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Shanks sells 100% debt, 49.9% equity in PFI contract

03 February 2016 07:44

Shanks Group confirms the sale of 100% of the subordinated debt and 49.99% of the equity in the financing and infrastructure vehicle (SPV) relating to its PFI contract with Wakefield Council to Equitix.

Gross cash consideration of GBP30m is payable in cash on completion and costs will be approximately GBP1m.

The Transaction has been signed by Equitix, has full bank consent and requires the formal approval of Wakefield Council which will be considered at the Council's Cabinet meeting in March.

CEO Peter Dilnot said:

"This transaction is consistent with our strategy of actively managing the Group's portfolio. The proceeds will be used to reduce borrowings and support our ongoing investment in infrastructure projects.

"It will also enhance the ability of the Group to redeploy capital for accretive acquisitions or investments where accelerated growth and returns can be delivered. Shanks remains wholly committed to the success of our flagship Wakefield contract as both an operator and an ongoing investor."

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Related Company: SKS

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