Esken Limited Disposal (5175G)
26 Julio 2021 - 11:51AM
UK Regulatory
TIDMESKN
RNS Number : 5175G
Esken Limited
26 July 2021
26 July 2021
Esken Limited
("Esken" or "the Group")
Conclusion of strategic partnership with Teesside International
Airport
Esken Limited ("Esken"), t he aviation and energy infrastructure
group, has concluded its role as strategic partner and operator of
Teesside International Airport.
Esken played a key role in initially supporting Teesside
International Airport's development following its acquisition by
the Tees Valley Mayor and Combined Authority on 24 January 2019 and
return to public ownership.
Over the last 12 months, Teesside International Airport has
secured an airline partnership with Loganair, attracted new routes
and installed a strong, experienced leadership team, with the
oversight of the Tees Valley Mayor and Combined Authority. Given
these positive developments, Teesside International Airport no
longer requires the support of Esken as an external strategic
partner.
As a result of these positive developments, Esken will cease its
management agreement with the airport and transfer its 25%
ownership of Teesside International Airport to a new Teesside
Airport Foundation for a nominal consideration (the "Disposal").
Esken may be entitled to a deferred consideration. If there were to
be a future sale of Teesside International Airport before 25
January 2023 Esken has agreed with Tees Valley Combined Authority
that Esken would be entitled to share in the proceeds of that sale
up to an amount not exceeding GBP31.3m.
Executive Chairman David Shearer said, "We are pleased to have
had the opportunity to play a role in supporting Teesside
International Airport's return to public ownership and help it on
the start of a journey that is now underway with a
multimillion-pound overhaul of the terminal."
Tees Valley Mayor Ben Houchen said, "Esken has played a key role
in supporting Teesside International Airport with the transition
back into public ownership. Their hard work has been an important
part of getting us to this point. As we enter a new phase in the
airport's transformation and development, I'd like to thank them
for the role they have played helping us get ahead of schedule in
delivering our 10-year plan for our airport."
The Disposal described above constitutes a Class 2 transaction
for Esken for the purposes of the Financial Conduct Authority's
Listing Rules. Esken's shareholding in Teesside International
Airport was treated as an investment on the Group's balance sheet
and ascribed a GBPnil value as at 28 February 2021. A GBPnil value
will be ascribed to the deferred consideration. Esken's
shareholding in Teesside International Airport did not contribute
to the Group's full year results for the year ended 28 February
2021. Any proceeds arising from the Disposal will be used for
general corporate purposes.
Enquiries:
Esken Limited
Charlie Geller, Communications Director
C/O Tulchan Communications
Tulchan Communications 020 7353 4200
Olivia Peters/David Allchurch esken@tulchangroup.com
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END
DISUNSNRABUBUAR
(END) Dow Jones Newswires
July 26, 2021 12:51 ET (16:51 GMT)
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