Rotala PLC Court of Appeal Hearing re. GMCA (6283T)
2022年7月25日 - 07:29PM
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RNS Number : 6283T
Rotala PLC
25 July 2022
RNS
25 July 2022
Rotala Plc
("Rotala", the "Company" or the "Group")
Court of Appeal Hearing re Greater Manchester Combined
Authority
On 26 March 2021, the Company announced that the Mayor of
Greater Manchester (the "Mayor") had made the formal decision to
franchise the bus market in the Greater Manchester region. The
Company made an immediate claim to the High Court of Manchester to
judicially review a number of aspects of the consultation process
carried out by the Greater Manchester Combined Authority ("GMCA"')
which led to the decision of the Mayor to franchise the bus
network.
As previously announced, on 9 March 2022, Mr Justice Julian
Knowles rejected these arguments, dismissed the claim and refused
to give leave to appeal. The Company applied to seek permission to
appeal the decision to the Court of Appeal and was granted leave to
appeal. The appeal hearing took place on 12 July 2022. Today the
Court of Appeal released its judgement: it dismissed the Company's
appeal. The Company has considered the Court of Appeal's judgment
in its claim against GMCA and the Mayor and, whilst disappointed
with the result, it respects the decision of the Court and has
resolved to take no further steps in this legal process.
GMCA has already announced mechanisms which cover the
acquisition of bus depots and bus fleets under its franchising
proposals. The Board has reviewed these mechanisms and is confident
that, should it decide to place the Bolton depot and its associated
bus fleet assets under these mechanisms, the values which would be
realised from the sale of Bolton depot and its related bus fleet
should meet or exceed their respective book values. These amounts
should also be more than sufficient to pay off the existing
mortgage on the Bolton depot and the hire purchase debt associated
with the bus assets based there. As a result, the sale of these
assets to GMCA, should it take place, would have no negative effect
on the Group's balance sheet and its leverage would fall to very
low levels. The capital which the Group currently has invested in
its Bolton operation would therefore be realised into cash and be
available for re-investment or redeployment elsewhere in the
Group.
Rotala Plc 0121 322 2222
John Gunn, Chairman
Simon Dunn, Chief Executive
Kim Taylor, Group Finance Director
Shore Capital 020 7408 4090
Tom Griffiths/James Thomas (Corporate Advisory)
Henry Willcocks (Corporate Broking)
About the business
Rotala provides a range of transport solutions, ranging from
local bus services under contract to local authorities, through to
commercial bus routes. Rotala has operations at Heathrow Airport,
in the West Midlands and in the North West. Operating companies are
Diamond Bus Ltd, Diamond Bus (North West) Ltd, Hallmark Connections
Ltd and Preston Bus Ltd.
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END
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July 25, 2022 06:29 ET (10:29 GMT)
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