Manston airport sale

It's emerged that Manston airport in Kent is to be sold for £1, plus an adjustment for working capital variances expected to be around £350,000

Manston airport's new owner pledges to 'maximise opportunities'

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 plus an adjustment for working capital variances and cash injected by Infratil between 14 October and transaction completion (expected c£350,000)

Ann Gloag is an experienced investor who co-founded Stagecoach Group, the UK-listed public transport operator, along with her brother, Brian Souter.

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.

– Ann Gloag, Lothian Shelf

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Manston Airport statement: "All flights will continue as normal"

Manston Airport Management Statement

“In March 2012 it was announced that Manston Airport was being put up for sale. We are very pleased to have found an acquirer with a vision for Manston Airport’s future development.

All flights at the airport and other airport activity continue as normal, without change.

Whilst the sale process has been conducted over the past months there's been a steady growth in traffic through the airport with the start of KLM’s twice daily flights to Amsterdam. Additionally this month we have won the first freighter service into the UK operated by Saudi Airlines twice weekly.”

Manston airport sale: Infratil makes a statement

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 plus an adjustment for working capital variances and cash injected by Infratil between 14 October and transaction completion (expected c£350,000)

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. 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.”

– Marko Bogoievski, Chief Executive of Infratil

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