Published: June 1, 2023 at 3:12 a.m. ET
By Anthony O. Goriainoff
Rotala said Thursday that it has conditionally agreed to the sale of its depot in Bolton, England and most of the related vehicles for a cash consideration of around 30.4 million pounds ($37.8 million).
The London-listed bus-route operator said it has exchanged contracts with Transport for Greater Manchester and the…
By Anthony O. Goriainoff
Rotala said Thursday that it has conditionally agreed to the sale of its depot in Bolton, England and most of the related vehicles for a cash consideration of around 30.4 million pounds ($37.8 million).
The London-listed bus-route operator said it has exchanged contracts with Transport for Greater Manchester and the Greater Manchester Combined Authority and the total unaudited net book value of these assets, at their respective dates of sale, is expected to be around GBP23.0 million.
Rotala will use the proceeds to repay its mortgage and hire purchase debt related to the disposed assets of around GBP14.9 million, and to repay the GBP10.8 million outstanding drawings remaining on its revolving commercial facility.
Shares at 0704 GMT were up 0.50 pence, or 1.1%, at 47 pence.
Write to Anthony O. Goriainoff at [email protected]