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    FGP   GB0003452173

FIRSTGROUP PLC

(FGP)
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FirstGroup raises shareholder returns to 500 mln pounds from U.S. asset sale

07/22/2021 | 11:43am EDT

July 22 (Reuters) - British transport firm FirstGroup on Thursday increased its planned shareholder returns by 37% to 500 million pounds ($687.60 million) after closing the sale of its U.S. bus assets to private equity firm EQT Infrastructure.

FirstGroup had earlier promised to pay shareholders 365 million pounds on the 3.3 billion pound sale of FirstStudent and FirstTransit. While a majority of shareholders backed the deal in May, top two investors including Coast Capital had opposed the sale and the size of the returns.

"We are pleased that our continuing commitment and vigilance has resulted in this positive first step since this transaction was announced," Coast founding partner James Rasteh said.

FirstGroup, which closed the sale on Wednesday evening, plans to use the rest of the sale proceeds to pay down debt and contribute to its UK pension schemes.

Shares in the company were up nearly 3% at 81.85 pence by 1718 GMT. They have gained about 10% so far this year, including session gains, after falling around 40% last year.

"Our mission is now to continue our work to realize greater value for us and all FirstGroup shareholders in the critical days ahead," Rasteh said. ($1 = 0.7272 pounds) (Reporting by Yadarisa Shabong in Bengaluru; editing by Uttaresh.V and Shinjini Ganguli)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANYAN GOLD CORP. 0.00% 0.285 Delayed Quote.3.64%
EQT AB (PUBL) -3.51% 393.3 Delayed Quote.86.93%
FIRSTGROUP PLC 0.52% 86.2 Delayed Quote.16.49%
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Analyst Recommendations on FIRSTGROUP PLC
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Financials
Sales 2022 5 710 M 7 844 M 7 844 M
Net income 2022 2,64 M 3,63 M 3,63 M
Net Debt 2022 1 625 M 2 232 M 2 232 M
P/E ratio 2022 388x
Yield 2022 7,85%
Capitalization 1 041 M 1 431 M 1 430 M
EV / Sales 2022 0,47x
EV / Sales 2023 0,44x
Nbr of Employees 100 807
Free-Float 98,1%
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Technical analysis trends FIRSTGROUP PLC
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 86,20 GBX
Average target price 89,25 GBX
Spread / Average Target 3,54%
EPS Revisions
Managers and Directors
Matthew Gregory Chief Executive Officer, COO & Executive Director
Ryan Dirk Mangold Chief Financial Officer & Executive Director
David Robert Martin Non-Executive Chairman
Warwick Brady Independent Non-Executive Director
Martha Poulter Independent Non-Executive Director
Sector and Competitors