Indeed so.
"The Board has concluded that the best course of action financially for the Company and its shareholders is for it to buy back Stobart Air and Propius. This action will give Stobart Group effective control over the pre-existing obligations it has in respect of those businesses. The intention is that Stobart Group will continue its current positive dialogue with Aer Lingus to conclude a long-term franchise extension and ensure that the businesses are put on a sound financial footing.
Stobart Group's Aviation Strategy has not changed as a result of this transaction and the Company will work with Aer Lingus to identify a new financial partner to support the business for the future with Stobart Group exiting its involvement in a controlled way at the appropriate time.
Terms of the Transaction
The consideration for the Transaction is a payment of up to GBP8.55 million on the following basis:
-- An initial consideration of GBP300,000 payable in cash at completion;
-- A deferred consideration of GBP2 million to be paid no later than 15 December 2020.
-- A contingent deferred consideration up to a maximum of GBP6.25 million based on the equity value achieved (after disposal costs) on a realisation of value in respect of one or both of the businesses by Stobart Group prior to 31 December 2023"