Sustainable waste management business Shanks Group has completed the sale of its joint venture interest in Leeds-based landfill site, Caird Bardon to Seneca Global Energy, a Hartlepool-based renewable energy company.
Shanks said Seneca had acquired the interest in Caird Bardon, which operates the Peckfield landfill facility in Leeds, from joint owners Shanks and Aggregate Industries.
The group said that the disposal would result in a non-cash asset impairment charge of £4.0m for Shanks, which it said had been disclosed within its recent trading update on April 9th.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Peter Dilnot, Group Chief Executive Officer of Shanks, said: "We are delighted to announce the sale of our interest in landfill operator Caird Bardon, which marks the disposal of the group's last remaining interest in UK landfill. This is in line with our stated strategy of managing our portfolio to maximise returns on our assets and to make more from waste."
Shanks' share price was down 0.34% to 73.75p at 11:25 on Wednesday.
MF
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
