Esken Limited Share sale of Star Handling (4163Z)
15 Mayo 2023 - 4:16AM
UK Regulatory
TIDMESKN
RNS Number : 4163Z
Esken Limited
15 May 2023
15 May 2023
ESKEN LIMITED
('Esken' or 'the Group')
Share sale of Star Handling Limited
Esken, the aviation and renewables group, announces it has
exchanged and completed on the sale of its wholly owned subsidiary
Star Handling Limited to Skytanking UK Ltd, a wholly owned
subsidiary of Prime Flight Aviation Services, Inc, for a maximum
cash consideration of GBP4.8m on a debt free cash free basis.
Under the terms of the agreement, Esken has received GBP3.46m in
cash, with up to a further GBP0.38m being payable following
agreement of completion accounts. An additional payment of up to
GBP0.96m (being 20% of the maximum consideration) is deferred and
will be payable subject to the business achieving forecast customer
revenue targets in the 12 months following completion. The cash
consideration will be used toward debt repayment.
Star Handling carries out ground handling operations at London
Stansted Airport and Manchester Airport. The sale of these
operations is part of Esken's wider strategy to explore a sale of
its Aviation businesses, as announced in the Group's trading
statement on 2 March 2023. Esken's remaining ground handling
operations post disposal will maintain the in-house passenger
handling services at London Southend Airport.
The buyer intends to operate the services at Stansted and
Manchester under a new brand name.
Additional information
The disposal constitutes a Class 2 transaction for Esken for the
purposes of the Financial Conduct Authority's Listing Rules.
As at 28 February 2022, Star Handling Limited had gross assets
of GBP5.7 million and net liabilities of GBP5.4 million. The loss
before tax for the year ended 28 February 2022 was GBP0.8
million.
Esken Limited C/O Teneo
Charlie Geller, Communications Director
Teneo +44 207 353 4200
Olivia Peters esken@teneo.com
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END
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(END) Dow Jones Newswires
May 15, 2023 05:16 ET (09:16 GMT)
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