Issue of Equity on exercise of Warrants by Dire...

AVATION PLC
                                     ("AVATION" or "THE COMPANY")

                         Issue of Equity on exercise of Warrants by Directors

The  Board of Avation announces that on 12th of December 2011, the Company allotted 301,280 fully paid
new  ordinary  shares  pursuant to the exercise of Warrants at various  prices,  conditional  only  on
admission  of  the new shares to the Official List and to trading on the London Stock Exchange's  main
market for listed securities becoming effective ('Admission').

Pursuant to the exercise of the warrants, the following new ordinary shares were allotted:

    *   176,280 new ordinary shares (representing 0.43% of the enlarged issued share capital of the
        Company) to Epsom Assets Ltd, a company in which Mr. Chatfield has an interest, at an exercise 
        price of 35.5 pence each;
    *   75,000 new ordinary shares (representing 0.18% of the enlarged issued share capital of the
        Company) to Giant Mix Enterprises Ltd, a company in which Mr. Baudinette has an interest, at an
        exercise price of 67.5 pence; and
    *   50,000 new ordinary shares (representing 0.12% of the enlarged issued share capital of the
        Company) were allotted to Bryant James Mclarty at an exercise price of 35.5 pence.

Following Admission, Mr Chatfield will be interested in 17.29% of the Company (with 7,039,491 ordinary
shares), Mr Baudinette will be interested in 1.7% of the Company (with 695,001 ordinary shares) and Mr
Mclarty will be interested in 0.26% of the Company (with 107,300 ordinary shares).

Application  will  be  made for the new ordinary shares to be listed on the standard  segment  of  the
Official  List  and  to be admitted to trading on the London Stock Exchange's main market  for  listed
securities. It is expected that Admission will become effective and that dealings in the new  ordinary
shares will commence at 8:00 a.m. on 16 December 2011.

Following  Admission,  there  are will be a total of 40,726,682 ordinary  shares  in  issue.  For  the
purposes  of calculating Total Voting Rights shareholders may use the number 40,726,682 as  the  total
number of shares in issue from the date of Admission

The Directors take responsibility for the contents of this announcement.

                                              ---ENDS---

ENQUIRES:

AVATION PLC                                                         07783 942 553
Jeff Chatfield, Chairman

MEDIA                                                               020 7562 3350
Nick Rome/Shabnam Bashir
Bishopsgate Communications

Avation plc