NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

10 December 2019

Eddie Stobart Logistics plc

(“Eddie Stobart”, the “Company” or the “Group”)

 

Completion of the disposal of Greenwhitestar Acquisitions Limited

The Board of Directors of Eddie Stobart Logistics plc (AIM: ESL) announces the completion (“Completion”) of a transaction (the “Transaction”) more fully described in a circular to the shareholders of the Company dated 20 November 2019, under which:

  1. DouglasBay Capital III Fund LP (the “Fund”), a fund managed by DBAY Advisors Limited (“DBAY”), has through Marcelos Limited (“Marcelos”), acquired a 51% stake in Greenwhitestar Acquisitions Limited (“Greenwhitestar”), which until immediately prior to Completion was a wholly-owned Subsidiary of the Company and in turn held the Company’s interests in the trading entities of the Group; and
  2. DBAY has injected approximately £55m of new financing into Greenwhitestar and the trading entities of the Group by way of a payment-in-kind facility (the “PIK Facility”).

Completion of the Transaction on 9 December 2019 follows a general meeting of the Company held on 6 December 2019, where entry into the Transaction was approved by an overwhelming 80.76% of the Company’s shareholders.

Simultaneously with Completion, Philip Swatman has stepped down as Chairman and a director of the Company. As previously announced, each of Sébastien Desreumaux and Anoop Kang have also stepped down as directors of the Company, and have joined the board of Greenwhitestar. Christopher Casey and Stephen Harley continue to serve as directors of the Company.

 

Enquiries

Eddie Stobart Logistics plc                                                                         (0)1925 605400

Chris Casey / Stephen Harley

Rothschild & Co (Financial Advisor to Eddie Stobart)                            (0)20 7280 5000

Ravi Gupta / Niall McBride / David Weinberg

Cenkos Securities (Nomad & Joint Broker to Eddie Stobart)                 (0)20 7397 8900

Nicholas Wells / Giles Balleny / Harry Hargreaves

Berenberg (Joint Broker to Eddie Stobart)                                               (0)20 3207 7800

Chris Bowman / Toby Flaux / Simon Cardron

FTI Consulting (PR adviser to Eddie Stobart)                                          (0)20 3727 1340

Nick Hasell / Alex Le May / Matthew O’Keeffe

 

Notice related to advisers

N.M. Rothschild & Sons Limited (“Rothschild & Co”), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Eddie Stobart and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Eddie Stobart for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Cenkos Securities plc (“Cenkos Securities“), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Eddie Stobart and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Eddie Stobart for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Joh. Berenberg, Gossler & Co. KG, London Branch (“Berenberg”), which is authorised and regulated by the German Federal Financial Supervisory Authority and subject to limited regulation by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Eddie Stobart and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Eddie Stobart for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

 

Cautionary Note

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to Shareholders of Eddie Stobart who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or Shareholders of Eddie Stobart who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.