31 Oct 2023 07:00
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
31 October 2023
ESKEN LIMITED
('Esken' or 'the Group')
Response to press speculation
Esken Limited, the aviation and energy infrastructure group, notes the recent press speculation regarding Esken Renewables.
The Group confirms that in accordance with the previously announced strategic review of its operating businesses, it is in advanced discussions with Pioneer Point Partners regarding a possible disposal of the entire issued share capital of Esken Renewables.
Should the Group complete the disposal of Esken Renewables, the net proceeds would be used to: repay the committed funding drawn under the Group's facilities agreement with the specialty lender and associated costs; further contribute to the Group's defined benefit pension scheme; and provide additional working capital in the short term.
Discussions are ongoing and there can be no certainty that any transaction will be agreed or, if so, on what terms.
A further announcement will be made shortly.
This announcement contains inside information. The person responsible for arranging this announcement on behalf of Esken is Adam Davidson, General Counsel and Company Secretary.
Enquiries:
Esken Limited C/o Teneo
Teneo
Olivia Peters / Giles Kernick T: +44 (0)20 7353 4200
E: esken@teneo.com
TB Cardew, PR Advisers to Pioneer Point Partners
Tom Allison T: +44 (0) 7789 998 020
Henry Crane T: +44 (0) 7918 207157