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Name | Symbol | Market | Type |
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Sg Issuer 24 | LSE:50PU | London | Medium Term Loan |
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RNS Number:4728N Aer Rianta Finance PLC 11 July 2003 Aer Rianta Finance plc Euro250,000,000 6.15 per cent. notes due 2011 of Aer Rianta Finance plc, guaranteed by Aer Rianta cpt Government announcement of 10 July regarding Aer Rianta The Minister for Transport of Ireland (the "Minister") announced yesterday afternoon that the government has decided to proceed with arrangements, including the necessary changes in legislation, to establish twelve months from now Dublin, Shannon and Cork airports as fully independent autonomous airports under state ownership. The Minister stated that the government has decided to proceed with the following interim arrangements under existing legislation: (a) the immediate establishment of three airport boards-designate for Dublin, Shannon and Cork; (b) the immediate restructuring of Aer Rianta cpt's (the "Company") board so that its six non-worker directors comprise the three chairpersons-designate and three deputy chairpersons-designate for the Dublin, Shannon and Cork boards-designate; and (c) the mandating of the Company's board with the continued normal discharging of functions and duties assigned to it by existing legislation and with assisting the Minister and the three airport boards-designate with the necessary preparatory work required by these decisions. In his statement, the Minister also indicated that: (a) the Company's board will, in consultation with the Department of Transport, oversee the transition arrangements over the following 12-month period; (b) to the extent that any existing debt of the group is associated with Shannon and Cork airports, including the debt associated with the major new investment programme at Cork, this will not be allocated to the new companies but will remain with the Dublin airport entity and any new debts arising at Shannon and Cork will appear on their respective balance sheets; (c) none of the state airports currently receive any exchequer support and that situation will not change under the new arrangements; and (d) the allocation of other Aer Rianta group assets, such as the Great Southern Hotels group and the group's international activities, conducted through Aer Rianta International cpt, will be determined in detailed discussions during the 12-month transition period. The full text of the Minister's' announcement can be found at http:// www.transport.ie The Company's board will meet shortly to consider the government's outline proposals. This information is provided by RNS The company news service from the London Stock Exchange END STRSFIFIFSDSEEW
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