(Sharecast News) - Signature Aviation has agreed to sell its Engine Repair and Overhaul (ERO) business to StandardAero for $230m.
For the twelve months to the end of December 2019, ERO reported underlying EBITDA, on a pre IFRS 16 basis, of $29.1m net of support costs, while gross assets were $358.1m.
Signature said the sale is expected to close this year and to deliver around $140m of net proceeds subject to tax recovery. "The use of net proceeds will be consistent with our capital allocation policy, to manage net debt to underlying EBITDA (on a covenant basis), with a target range of 2.5-3.0x," it said.
Chief executive officer Mark Johnstone said: "We are pleased that we have reached agreement to sell our ERO business to StandardAero, where we believe the business will continue to flourish.
"We are committed to delivering long-term sustainable value for shareholders and this sale focuses us on Signature Aviation our strong cash generative business."
7 Apr 2014 15:44
DIRECTOR DEALINGS: Signet Jewelers Directors Sell Shares
LONDON (Alliance News) - Signet Jewelers Ltd Monday said Commercial Director Sebastian Hobbs sold 590 shares at a price of GBP64.40 per share. Following this transaction, Hobbs now holds 5,365 shares. In a separate transaction, non-executive Director John Walls sold 2,560 shares at n
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