ICGC Irish Continental Group Plc

 
TIDMICGC 
 
 
   Sale of Jonathan Swift 
 
   ICG announces that it has entered into a Memorandum of Agreement ("MOA") 
for the sale of the High Speed Craft "Jonathan Swift" to Balearia 
Eurolineas Maritimas S.A. 
 
   The agreed consideration of EUR15.5 million 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 our 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 
EUR38.8m. The disposal will generate a book profit for ICG of 
approximately EUR14.0m. 
 
   The proceeds will be used for general corporate purposes. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Irish Continental Group plc via Globenewswire 
 
 
  http://www.icg.ie/ 
 

(END) Dow Jones Newswires

January 30, 2018 02:00 ET (07:00 GMT)

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