Stobart Group Limited Share Placing & Proposed Acquisition (6010P)
19 November 2016 - 12:26AM
UK Regulatory
TIDMSTOB
RNS Number : 6010P
Stobart Group Limited
18 November 2016
Stobart Group Limited
18 November 2016
STOBART GROUP LIMITED
("Stobart", the "Company" or the "Group")
Share Placing & Proposed Acquisition of Further Stake in
Propius Holdings Limited
Stobart announces that it has agreed in principle to acquire the
remaining 33% interest in Propius Holdings Limited ("Propius") from
Aer Lingus for a cash consideration of $14.7m. The parties are
currently negotiating contracts and the transaction is expected to
complete during 2016. Following the acquisition of this stake,
Stobart will own 100% of the share capital of Propius.
The aggregate consideration for the purchase along with
associated transaction costs will be funded by a sale to an
institutional investor of ordinary shares of 10p each in the
capital of the Company, which are currently held in treasury
("Treasury Shares"). The Group has sold 10,081,778 Treasury Shares,
representing 2.8 per cent. of the Company's existing issued share
capital, at 155 pence per share, a premium of 1.8 per cent. to the
closing mid-market price of 152.25 pence on 17 November 2016, to
raise GBP15.6 million before expenses. To the extent not applied as
consideration for the remaining stake in Propius, proceeds will be
used to fund a refinancing and for expenditure within Stobart's
aviation portfolio.
Propius recorded profits before tax of $7.5 million (adjusted
profit of $2.0 million) for the year ended 31 December 2015 and had
gross assets at that date of $154.6 million (adjusted gross assets
of $151.8 million). The adjustments reflect the sale of two
aircraft by Propius in 2015 which would have amounted to a Class 2
transaction for Propius under the Listing Rules.
The capital of the Company now consists of 354,328,831 ordinary
shares of 10p each, no shares are held in treasury. Therefore, the
total number of voting rights in the Company is 354,328,831 which
may be used by shareholders or other persons as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
Enquiries:
Redleaf Communications +44 20 7382 4730
Charlie Geller
Sam Modlin
influence Associates +44 20 7287 9610
Stuart Dyble
James Andrew
This information is provided by RNS
The company news service from the London Stock Exchange
END
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