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- Release Date: 15/10/13 10:45
- Summary: ASSET: IFT: Infratil agrees to sell Manston Airport
- Price Sensitive: No
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IFT
15/10/2013 08:45
ASSET
REL: 0845 HRS Infratil Limited
ASSET: IFT: Infratil agrees to sell Manston Airport
Infratil Limited has agreed to sell Manston Airport to Lothian Shelf (710)
Limited, an entity wholly owned by Ann Gloag, for cash consideration of 1
Pound plus an adjustment for working capital variances and cash injected by
Infratil between 14 October 2013 and transaction completion (which is
expected to be around GBP350,000). Ann Gloag is an experienced investor who
co-founded Stagecoach Group, the UK-listed public transport operator, along
with her brother, Brian Souter.
"Infratil Limited is very pleased to have found an acquiror with a vision for
Manston Airport's future development." said Marko Bogoievski, Chief Executive
of Infratil. "From Infratil's perspective, while Manston was a very small
part of the company's overall asset base, this sale will result in a more
focused portfolio and improve our future cash flow position."
"I am delighted to have purchased Manston Airport from Infratil as I believe
there is real potential for growth that has not been fully captured." said
Ann Gloag.
"Having worked in the transport industry for over 30 years, I believe I am
very well placed to help maximise opportunities for both freight and
passengers at Manston."
Following the sale of this asset and the proposed sale of Glasgow Prestwick
Airport to the Scottish Government announced last week, Infratil expects to
impair these assets by approximately GBP11 million in its half year financial
statements to 30 September 2013.
Completion and settlement of the Manston Airport sale will occur on 29
November 2013 (or earlier, at the purchaser's request), and is only
conditional on matters within Infratil's control.
Kevin Baker
Chief Financial Officer
End CA:00242357 For:IFT Type:ASSET Time:2013-10-15 08:45:34
