Eddie Stobart (ESL) shareholders voted “overwhelmingly” for private equity group Dbay Advisors’ rescue package at a general meeting earlier today, ending weeks of speculation and unrest over rival interest in the stricken logistics business.
Dbay will take 51 per cent majority ownership of Greenwhitestar Acquisitions ltd, a subsidiary that holds Eddie Stobart’s trading activities and provides a £55m loan to the group, at an interest rate of 18 per cent. Eddie Stobart and Dbay intend to complete the deal “as soon as possible”, the logistics group says. Eddie Stobart had previously warned that a failure to approve the deal would leave the group exposed to a liquidity crisis, in the face of opposition and a rival proposal from former chief executive Andrew Tinkler, which the group said would not gain the support of its lenders.
Dbay, alongside Eddie Stobart’s lenders, will immediately provide £75m of overall liquidity to the group. Former executive chairman William Stobart will return to the helm as executive chairman of the holding company.
