Infratil agrees to sell Manston Airport

Infratil Limited stated (14-Oct-2013) it has agreed to sell UK's Manston Airport to Lothian Shelf (710) Limited, an entity wholly owned by Ann Gloag, for cash consideration of GBP1 plus an adjustment for working capital variances and cash injected by Infratil between 14-Oct-2013 and transaction completion (which is expected to be around GBP350,000). Infratil CEO Marko Bogoievski said, "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." Ms Gloag said, "I am delighted to have purchased Manston Airport from Infratil as I believe there is real potential for growth that has not been fully captured. Having worked in the transport industry for over 30 years, I believe I am very well placed to help maximise opportunities for both freight and passengers at Manston." Following the sale of this asset and the proposed sale of Glasgow Prestwick Airport to the Scottish Government announced last week, Infratil expects to impair these assets by approximately GBP11 million in its half year financial statements to 30-Sep-2013. Completion and settlement of the Manston Airport sale will occur on 29-Nov-2013 (or earlier, at the purchaser's request), and is only conditional on matters within Infratil's control. [more - original PR]