25 Oct 2016 14:41
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Don't have an account? Click here to register.BBA Aviation and John Menzies complete $202m refuelling deal
Wed, 01st Feb 2017 08:22
(ShareCast News) - BBA Aviation, a FTSE 250 aviation services company, has completed the sale of its refuelling business ASIG to Scottish distribution firm John Menzies for $202m.Of the $202m, about $160m will be received after tax, professional transaction fees, and other costs, which will be used to reduce BBA's borrowings.After adjusting for costs, foreign exchange reserves write-off, and other charges, the deal will realise a $15m loss on disposal for BBA, which as part of the deal will provide transitional services to Menzies for six months.BBA is looking to reduce the $20m support costs previously allocated to ASIG by at least half during the 12 months following transition with a one-off cost of around $5m.Manzies chief executive Forsyth Black said it was a "truly transformational deal" for the company: "Whilst ground handling is at the core of our business ASIG brings exciting new product lines to the group giving us great opportunities to further strengthen the aviation business."BBA boss Simon Pryce said the divestment was part of a "continuing emphasis on delivering long-term, sustainable value for shareholders" and focused BBA's focus on providing business and general aviation and legacy support services.ASIG's earnings, before interest, tax, depreciation and amortisation (EBITDA) for calendar 2015 were $31.9m and its underlying and statutory pre-tax was $20.3m and $17.9m, while the value of its gross assets at the end of last June was $255.6m.
More News
29 Sep 2016 15:03
16 Sep 2016 07:43
BUZZ-BBA Aviation: Sells aircraft services unit for $202 mln
** Airport services and logistics group BBA Aviation's shares up 2.2 pct, near the top of the Stoxx, after saying it will sell its aircraft services unit to peer John Menzies ** Deal for about $202 mln, will close at around end of 2016, BBA says ** BBA shares second-largest gainers on
Read more19 Jul 2016 16:04
John Menzies appoints new Chairman
(ShareCast News) - John Menzies, the Scottish distribution and aviation company, have announced the appointment of Dr Dermot F Smurfit as its new chairman on Tuesday. Dr Smurfit is currently chairman of Powerflute and ML Capital as well as a non-executive director of Timber Capital and The Forest Co
Read more19 Jul 2016 11:32
UPDATE 1-John Menzies bows to investor demands for new chairman
(Adds comments by John Menzies, investor) LONDON, July 19 (Reuters) - UK airport services and logistics group John Menzies has appointed Irish paper and packaging industry tycoon Dermot Smurfit as its new chairman, answering a key demand from new activist investor Shareholder Value Manageme
Read more19 Jul 2016 07:03
John Menzies bows to investor demands by appointing new chairman
LONDON, July 19 (Reuters) - Britain's John Menzies said on Tuesday it had appointed paper industry executive Dermot F Smurfit as independent chairman, answering a key demand from new activist investor Shareholder Value Management (SVM). SVM, which holds more than 7 percent of the distribut
Read more4 Jul 2016 14:35
UPDATE 2-John Menzies says ready for dialogue with shareholders
* Shareholder Value Management wants operations split * Follows similar calls from two other large shareholders * Company continues to evaluate "optimal structure" (Adds comment from John Menzies) By Maiya Keidan and Esha Vaish LONDON, July 4 (Reuters) - Britain's John M
Read more4 Jul 2016 07:13
Activist investor takes 7 pct stake in John Menzies
LONDON, July 4 (Reuters) - British distribution and aviation company John Menzies must split its businesses and hire an independent chair, German activist Shareholder Value Management said on Monday. Frankfurt-based 1.7 billion euro ($1.89 billion) Shareholder Value Management has purchased
Read more31 May 2016 08:56
John Menzies and Oman Air agree to work on handling joint venture
(ShareCast News) - John Menzies has secured a pre-contract agreement towards winning a major ground handling deal with Oman Air. Menzies Aviation and Oman Air have signed a memorandum of understanding confirming their intention to work together, which they will follow up with due diligence in order
Read more31 May 2016 08:18
25 May 2016 15:19
20 May 2016 12:54
John Menzies' aviation, distribution divisions progressing well
(ShareCast News) - John Menzies has made a good start to the year, in line with directors' views, and said both its aviation and distribution divisions are progressing well. In a trading update for the four months to 30 April, the support services group said Menzies Aviation was trading ahead of las
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