(Alliance News) - Stobart Group Ltd on Monday said it intends to change its name to Esken Ltd after selling the Eddie Stobart and Stobart trademarks to Eddie Stobart Logistics PLC for GBP10 million.
Shares in Stobart Group were up 13% at 34.55 pence in London in morning trading. Eddie Stobart Logistics shares were up 15% at 11.00p.
As a consequence of the sale, Stobart Group agreed to change its name before the end of February. Its operating divisions can continue to use the brand, however, until May 2023 and London Southend Airport will not change its name.
Stobart Group requires shareholder approval for the change, and is to hold a general meeting on February 3.
Eddie Stobart Logistics' shareholders in December approved its conversion to an investing company that will be managed by DBAY Advisers and will focus on logistics assets, with the company being renamed Logistics Development Group PLC.
By Anna Farley; annafarley@alliancenews.com
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