Stobart to buy aircraft leaser from Aer Lingus for £13.7m
CUMBRIAN-based infrastructure giant Stobart Group is to acquire the remaining 33% stake in aircraft leasing company Propius Holdings from Aer Lingus for $14.7m (£13.7m).
Stobart will own 100% of the share capital of Propius when the deal is complete.
The purchase and the cost of the deal will be funded by a sale to an institutional investor of ordinary shares of 10p each.
The group has sold 10,081,777 treasury shares, representing 2.8% of the company’s existing issued share capital, at 155p per share, a premium of 1.8% to the closing mid-market price of 152.25p, to raise £15.6m before expenses.
Propius recorded profits before tax of $7.5m (adjusted profit of $2.0m) for the year ended December 31 2015 and had gross assets at that date of $154.6m (adjusted gross assets of $151.8m).
The adjustments reflect the sale of two aircraft by Propius in 2015 which would have amounted to a Class 2 transaction for Propius under the listing rules.
The latest deal follows news last month that Stobart was acquiringe all of the interests of investment house Invesco Asset Management in both Stobart Air and a total of 66.6% Propius.
This transaction completes the Propius takeover.
