Further to the announcement on 11 January 2019 in respect of the formation of the aviation joint venture, Connect Airways Limited, Stobart Group (LON:STOB) announced that the sale and purchase agreement in respect of the disposal by its wholly-owned subsidiary, Stobart Aviation Limited of its interest in Everdeal Holdings Limited and Everdeal Holdings group companies which indirectly hold the entire issued share capital of Stobart Air Unlimited Company has become unconditional. Accordingly, the sale by Stobart Aviation of its interest in Everdeal Holdings and Everdeal Holdings group companies to Connect Airways has completed.
In addition, as set out in the announcement on 11 January 2019, Stobart Group also announces that the sale and purchase agreement in respect of the disposal by Stobart Aviation of Propius Holdings Limited (“Propius Holdings”), which indirectly holds the entire issued share capital of Propius Limited (“Propius”), to Connect Airways has become unconditional. Accordingly, the sale by Stobart Aviation of Propius Holdings and Propius to Connect Airways has completed (together with the Stobart Air Disposal being referred to as the “Disposals”)
In line with Connect Airways’ announcement on 11 January 2019, the combination of Stobart Air and Propius with Connect Airways is expected to bring benefits to customers, suppliers and employees, providing stability in a tough trading environment.
The Disposals and Stobart Aviation’s contribution to Connect Airways constitute a Class 2 transaction for the purposes of the Listing Rules.
