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Share Name | Share Symbol | Market | Type |
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Mogo Inc | TG:SGC | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.41 | 1.39 | 1.43 | 0.00 | 20:59:31 |
RNS Number:0050M Stagecoach Group PLC 06 June 2003 6 June 2003 Stagecoach Group agrees terms for the sale of the West and South Central regions of Coach USA Stagecoach Group plc is pleased to announce that it has agreed terms for the sale of the South Central and West Regions of Coach USA to a newly formed affiliate of Kohlberg & Co., LLC. Completion of the transaction, which is subject to regulatory approval, final confirmation of financing and normal closing conditions, will mean Stagecoach Group has achieved approximately two-thirds of its planned Coach USA sales programme. The gross consideration for the latest sale is US$155 million, to be satisfied by cash of US$128.5 million and an interest-bearing loan note receivable of US$26.5 million repayable no later than 63 months from date of close. Coach USA's West region operates in California, Colorado, Nevada, Arizona, Wyoming and North Dakota, running 1,153 vehicles and employing 2,200 people. The South Central region encompasses coach operations in Texas, Tennessee, Arkansas and Louisiana, running some 400 vehicles and employing more than 800 people. A total of 18 businesses are included in the sale. The consideration is broadly in line with the expected book value of the net assets at completion and, accordingly, the transaction will not result in a material gain or loss on disposal in the consolidated accounts of Stagecoach Group plc. The cash proceeds will initially be used to reduce the Group's outstanding net debt. The disposal will not have a significant impact on the Group's annual earnings per share. The unaudited results of the West and South Central regions to be included in Stagecoach Group's consolidated results for the year ended 30 April 2003 are estimated to be a turnover of US$215.9m and an operating profit before goodwill amortisation of US$14.6m. Stagecoach Group announced in December 2002 a 12 to 18-month strategy to restructure Coach USA and identified a number of businesses that it intended to sell. The sale of the Transit and New England regions have already been announced, along with the disposal of some small taxi operations in Kansas City, Long Island and Indianapolis. The Group intends to continue to pursue opportunities for the disposal of the South East and Canada regions as well as our remaining taxi businesses. Consistent with this strategy, the Group will continue to reduce overheads in line with the business restructuring and sales programme. Brian Souter, Stagecoach Chief Executive, said: "The disposal of the West and South Central regions of Coach USA will be a significant step forward in our restructuring of our North American business. "We have now completed or agreed terms for approximately two-thirds of the sales programme at Coach USA and I am pleased with the excellent progress we have made to date. We are well on track to complete our restructuring of Coach USA within the timescale we set out six months ago." ENDS Enquiries to: Martin Griffiths, Group Finance Director, Stagecoach Group, 01738 642015 Steven Stewart, Corporate Communications, Stagecoach Group, 01738 442111 or 07764 774680 John Kiely, Smithfield Financial, 020 7360 4900 NOTES TO EDITORS *Stagecoach Group is one of the world's largest transportation groups, with operations in the UK, the USA, Canada, Hong Kong, mainland China and New Zealand. *Founded in 1987, Kohlberg & Co., LLC is a private merchant banking firm with offices in New York and California. Through its affiliates, Kohlberg & Co., LLC has completed more than 75 acquisitions and recapitalization transactions in a variety of industries. This information is provided by RNS The company news service from the London Stock Exchange END DISQQLBBXQBEBBE
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