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Tom Rose urges patience as sale process to Dymond Group continues
Colleen Connors, Rob Antle, Troy Turner · CBC News · March 02, 2022
The mayor of Stephenville says he believes an agreement will be reached for an Ottawa-based company to acquire the airport in his western Newfoundland town and boost the region’s economic fortunes.
“I’m very confident,” Tom Rose told CBC News on Tuesday.
In September, Carl Dymond of the Dymond Group of Companies announced ambitious plans for Stephenville, including the return of passenger service to the near-dormant airport, the establishment of a manufacturing facility for massive cargo drones, a $200-million cash investment and the creation of thousands of jobs.
The initial deadline to finalize the agreement passed two months ago.
“Now the framework of a purchase-sale agreement is taking place, two legal teams from both sides are framing it out,” Rose said.
“I wish it could have happened a little earlier, but in talking to friends that are lawyers, talking to our chair who’s a lawyer, and they’ve validated that this timeline is the norm.”
Rose said it’s difficult to put a timeline on the conclusion of the process now, but added, “I wouldn’t be surprised if it could happen a month from now.”
But the mayor urged patience, saying Dymond’s investment plans spans six to seven years.
“Once the deal is done, it’s still going to take time,” Rose said. “But it’s going to raise so many hopes.”
‘Going to be proof in the pudding’
Last week, a CBC News investigation raised questions about inconsistencies in some of Dymond’s past public comments about his business plans.
“When I read your story, the mystery man, absolutely — that’s who he is, that was his background, for almost 20 years,” Rose said. “You know, he was under the radar.”
The mayor cited Dymond’s many years in the military and background in cybersecurity.
And why is the town so confident in Dymond’s financial wherewithal and ability to realize his plans?
“That’s something that is going to be proof in the pudding, when the deal happens,” Rose said. “Because with that, there’s a transfer of funds.”
The mayor said assessing the company’s finances is the responsibility of the airport authority, which currently controls the facility.
“I do believe there has been some due diligence on that front,” Rose said.
The mayor also downplayed any concerns arising from the recent CBC News investigation about the return of scheduled passenger service, and Dymond’s apparent lack of interactions with Transport Canada in relation to his drone construction plans.
“Once this announcement happens and the economy starts ramping up in Stephenville, you know, the airlines are going to want to be here because it’s an airport where they can make money,” Rose said.
As for the drones, he stressed that they won’t be in the air for years.
Rose said Stephenville taxpayers have been underwriting the airport for years, and having a private company take over would be welcome news.
“For myself and my council, we are 100 per cent behind this,” Rose said. “We want this to happen.”
At this point, neither the airport authority nor the Dymond Group are doing interviews about the status of negotiations.
“Let’s keep our fingers crossed that everything is going to work out because at the end of the day, this is for everybody in Newfoundland and Labrador,” Rose said.
“This is a big deal for this province, if this happens.”
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- Source: https://canadianaviationnews.wordpress.com/2022/03/03/stephenville-mayor-confident-airport-deal-will-get-done-bringing-big-benefits/
