Press Release
Possible disposal of New Zealand operations
18 November 2005
Stagecoach Group plc (“Stagecoach”) notes the statement made today by Infratil Limited (“Infratil”, a company listed on the New Zealand Stock Exchange that is a specialist investor in infrastructure and utility assets) regarding the future of Stagecoach’s New Zealand operations.
Stagecoach confirms that it has received several approaches that may lead to it disposing of its entire New Zealand operations, and that it is currently in discussions regarding a possible sale to Infratil. At the current time, there is no certainty that the disposal will proceed.
Stagecoach’s New Zealand bus operations are centred on Auckland and Wellington, the two largest metropolitan areas of the country. Stagecoach New Zealand also operates Fullers Ferries, which runs ferry services off Auckland. The 2005 Stagecoach Annual Report reported that the Group’s results for the financial year ended 30 April 2005 included turnover of £59.0m and operating profit before goodwill amortisation of £8.7m in respect of New Zealand.
A further announcement will be made in due course.
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