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Irish Continental to Sell High Speed Craft Jonathan Swift.

M2 EQUITYBITES-January 31, 2018-Irish Continental to Sell High Speed Craft Jonathan Swift


31 January 2018 - Dublin-based shipping and transport group Irish Continental Group plc (LSE: ICGC) has entered into a memorandum of agreement for the sale of the High Speed Craft "Jonathan Swift" to Balearia Eurolineas Maritimas S.A., the group said.

The agreed consideration of EUR 15.5m (USD 19.29m) less brokers commission is payable in cash on delivery less a 10% deposit to be held in escrow. The vessel is to be delivered by the end of April 2018.

The "Jonathan Swift" which was commissioned by and delivered to ICG in 1999 and has since operated on the company's Dublin - Holyhead route.

This vessel will be replaced in the company's fleet by the 2001 built High Speed Craft "Westpac Express," which was recently redelivered following a period of twenty months on external charter.

She is currently undergoing a refurbishment programme to bring her up to Irish Ferries passenger service standards.

The "Jonathan Swift" was delivered to the group in 1999 at a cost of EUR 38.8m. The disposal will generate a book profit for ICG of approximately EUR 14m.

Irish Continental said the proceeds will be used for general corporate purposes.

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Publication:M2 EquityBites (EQB)
Date:Jan 31, 2018
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