26th Sep 2023 12:01
Esken Ltd - Liverpool-based infrastructure, aviation and energy services - Carlyle Global Infrastructure Fund files claim in UK High Court against Esken's wholly owned subsidiary London Southend Airport Co Ltd, in a dispute over a seven-year convertible loan instrument that was drawn down in August 2021. Carlyle claims technical breaches by LSA, but Esken doesn't agree with Carlye's interpretation of the loan agreement and will support LSA in defending the court action "vigorously".
Esken says it will continue the sale process to find a new long-term owner for the airport, which is in Essex, east of London. It believes the value of LSA is higher than the redemption value of the Carlyle loan. Esken will continue to provide liquidity support to LSA until a sale is completed, it says.
Current stock price: 2.82 pence, down 8.7% in London on Tuesday
12-month change: down 46%
By Tom Waite, Alliance News editor
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