ('Cobham' or 'the Group') is pleased to announce that it has completed the planned divestment of its non-core emergency locator beacon business in the US to J.F. Lehman & Company for a cash consideration of US$73m on a debt and cash free basis. An additional consideration of up to US$5m may become payable, contingent on future events. In addition, it has divested its small European operation to management for a nominal sum. There is a modest overall profit on these divestments.
The businesses design and manufacture beacons and emergency location transmitters, with activities in Fort Lauderdale, Florida, USA and Austria respectively. There is exposure to outdoor recreational markets through retail outlets, which are non-core to Cobham, as well as customers in mature military markets. It is expected that the transactions will be approximately 2% dilutive year-on-year to both 2012 and 2013 earnings.
This is the most significant remaining step, following the completion of the sale of the Analytic Solutions business in November 2011, towards achieving the divestment of the Group's non-core activities. Cobham's remaining non-core businesses comprise small, sub-scale businesses and product lines, which together generated annual revenue of approximately £20m in 2011. These will be divested individually over time as transactions are agreed.
Defence firm Cobham said that all the required merger authority approvals have now been secured for its takeover of Danish satellite communications outfit Thrane and Thrane.
Cobham now intends to proceed with the delisting of the Thrane & Thrane Shares from the NASDAQ OMX Copenhagen stock exchange, with a view to completing the de-listing by the end of July 2012.
Having already indicated that responsibility for Cobham's marine satellite communications (SATCOM) business would be handed to Thrane & Thrane's management team in Denmark once the merger goes through Cobham has now decided that it intends to transfer management responsibility for its land and airborne SATCOM business to the Thrane & Thrane management team by the end of 2012, creating a new Strategic Business Unit reporting to Richard Tyson, President of Cobham's Aerospace and Security Division.
Recommended Offer for Thrane & Thrane A/S Successfully Completed
Cobham plc ('Cobham') announces that its Recommended Offer for Thrane & Thrane A/S ('Thrane & Thrane'), as amended on 3 May 2012 and 21 May 2012, has successfully completed following receipt of the required merger authority approvals.
As previously announced, the minimum acceptance condition of the Offer was satisfied on 8 May 2012 and Cobham has subsequently obtained acceptances for more than 90 per cent of the issued share capital of Thrane & Thrane. Cobham expects that settlement will be effected on 22 June 2012. However, special rules apply to Thrane & Thrane Warrants and Employee Shares with settlement expected at the latest by the end of July 2012.
Compulsory Redemption and Delisting
As per the Offer Document, Cobham now intends to proceed with the delisting of the Thrane & Thrane Shares from the NASDAQ OMX Copenhagen, with a view to completing the de-listing by the end of July 2012, and the Compulsory Redemption of minority shareholders, with a view to completing the process by mid December 2012. Further announcements in this regard will be made in due course.
Peter Nottage, vice president of Cobham Aviation Services said: "This is an extension of one of Cobham's foundation FIFO routes in Australia, strengthening our 12-year relationship with Minara Resources and its nickel operation in Western Australia. We are continuing to develop the services we offer to successful companies operating in Australia's growing mining and energy sectors."
Cobham Wins AUD$18 Million Contract from Minara Resources For Aviation Services
PERTH, Australia - Cobham has extended its Fly-in Fly-out (FIFO) service contract with Minara Resources to the end of 2015, transporting workers to the remote nickel mine at Murrin Murrin, 900km northeast of Perth. The two-and-a-half year contract extension is worth AUD$18 million and builds on one of Western Australia's longest FIFO relationships, with Cobham's operations commencing in 2001. Minara Resources is one of Australia's top three nickel producers.
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