Councils airport shareholding to be diluted
10.12.11
Local authorities on Teesside have been asked to pay £4.3m to retain their current stake in Durham Tees Valley Airport, the Journal reports. They have been informed by majority owners Peel Airports Limited (PAL) that they must either pay or face a reduction in their shareholding.
Peel has informed Stockton Council - the lead of the six local authority shareholders - of its intention to serve a ‘dilution notice’, converting some of its loans into shares. That means that unless the councils of Stockton, Middlesbrough, Redcar and Cleveland, Hartlepool, Darlington and Durham, agree to proportionately match the investment made by Peel, their shareholding will be reduced. At the moment they hold shares of 25%. However, this will be reduced to 10.8% if the money is not contributed.
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