PlaneStation raises £5.6m to improve Kent Airport

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UK-based airports operator PlaneStation has raised around £5.6 million ($10.3 million) through a share issue to fund improvements at Kent International Airport, outside London.

Kent International – previously known as London Manston – has attracted Irish operator EUjet, which is planning to begin scheduled passenger services from the airport at the beginning of September.

PlaneStation, which has formerly concentrated on managing small airports around the world, has invested £2 million to take a 30% stake in EUjet.

In a statement the airport operator says that, as a result of the issue, its broker has placed nearly 106 million shares with institutional investors.

“The company is committing to significant investment in both facilities and equipment at Kent International Airport,” says PlaneStation. “The proceeds of the placing will be used to finance this investment and to provide additional working capital for the company.”

PlaneStation has been struggling to overcome losses and has embarked on a turnaround strategy under the guidance of new chief executive Martin May.