Peel serve councils ‘dilution notice’ on Durham Tees Valley Airport
10.12.11
Local authorities on Teesside have been ordered to pay £4.3m to retain their current stake in Durham Tees Valley Airport, the Journal reports. They have been informed by majority owners Peel Airports Limited (PAL) that they must either pay the cash or face a reduction in their shareholdings.
Peel has informed Stockton Council - the lead of the six local authority shareholders - of its intention to serve a ‘dilution notice’. That means unless the councils of Stockton, Middlesbrough, Redcar and Cleveland, Hartlepool, Darlington and Durham, agree to proportionately match investments made by Peel, their shareholding will be reduced At the moment they hold shares of 25%. However, these will be reduced to 10.8% if the money is not contributed.
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