25th Jul 2022 21:08
Rotala PLC - bus operations at Heathrow airport and in West Midlands and North West - Manchester High Court dismisses company's appeal. Says it is "disappointed" with decision.
It had made claim to court after Mayor of Greater Manchester had made the formal decision to franchise the bus market in the Greater Manchester region.
"Greater Manchester Combined Authority has already announced mechanisms which cover the acquisition of bus depots and bus fleets under its franchising proposals. The board has reviewed these mechanisms and is confident that, should it decide to place the Bolton depot and its associated bus fleet assets under these mechanisms, the values which would be realised from the sale of Bolton depot and its related bus fleet should meet or exceed their respective book values," company says.
Notes sale of these assets to GMCA, should it take place, would have no negative effect on its balance sheet.
Current stock price: 29.06 pence
12-month change: up 3.8%
By Paul McGowan; [email protected]
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