REG - Stobart Group Ltd - Disposal of Stobart Air and Propius

EskenAnnouncement

22/02/2019 07:05

RNS Number : 8039Q
Stobart Group Limited
22 February 2019
 


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014
 
22 February 2019
 
Stobart Group Limited
(the "Stobart Group" or the "Company")
 
Disposal of Stobart Air and Propius
 
Further to the announcement on 11 January 2019 in respect of the formation of the aviation joint venture, Connect Airways Limited ("Connect Airways"), Stobart Group announces that the sale and purchase agreement in respect of the disposal by its wholly-owned subsidiary, Stobart Aviation Limited ("Stobart Aviation") of its interest in Everdeal Holdings Limited ("Everdeal Holdings") and Everdeal Holdings group companies  which indirectly hold the entire issued share capital of Stobart Air Unlimited Company ("Stobart Air") has become unconditional. Accordingly, the sale by Stobart Aviation of its interest in Everdeal Holdings and Everdeal Holdings group companies  to Connect Airways has completed ("Stobart Air Disposal").
 
In addition, as set out in the announcement on 11 January 2019, Stobart Group also announces that the sale and purchase agreement in respect of the disposal by Stobart Aviation of Propius Holdings Limited ("Propius Holdings"), which indirectly holds the entire issued share capital of Propius Limited ("Propius"), to Connect Airways has become unconditional. Accordingly, the sale by Stobart Aviation of Propius Holdings and Propius to Connect Airways has completed (together with the Stobart Air Disposal being referred to as the "Disposals")
 
In line with Connect Airways' announcement on 11 January 2019, the combination of Stobart Air and Propius with Connect Airways is expected to bring benefits to customers, suppliers and employees, providing stability in a tough trading environment.
 
The Disposals and Stobart Aviation's contribution to Connect Airways constitute a Class 2 transaction for the purposes of the Listing Rules.
 
The person responsible for arranging the release of this announcement on behalf of Stobart Group is Louise Brace, Company Secretary.
 
Stobart Group Limited                                                                  C/o Newgate Communications
Charlie Geller, Head of Group Communications
Newgate Communications                                                          +44 203 757 6880
Robin Tozer                                                                                     stobart@newgatecomms.com
Ian Silvera
Fiona Norman
 




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