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.”
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