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FirstGroup Updates On TransPennine Express Contract


FirstGroup Updates On TransPennine Express Contract
LONDON (dpa-AFX) - FirstGroup plc (FGROY.PK, FGROF.PK, FGP.L) said that it has reached agreement with the Department for Transport or DfT on the termination fee payable for the TransPennine Express or TPE train operating company.
The Transport Department and FirstGroup have now agreed the financial impact of the termination for TPE which requires a further FirstGroup contribution of 6 million pounds, over and above the 42.5 million pounds already paid into the operating company.
The Department has extended the TPE ERMA term until 19 September 2021, following their conclusion that no event of default would have taken place had the pandemic not occurred, although the Department and the Group are working collaboratively with a view to entering into a National Rail Contract in advance of that date. ....

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FirstGroup PLC shares accelerate after deal to terminate TransPennine contract


FirstGroup shares accelerate after deal to terminate TransPennine contract
A look at the major movers on the London market on Tuesday
It may be a down day for the markets overall, but FirstGroup PLC (LON:FGHP ) has managed to travel in the right direction.
Its shares are up 2.11% or 1.55p to 75p after the transport group agreed to pay the Department for Transport a final £6mln to cancel its TransPennine Express railway franchise, taking the total it has paid to £48.5mln.
It said this was around £50m better than its last assumption.
The group has already given up the South Western Railway and West Coast Partnership franchises, with the pandemic cutting passenger numbers and leaving financial forecasts in tatters. ....

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FirstGroup's shares nudge up after the Aberdeen company strikes termination deal for rail contract


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FirstGroup has agreed to pay another £6 million to escape its TransPennine Express (TPE) rail contract obligations.
Shares in the Aberdeen-based transport operator nudged up 0.75% to 74p today (May 11) after it announced a termination fee deal with the Department for Transport (DfT).
A condition of emergency recovery measures agreements (ERMAs) put in place by the DfT to provide continuity for rail passengers and the industry during the coronavirus pandemic was that train operators and the DfT would work together to decide whether payments are required to terminate pre-existing franchise agreements – and if so, how much. ....

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West Coast Partnership: prior information notice

West Coast Partnership: prior information notice
gov.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gov.uk Daily Mail and Mail on Sunday newspapers.

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