Eddie Stobart to list

Source: Stock Market Digital

Date :15/08/2007 16:29:02

Eddie Stobart, UK's road haulage business, is motoring towards a listing on the London Stock Exchange.

The firm had announced plans to join with property and logistics group Westbury Property Fund in a complex reverse takeover.

Westbury is paying £138 million to buy Eddie Stobart while Stobart's owners are buying Westbury's property collection for £142 million.

The merged group will be called Stobart and take up Westbury's share listing.

It will combine Eddie Stobart's road transport, warehouse and rail freight operations, with Westbury's own rail freight business and port at Runcorn in Cheshire.

Eddie Stobart's present owners, William Stobart and Andrew Tinkler will run the merged company, taking up the roles of chief executive and chief operating officer respectively.

Westbury's property portfolio is being bought for £142 million by Mr Stobart and Mr Tinker through their separate business WADI properties, which will operate independently from the merged Stobart group.

Mr Tinkler and Mr Stobart will hold 28.5 percent of the new company following the merger.

The merger of Westbury and Eddie Stobart still requires the approval of Westbury shareholders, but this is expected to be successful.

August 15 2007