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Stobart Group set to acquire rest of Propius

Published: 14:39 18 Nov 2016 GMT

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Contracts are being finalised and the purchase is expected to complete during this calendar year

Logistics company Stobart Group Ltd (LON:STOB) is set to acquire the remaining 33% interest in Propius Holdings it does not already own from Aer Lingus for $14.7mln in cash, it said.

Contracts are being finalised and the purchase is expected to complete during this calendar year.

The acquisition will be funded via a placing of more than 10mln treasury shares to an institutional investor, representing 2.8% of the capital, at 155 pence per share -  a premium of 1.8% to the closing price on November 17, which will raise £15.6mln.

Cash not used for the Propius acquisition will be used to fund a refinancing and to spend within Stobart's aviation portfolio.

Propius recorded pre-tax profit of US$7.5mln in 2015 and had gross assets at that date of $154.6 million.

Stobart shares added 3.61% to 157.75p.

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