Tuesday 15th October 2013
|Text too small?|
Infratil, the Wellington-based infrastructure investor, has agreed to sell Manston Airport in the UK for 350,000 British pounds to Stagecoach Group co-founder Ann Gloag and her brother Brian Souter.
Infratil agreed to sell the airport for 1 pound plus adjustment for working capital variances and cash injected by Infratil, the company said in a statement.
The latest sale comes after Infratil last week said it was in talks to sell its Glasgow Prestwick Airport to the Scottish government, allowing the infrastructure investor to exit the unprofitable overseas airports it earmarked for sale in March last year. Infratil expects to write down the value of the assets in its books by about 11 million pounds to zero in its earnings for the six months to Sept. 30, the company said today.
"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," Infratil chief executive Marko Bogoievski said in the statement.
Shares in Infratil last traded at $2.535, having gained 12 percent this year. The stock is rated a 'buy' according to the consensus of analysts polled by Reuters.
No comments yet
Scottish government plans to nationalise Infratil's unprofitable Glasgow Prestwick Airport
Infratil stock undervalued after Z selldown, Wellington Airport worth more, broker says
Infratil plans $65 mln share buy-back to plump up price, flags more dividend growth
Infratil's plans for Z proceeds - debt reduction, buyback, Aussie windfarms
Z listing ups value of Infratil’s remaining stake but reduces earnings
Infratil, NZ Super Fund stand to triple their money on Z Energy investment
Infratil seeks fourth annual increase in fee pool for board
Wellington Airport keeps 2013 returns within regulator's guidelines, engages with carriers over fees
Infratil FY net profit drops to $3.4 mln on UK writedowns, charges
Infratil reopens $100M bond offer after Opposition power policy raises regulatory risk