TIDMAVAP
RNS Number : 6664J
Avation PLC
29 June 2017
AVATION PLC
("Avation" or "the Company")
TURBOPROP PORTFOLIO TRANSACTION
Avation PLC (LSE: AVAP), the commercial passenger aircraft
leasing company, announces that, further to the announcement on 24
April 2017, the sale of six aircraft pursuant to sale and purchase
agreements with Chorus Aviation Capital Corp., and subsidiaries,
has now been satisfactorily completed..
Chorus Aviation Inc. (TSX: CHR), the parent company of Chorus
Aviation Capital Corp., has made an announcement regarding the
transaction which is appended below.
The sale of these aircraft releases approximately US$31 million
in net proceeds to the Company after costs and associated debt
repayments. The Company will consider the redeployment of these
proceeds through the acquisition of additional aircraft in order to
further diversify Avation's portfolio.
-ENDS-
More information on Avation can be seen at: www.avation.net
Enquiries:
Avation
Jeff Chatfield, Executive T: +65 6252 2077
Chairman
Note to Editors:
Avation PLC is a commercial passenger aircraft leasing company,
owning and managing a fleet of jet and turboprop aircraft which it
leases to airlines across the world. The Company's customers
include Air France, Air Berlin, Air India, Condor, Flybe, Fiji
Airways, Thomas Cook, Virgin Australia, UNI Air and Vietjet
Air.
FULL TEXT OF CHORUS AVIATION INC. ANNOUNCEMENT:
Chorus Aviation completes acquisition of
six ATR 72-600 aircraft on lease to Flybe and Virgin
Australia
Halifax, June 29, 2017 - Chorus Aviation Inc. ('Chorus') (TSX:
CHR) announced today that Chorus Aviation Capital's subsidiaries
have completed the acquisition of six ATR 72-600 aircraft with
attached leases from Avation PLC (LSE: AVAP). The acquisition
agreements were previously announced on April 24, 2017.
The acquired aircraft are between one and four years old. Three
are currently on lease to U.K. carrier, Flybe, and three are
currently on lease to Virgin Australia Airlines.
Commenting on the purchase, Chorus Aviation Capital's President,
Steven Ridolfi, said, "We are delighted to welcome Flybe and Virgin
Australia as customers, and pleased to induct the first ATRs to our
increasingly diverse fleet of regional aircraft."
Joe Randell, President and Chief Executive Officer, Chorus,
said, "The addition of ATRs to our leased fleet adds a further
element of diversification to our business. Through Chorus Aviation
Capital, we are not only diversifying our customer base and
geographic footprint, but also the aircraft types we can offer the
market as we pursue our vision of delivering regional aviation to
the world."
The acquisition was completed using a combination of equity
capital from Chorus and term debt financing consistent with
previously indicated leverage ratios for the Chorus Aviation
Capital business. The aggregate purchase price for the aircraft is
consistent with current market values for similar aircraft.
About Chorus
Headquartered in Halifax, Nova Scotia, Chorus was incorporated
on September 27, 2010. Chorus' vision is to deliver regional
aviation to the world. Chorus owns Jazz Aviation and Voyageur
Aviation - companies that have long histories of safe and solid
operations that deliver excellent customer service in the areas of
contract flying operations, engineering, fleet management, and
maintenance, repair and overhaul. Chorus has been leasing its owned
regional aircraft into Jazz's Air Canada Express operation since
2009, and recently established Chorus Aviation Capital to become a
leading, global provider of regional aircraft leases and support
services. Chorus Class A Variable Voting Shares and Class B Voting
Shares trade on the Toronto Stock Exchange under the trading symbol
'CHR'. For more information about Chorus and its subsidiaries, see
www.chorusaviation.ca.
Forward-Looking Information
This news release may contain "forward-looking information" as
defined under applicable Canadian securities legislation.
Forward-looking information typically contains words such as
"anticipate", "believe", "could", "should", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will", "would", and
similar words and phrases, including references to assumptions.
Such information may involve but is not limited to comments with
respect to strategies, expectations, planned operations or future
actions. Forward-looking information related to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and other uncertain
events. Forward looking information, by its nature, is based on
assumptions, including those described below, and is subject to
important risks and uncertainties. Any forecasts or forward-looking
predictions or statements cannot be relied upon due to, amongst
other things, changing external events and general uncertainties of
the business. Such statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements to differ materially from those
expressed in the forward-looking statements. For a discussion of
risks, please refer to the section titled "Risk Factors" in Chorus'
2016 Annual Information Form. Any statements containing
forward-looking information in this news release represent Chorus'
expectations as of June 29, 2017. Chorus disclaims any intention or
obligation to update or revise any forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable securities laws.
Chorus Media Contacts:
Manon Stuart Halifax, Nova Scotia (902) 873-5054 mstuart@chorusaviation.ca
Debra Williams Toronto, Ontario (905) 671-7769 dwilliams@chorusaviation.ca
Analyst Contact:
Nathalie Megann Halifax, Nova Scotia (902) 873-5094 nmegann@chorusaviation.ca
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISOKCDBCBKDAAB
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June 30, 2017 02:00 ET (06:00 GMT)
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