LONDON--(BUSINESS WIRE)--The Board of Staminier (“Staminier” or “the Company”) is pleased to announce that the Company has entered into a three-year option to acquire 13 acres of land immediately adjacent to one of London Gatwick’s existing carparks at the South Terminal.
The Company intends to apply for planning permission to build a car park with a capacity for at least 2200 cars, in order to help service the increased demand for car parking at London Gatwick (“Gatwick” or “Gatwick Airport”). This increased demand is a result of natural growth in international traffic through Gatwick, and also as a consequence of the recently announced plan by Gatwick Airport to utilise its emergency runway as a full commercial runway. This is expected to significantly exacerbate the need for additional car parking space which, according to figures released by Gatwick Airport, would see flights increase from their current 281,000 per annum to as many as 390,000 in the next few years. Passenger numbers from the existing runway have grown 34% between 2010/2011 and 2016 with car parking numbers seeing a 20% increase over the same period. There were more than 46.1 million passengers using London Gatwick last year and passenger figures of Q4 2018 showed a record-breaking start into this year.
Prices per car parking space vary considerably depending on the time of year, the length of stay and the amount of notice given prior to booking a car parking space. Prices can range from £4.30 to £12.70 per day for weekly stays or £13 to £29 for one day. In the year to March 2018, Gatwick Airports car parking division generated turnover of £87.8m and net income of £68.3m.
The vendors have granted the Company a three-year option to purchase the 13 acres of land for £6m. The consideration for the option is £1 for the first two-year period with a right to extend the option for a further year on payment to the vendors of £100,000. The Company intends to finance all the planning costs.
If the planning application is successful then, in due course, it would be the intention of the Company to build and operate the car park (directly or via a contractor) prior to selling the land to a pension fund or other long term investor seeking yields of between 2.5% and 5% per annum, possibly by way of sale and lease back with the Company continuing to operate the car parking business. Alternatively, the Company may simply sell the land with planning permission in place.
Stock Market Listing
The Company’s shares currently trade on a matched bargain basis on Britdaq but, in keeping with its stated objective, the Board of Staminier will now move forward with its plan for the Company’s shares to be listed on a more liquid Stock Market that is easily traded by United Kingdom and international investors using existing online stockbroking platforms. The Company expects to be able to update shareholders in this regard during September.
About Staminier: Staminier has been established to act as an aggregator - acquiring businesses and assets at what the Company believes to be a discount to their intrinsic value, and to then benefit from scale: both by sharing resources between group companies but also by achieving sufficient scale to list the Company’s shares on the capital markets with sufficient liquidity to ensure that Staminier stock can be used as a liquid currency to make further value-enhancing acquisitions and to accelerate future growth. By acquiring businesses and assets at a discount to intrinsic value the Company aims to rapidly enhance shareholder value. www.staminier.com
The Directors of Staminier Limited accept responsibility for this announcement.
The ordinary shares of Staminier Limited have been admitted to matched bargain trading on Britdaq. www.britdaq.com
Before making any investment decision you should seek advice from an independent investment adviser.
This announcement has been approved as a financial promotion under section 21 of the Financial Services and Markets Act 2000 (“FSMA”) by London Court Limited who are authorised and regulated by the Financial Conduct Authority.