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- Release Date: 09/10/13 10:30
- Summary: ASSET: IFT: Scottish Government to pursue taking over Glasgow Prestwick
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IFT
09/10/2013 08:30
ASSET
REL: 0830 HRS Infratil Limited
ASSET: IFT: Scottish Government to pursue taking over Glasgow Prestwick
The Scottish Government has notified Infratil of its intention to pursue an
acquisition of Glasgow Prestwick Airport, subject to confirmatory due
diligence and detailed negotiations with Infratil, by 20 November 2013 (or a
later date mutually agreed). To provide comfort to the Scottish Government
during this process, Infratil has confirmed that it will endeavour to procure
the continued operation of Glasgow Prestwick Airport in the ordinary course
of business consistent with the manner in which it has been operated in the
last 12 months until, at least, that date.
Copies of the letters exchanged between the Scottish Government and Infratil
to this effect are attached.
The divestment process for Manston Kent Airport is on-going, and Infratil
remains committed to exiting this investment in the near term. Recognising
the importance of the airports to their local communities, Infratil's
preference has been to secure a new owner with the capacity to support their
future success. Infratil believes that a Scottish Government acquisition of
Glasgow Prestwick Airport achieves that objective and will work proactively
with the Scottish Government over the next six weeks towards achieving
completion of a transaction.
Background
In March 2012 Infratil announced its intention to sell its two UK airports,
Glasgow Prestwick Airport and Manston Kent Airport. On 15 May 2013, Infratil
announced that it had written down the value of both airports to GBP11
million. Infratil does not now expect any transaction completed for Glasgow
Prestwick Airport or Manston Kent Airport to give rise to material proceeds.
Kevin Baker
Chief Financial Officer
End CA:00242125 For:IFT Type:ASSET Time:2013-10-09 08:30:04
