STOCKS TO WATCH: Rolls-Royce reverses into helicopter row with aircraft supplier Provine over 2019 crash
After an autumn advance in the share price, the pandemic once again pummelled Rolls-Royce last week, as the engine maker’s airline customers faced new Covid travel curbs.
Another headache emerged in the US, where aircraft supplier Provine Helicopter Service is seeking damages after a crash in 2019.
A Bell Jet Ranger on an agricultural spraying mission in Texas suffered a loss of power after take-off and crash landed.
Bird’s eye view: A Bell Jet Ranger suffered a loss of power after take-off and crash landed
Court papers filed in Greenville, Mississippi, seen by The Mail on Sunday, claim the crash was due to a faulty compressor wheel supplied by Rolls-Royce which fractured after takeoff.
Provine alleges the helicopter had had ‘minimal usage’ and that Rolls ‘should have known of this latent defect’ and issued a warning or recall notice.
‘Provine demands compensatory and consequential damages,’ it adds.
It’s one to keep an eye on for chief executive Warren East and new chairman Anita Frew, who have been busy touring investors since facing public criticism from investor Causeway Capital.
Rolls-Royce declined to comment. Provine could not be reached.
Peter Levine going green
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Existing President investors will receive shares in the firm, called Atome, through a placing that aims to raise £9million.
Own goal for Train
Nick Train could be forgiven for giving the footy a miss this weekend.
The fund star’s vehicles are invested in both Manchester Utd and Juventus.
No sooner had the shares fillip from Ole Gunnar Solskjaer’s sacking been erased than the Turin club’s stock fell on a £340million cash call.
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Analysts expect a £1.1billion annual loss but hope for at least a small profit next year.