Inactive Instrument

Rotala PLC

Equities

ROL

GB00B1Z2MP60

Passenger Transportation, Ground & Sea

Rotala disposes GBP30.4 million depot to Greater Manchester authority

July 07, 2023 at 06:34 am EDT

(Alliance News) - Rotala PLC on Friday said it completed the disposal of its Bolton depot to the Greater Manchester Combined Authority for GBP30.4 million.

The Tividale, West Midlands-based bus operator said all conditions of the Bolton depot purchase agreement were satisfied, allowing the sale of the site and its associated fixtures, fittings, plant and machinery to the GMCA.

In early June, Rotala exchanged contracts with Transport for Greater Manchester and the Greater Manchester Combined Authority to sell the depot and related vehicles for a total of GBP30.4 million, subject to shareholder approval and landlord consent. Both of these have now been obtained.

The company said proceeds will be used to repay a mortgage and hire purchase debt for around GBP14.9 million and to repay the remaining outstanding drawings on its revolving commercial facility for GBP10.8 million. Further, cash will be used to strengthen the company's balance sheet.

Shares in Rotala were quoted at 44.50 pence each on Friday late morning in London, having last traded at 42.30p each on Thursday early afternoon.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Latest news about Rotala PLC

Rotala Group's Takeover Scheme for Rotala plc Becomes Effective	Jan. 17	MT
The management of Rotala PLC completed the acquisition of a 62.41% stake in Rotala PLC	Jan. 16	CI
Rotala takeover approved by majority of shareholders	Jan. 15	AN
Rotala plc Shareholders Approve Scheme for Rotala Group’s GBP24 Million Bid	Jan. 04	MT
Rotala Plc Eyes Earlier Conclusion of Sale to Rotala Group	Jan. 02	MT
Rotala brings forward takeover scheme court hearing date	Jan. 02	AN
FTSE 100 Closes Down 0.11% As Investors Eye Autumn Statement	Nov. 20	DJ
Bus Operator Rotala Accepts GBP23.5 Million Management Buyout	Nov. 20	MT
Rotala backs takeover offer from CEO and chair-owned private vehicle	Nov. 20	AN
Zinc Media to pay GBP850,000 in earn-out on The Edge	Nov. 14	AN
Rotala Extends Deadline for Director to Make Formal Buyout Bid	Nov. 14	MT
FTSE 100 Closes Up 0.6% Boosted by Astrazeneca, Outperforming European Peers	23-10-17	DJ
Rotala extends purchase offer decision date as discussions continue	23-10-17	AN
Rotala Extends Deadline for Director to Make Formal Takeover Offer	23-10-17	MT
Rotala shares jump on GBP19.4 million management-led bid proposal	23-09-19	AN
The FTSE 100 Closed Up Despite Rising Oil Prices, Higher Interest Rates Prospects	23-09-19	DJ
Rotala Shares Jump on Potential Offer from Directors	23-09-19	MT
The management of Rotala PLC made an offer to acquire remaining 62.41% stake in Rotala PLC for £12.3 million.	23-09-18	CI
FTSE 100 Closes Flat as Oil Stocks Drop Offset Positive Corporate Results	23-07-28	DJ
Rotala half-year profit climbs as touts expansion in Manchester	23-07-28	AN
Earnings Flash (ROL.L) ROTALA Reports Fiscal H1 EPS GBX0.00	23-07-28	MT
Earnings Flash (ROL.L) ROTALA Posts Fiscal H1 Revenue GBP52.6M	23-07-28	MT
Rotala PLC Declares an Interim Dividend, Payable on 25 August 2023	23-07-28	CI
Rotala PLC Reports Earnings Results for the Half Year Ended May 31, 2023	23-07-28	CI
Rotala disposes GBP30.4 million depot to Greater Manchester authority	23-07-07	AN

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Company Profile

Rotala Plc is a United Kingdom-based company, which is engaged in operating commercial and subsidized bus routes for businesses, local authorities, and public and private individuals. The Company operates with more than 700 vehicles. Its operating companies include Diamond Bus East Midlands, Diamond Bus Ltd, Diamond Bus North West, Hallmark Connections Ltd and Preston Bus Ltd. Diamond Bus East Midlands is the operator in Burton upon Trent. It provides bus services to other nearby towns such as Uttoxeter, Ashby-de-la-Zouch and Lichfield. Diamond Bus Ltd operations span Worcestershire and the West Midlands, operating from three depots in Tividale, Redditch and Kidderminster. Hallmark Connections Ltd operates predominantly from the Stanwell, Middlesex depot which is situated next to Heathrow Airport. It also carries out work in the West Midlands and Northwest. It also operates in the Eccles area of Greater Manchester of a freehold depot from WAG Holdings Limited.

Sector

Passenger Transportation, Ground & Sea

Calendar

2024-08-21 - Q2 2024 Earnings Release (Projected)

More about the company

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