Last checked at 30 Apr 2012 07:00
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
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Tel: +1 713 595 2950 Tel: +44 (0) 20 7321 0123
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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.