Statement re Legislation
22 Julho 2004 - 9:50AM
UK Regulatory
RNS Number:1217B
Aer Rianta Finance PLC
22 July 2004
AER Rianta Finance plc
Euro250,000,000 6.15 per cent. notes due 2011 of Aer Rianta Finance plc, guaranteed
by Aer Rianta cpt (the "Notes")
Legislation and proposed restructuring
Further to the RNS announcement issued on 22 June, the State Airports Act 2004
(the "Act"), which deals with the proposed restructuring of Aer Rianta cpt, the
guarantor of the Notes (the "Guarantor"), was signed into law by the President
yesterday. The purpose of the Act is to provide a statutory basis for the
restructuring of the Guarantor that was announced by the government on 10 July
2003.
The Act provides for the establishment of two new companies to act as fully
independent and legally autonomous airport authorities for Cork and Shannon
airports (Cork Airport Authority plc and Shannon Airport Authority plc
respectively). The Act includes statutory pre-conditions to the implementation
of the proposed restructuring. These include the following:
- a requirement that the Minister for Finance and the Minister for Transport
must each be satisfied as to the state of operational and financial
readiness, including business planning, of Dublin, Cork and Shannon
airports;
- no assets may transfer from the Guarantor to the new airport authorities at
Cork or Shannon prior to 30 April 2005; and
- the implementation of the restructuring is subject to the capital
maintenance requirements of Part IV of the Companies (Amendment) Act, 1983.
The Act provides that all three airport authorities will be state owned.
22 July 2004
Enquiries: Ray Gray, Director -Finance
Telephone number: +353 1 814 5265
This information is provided by RNS
The company news service from the London Stock Exchange
END
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