Further details and political comment
The Disposal described above constitutes a Class 2 transaction for Esken for the purposes of the Financial Conduct Authority's Listing Rules. Esken's shareholding in Teesside International Airport was treated as an investment on the Group's balance sheet and ascribed a £nil value as at 28 February 2021.
"A £nil value will be ascribed to the deferred consideration. Esken's shareholding in Teesside International Airport did not contribute to the Group's full year results for the year ended 28 February 2021. Any proceeds arising from the Disposal will be used for general corporate purposes."
https://www.thenorthernecho.co.uk/ne...-airport-full/
Labour MP for Stockton North, Alex Cunningham branded the announcement as "disappointing," highlighting previous suggestions they would make the airport "viable."
He said: “It’s disappointing to see Stobart jump just ship two years into a ten-year plan when they briefed the Combined Authority and others about their successes elsewhere, and how they’d make Teesside not just viable, but a major airport in its own right. This decision also poses the questions: why and when did they decide this, and did the Mayor know of Stobart’s plan to abandon Teesside Airport before the May election and his request for a further £10m to support it. Stobart is leaving local taxpayers to shoulder the costs. I just hope the Mayor isn’t going to spend even more of our people’s money on this project when our communities still suffer from a totally inadequate public transport system."
https://www.thenorthernecho.co.uk/ne...sside-airport/
Sadly the MP doesn't seem to know how the airport is funded