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Sale of Field Aviation

30 Apr 2012 07:00

RNS Number : 2891C
Hunting PLC
30 April 2012
 



For Immediate Release

30 April 2012

  

 

 

Hunting PLC

 

("Hunting" or "the Group")

 

Sale of Field Aviation

 

Hunting PLC (LSE: HTG), the international energy services group today announces completion of the sale of Hunting Canadian Airport Holdings Ltd., and its subsidiaries including Field Aviation Company Inc. (together referred to as "Field Aviation") for a consideration of £7.5 million (C$12.0 million), to Amavco Inc., through its subsidiary 1650614 Alberta Ltd., a group of companies owned by a consortium of North American investors assembled by the current management team. The consideration is payable in cash, subject to the adjustments noted below.

 

Under the terms of the sale agreement, Hunting has agreed to defer £1.9 million (C$3.0 million) of the consideration. The deferred consideration is receivable no later than 31 December 2018, earns interest at a rate of 8% per annum, is unsecured and is subordinate to bank debt put in place by the purchaser.

 

In addition, Hunting and the purchaser have agreed to establish an environmental escrow account to pay for any potential environmental matters which may arise relating to Field Aviation's hangar facilities in Calgary. The escrow account will remain in place until the property lease expires in 2027 or to a time when such environmental matters have been satisfactorily resolved. On completion of the sale, Hunting will deposit £2.5 million (C$4.0 million) into this environmental escrow account.

 

As disclosed within the 2011 Hunting PLC Annual Report and Accounts, the net assets of Field Aviation excluding intercompany balances were £5.1 million as at 31 December 2011.

 

For further information please visit www.huntingplc.com or contact:

 

Hunting PLC

Dennis Proctor, Chief Executive

Peter Rose, Finance Director

 

 

Tel: +1 713 595 2950

Tel: +44 (0) 20 7321 0123

 

Buchanan

Richard Darby

Jeremy Garcia

Tel: +44 (0) 20 7466 5000

DC Advisory Partners

Tel: +44 (0) 20 7856 0999

Andrew Cunningham

Michelle Le Merre

 

Notes to Editors:

 

About Hunting PLC

 

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, United Arab Emirates and the United States of America.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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