British Airways PLC
08 February 2006
EYE COMPLETION
The sale by British Airways of its entire interests in the London Eye to the
Tussauds Group was completed today (February 8). Under the terms of the deal
British Airways received £100.45 million for its one third share and its
outstanding loan to the company.
The airline plans to continue its brand association with the attraction by
extending its franchise agreement with the attraction.
Martin George, British Airways' commercial director said: 'Completion of the
deal helps
cement the future of the Eye as one of London's icons. British Airways has
supported the Eye for nearly a decade and we are delighted to continue to
support it through the extension of our existing franchise agreement.'
ends
February 8, 2006 014/KG/06
Notes to editors:
A memorandum of understanding on the sale, which included an exclusivity
agreement between British Airways and the Tussauds Group, was announced in
November 2005.
At 135metres high, the BA London Eye is the world's largest observation wheel.
Since it opened in 2000, it has attracted 20 million visitors.
The Eye was conceived and designed by Marks Barfield Architects and has won over
40 awards for national and international tourism, outstanding architectural
quality and engineering achievement, including the People's Choice award in 2001
and 2002.
Certain information included in these statements is forward-looking and involves
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by the forward looking statements.
Forward-looking statements include, without limitation, projections relating to
results of operations and financial conditions and the company's plans and
objectives for future operations, including, without limitation, discussions of
the company's Business Plan programmes, expected future revenues, financing
plans and expected expenditures and divestments. All forward-looking statements
in this report are based upon information known to the company on the date of
this report. The company undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future
events or otherwise.
It is not reasonably possible to itemise all of the many factors and specific
events that could cause the company's forward looking statements to be incorrect
or that could otherwise have a material adverse effect on the future operations
or results of an airline operating in the global economy. Information on some
factors which could result in material difference to the results is available in
the company's SEC filings, including, without limitation the company's Report on
Form 20-F for the year ended March 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
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