John Menzies shuffles board and secures new debt

Scottish Aviation company John Menzies has appointed two new board members and finalised a loan agreement for the recent $202m acquisition of Aircraft Service International Group (ASIG).

The group has signed a new syndicated bank facility of $250m term loan and a £150m rolling credit facility following the announcement to acquire aviation ground service provider ASIG on 16 September 2016, which is expected to complete in early 2017.

Ex-British Airways director of operations Andy Lord has joined the board as executive vice president of Europe, Middle East, Africa & India. His 25 years in the aviation industry adds "great strength" to the board, the company said.

Also John Geddes, currently group company secretary has been appointed to the board as corporate affairs director.

The board is confident of being "marginally" ahead of current market expectations with trading continuing to go well. Foreign exchange tailwinds are expected to further enhance the full year result.

The share price rose 3.76% to 510.50p at 1018 GMT on Wednesday.