Sale of UK PFI equity

RNS Number : 2705D

Shanks Group PLC

30 November 2009

 



Shanks launches process to sell equity in two UK PFI contracts. 

Shanks Group plc ('Shanks'), one of Europe's largest waste management groups, today announces plans to sell equity stakes in two of its UK PFI contracts.  

It has issued an Information Memorandum which sets out proposals to sell 80% of the equity plus the subordinated debt in its Dumfries & Galloway and East London PFI contracts.

Shanks will continue to operate the PFI contracts in both locations once any sale is completed. 

In May of this year, at the time of its rights issue, Shanks confirmed its intention to sell part of its UK PFI equity portfolio in order to fund its growth strategy.

Tom Drury, Chief Executive of Shanks, said: "A fundamental part of our strategy is selling our non-core assets. The proceeds of this will help fund our growth strategy. When the economy recovers we will be well positioned to take advantage of the market opportunities that will emerge". 

For further information, please contact: 

Shanks Group plc Tom Drury, Group Chief Executive Chris Surch, Group Finance Director	[phone]
Tulchan Communications David Allchurch Stephen Malthouse John Sunnucks	[phone]

 

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