Didnt know about the losses due to share swaps.
It looks like swings and roundabouts to move money about.
Could it be for tax reasons?
Peel Group news.
The Peel Group - Wikipedia, the free encyclopedia
part of the wiki site comments.
"The final addition to the Peel Airports portfolio was
Durham Tees Valley Airport, with a 75% stake being bought in 2003 - ownership of the remaining 25% of DTVA was retained by several local councils.
[11][13]
Results were mixed, and The Peel Group began looking for an outside investor for Peel Airports.
In June 2010 it was announced that Vantage Airport Group (formerly
Vancouver Airport Services) had bought a 65% shareholding in Peel Airports, while The Peel Group retained the remaining 35%.
The new management team at Peel Airports quickly began disposing of assets, selling them back to The Peel Group. First to go was
City Airport Manchester in 2011, followed by
Durham Tees Valley Airport in February 2012.
Sale of the loss-making DTVA resulted
in a one-off impairment charge of £8.8m, causing Peel Airports' losses to rise from £3.2m to
£11.4m.
The same year, Robin Hood Airport made an operating
loss of £3.4m (down from £3.7m the previous year) and in December 2012 it was announced that
this airport had also been sold back to The Peel Group.
By January 2013, only
Liverpool John Lennon Airport remained in the ownership of Peel Airports.