Share issue to fund EUjet takeover

Airport operator Planestation said yesterday it would proceed with the takeover of Shannon-based airline EUjet.

The company will issue fresh shares on the London Stock Exchange and hopes to raise £30m (€45m) to fund the acquisition and finance the airline’s ongoing working capital requirements.

The company also plans to bring in a further £15.5m (€22.6m) over the next 12 months through a series of property sales.