Irish Continental Group plc : Sale of Jonathan ...

Sale of Jonathan Swift

ICG announces that it has entered into a Memorandum of Agreement ("MOA") for the sale of the High Speed Craft "Jonathan Swift" to Balearia Eurolineas Maritimas S.A.   

The agreed consideration of €15.5 million less brokers commission is payable in cash on delivery less a 10% deposit to be held in escrow. The vessel is to be delivered by the end of April 2018.

The "Jonathan Swift" which was commissioned by and delivered to ICG in 1999 and has since operated on the company's Dublin - Holyhead route. This vessel will be replaced in our fleet by the 2001 built High Speed Craft "Westpac Express", which was recently redelivered following a period of twenty months on external charter. She is currently undergoing a refurbishment programme to bring her up to Irish Ferries passenger service standards.

The "Jonathan Swift" was delivered to the group in 1999 at a cost of €38.8m. The disposal will generate a book profit for ICG of approximately €14.0m.

The proceeds will be used for general corporate purposes.

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Source: Irish Continental Group plc via Globenewswire