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Stobart to acquire remainder of Propius

18 November 2016 14:22

Stobart has agreed in principle to acquire the remaining 33% interest in Propius Holdings Limited from Aer Lingus for $14.7m in cash.

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, which are currently held in treasury.

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, to raise £15.6 million before expenses.

At 2:22pm: (LON:STOB) Stobart Group Ltd share price was +4.88p at 157.13p

Story provided by StockMarketWire.com

Related Company: STOB

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