23 Mar 2017 07:10
23 March 2017
Stobart Group Limited
("Stobart" or the "Group")
Eddie Stobart Logistics - Intention to Float on AIM
The Board of Stobart Group Limited, the support services and infrastructure group, has been informed by the directors and controlling shareholder of Greenwhitestar UK plc (the "Company"), the holding company of the Eddie Stobart Logistics business in which the Group holds a 49% economic interest, that the Company intends to seek admission to trading on AIM. The Board notes the announcement made today by the Company, which will be renamed "Eddie Stobart Logistics plc" ("Eddie Stobart"), of its intention to float during April 2017.
The Group realised 51% of its investment in Eddie Stobart in March 2014 in order to give the business the opportunity to move to the next phase of its development with a new management team and investor base while the Group focussed its resources towards delivering on the potential of its Energy, Aviation, Rail and Infrastructure Divisions.
The Board is pleased that this strategy is bearing fruit across the Group, that Eddie Stobart has performed strongly since the Group's partial realisation and that the Group's interest in Eddie Stobart continues to create considerable value for the Group's shareholders. The Board has indicated its preference to retain a meaningful stake in the Company following its IPO, reflecting the two groups' on-going shared interests and the Company's prospects.
Announcements will be made as appropriate as the proposed transaction progresses.
Enquiries:
Stobart Group Limited | c/o Redleaf Communications |
Andrew Tinkler, Chief Executive Officer Mark Adams, Chief Financial Officer
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Redleaf Communications | +44 207 382 4730 |
Charlie Geller Sam Modlin | Stobart@redleafpr.com |
Influence Associates | +44 207 287 9610 |
Stuart Dyble James Andrew
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Notes to Editors:
Stobart Group
Stobart Group is an entrepreneurial support services and infrastructure business deriving income from energy, aviation, civil engineering and investments. Its strategy is to drive growth and profitability in its core Energy, Aviation and Rail Divisions whilst realising value for shareholders from its Infrastructure and Investments Divisions.
Stobart Energy
Stobart Energy is the number one supplier of biomass fuel in the UK, sourcing, processing and supplying fuel to renewable energy plants under a mix of short and long-term contracts.
Stobart Aviation
Stobart's Aviation Division comprises London Southend Airport, the capital's newest airport with flights to 25 destinations across Europe, together with Stobart Air, a regional airline operating services under franchise agreements with Aer Lingus and Flybe.
Stobart Rail
Stobart Rail is one of the UK's leading providers of innovative and efficient rail and non-rail civil engineering projects.
Stobart Infrastructure & Investments
Stobart will continue to maximise value from its portfolio of investments, infrastructure and property assets.