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Merrill Lynch Accl Rtrn Notes | AMEX:SVG | AMEX | Ordinary Share |
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RNS Number:7619R 7 Group PLC 06 November 2003 FOR IMMEDIATE RELEASE 6 November 2003 7 Group Plc ('7 Group' or 'the Company') 7 Group Takes Control of Air Littoral 7 Group plc, the owner of Azzurra Air, has been chosen today by the Montpellier Industrial Tribunal to acquire the business of French airline Air Littoral, the leading private French regional airline company. The acquisition by 7 Group/Azzurra Air, includes 17, recently delivered, 50 seat Canadair Regional Jet aircraft, 608 full time employees throughout the Air Littoral group, together with the Engineering and ESMA Flight Training operations, based at Montpellier. Consideration of the acquisition is the immediate financial injection of Euro11M, and a further Euro4M over the next six months, and the maintaining of the two main operational bases in Nice and Montpellier. Air Littoral currently offers over 120 connections between the largest cities of Southern Europe, carrying in its most recent operating year some 6,000 passengers per day. Full information relating to this acquisition, and the acquisition of Azzurra Air as previously announced, will be contained in a circular (comprising an Admission Document) to be sent to shareholders as soon as practicable, which will seek shareholder approval for the acquisitions at an Extraordinary General Meeting. Mr Mario Palmonella, director, 7 Group plc commented; "I am delighted with the decision taken by the Montpellier Industrial Tribunal. Our objective is to establish a regional airline with a Mediterranean vocation as a leading European entity based on synergies between Azzurra Airlines and Air Littoral. This is a significant step for the Group towards becoming a leading investor in the European commercial air transport industry. I look forward to the future with confidence." For further information, please contact, Anton Tarkanyi 020 7245 1100 7 Group Adam Reynolds 020 7245 1100 / 07785 908 158 Hansard Communications Roland Cornish/Rod Venables 020 7628 3396 Beaumont Cornish Limited Notes to Editors: About Air Littoral Air Littoral is the leading French regional airline company specialising in regional networks throughout Europe. Air Littoral was one of the first airlines in France to create a regional hub in Montpellier. Today, its network converges around its two hubs on the Mediterranean archway - Nice and Montpellier and offers 120 connections between the larger cities of Southern Europe of France, Italy, Algeria and Tunisia. This information is provided by RNS The company news service from the London Stock Exchange END ACQNKAKKBBDDADK
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