Esken battens down in Southend for air travel recovery
- Esken agrees £125mln loan facility with Carlyle Global Infrastructure Fund for Southend Airport
- Stobart Group poised to throw off shackles with new name and vision
Quick facts: Esken Ltd
Price: 13.04 GBX
Market Cap: £133.7 m
About the company
Esken Ltd owns two core assets; London Southend Airport and Stobart Energy.
Southend Airport serves London and the South East while Stobart Energy supplies fuel to biomass plants across the UK.
How it is doing
The facility can be converted into 29.9% of the entire issued share capital of London Southend Airport Company Ltd, a subsidiary of Esken.
The transaction will provide funding of £100mln after £20mln will be ring-fenced to support London Southend Airport (LSA) for three years.
Esken said it will use it to repay the outstanding amounts payable under an existing facility that totalled £95mln as of 30 June.
The group added it is also in talks with its banks over a new £20mln working capital facility and shareholders over a possible £40mln equity raise.
Esken Limited (LON:ESKN) the owner of Southend Airport (LSA) is in late-stage talks about a cash injection from private equity firm Carlyle.
The group announced the closure of Stobart Air at the weekend after a planned sale fell through but said today it was in talks with an unnamed investor over an injection of funds.
Insight: Stobart Group poised to throw off shackles with new name and vision
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