Result of General Meeting

RNS Number : 2745B

Hangar 8 Plc

05 January 2015

 



Hangar 8 plc ("Hangar8" or "the Company")

Result of General Meeting

Hangar8, one of Europe's largest operators of privately owned passenger jet aircraft, is pleased to announce that, at the General Meeting of the Company held earlier today, all resolutions were duly passed.  

Accordingly, the following Proposals, amongst others, become unconditional in all respects upon Admission of the Enlarged Share Capital to trading on AIM, for which application has been made and is expected to occur at 8.00 a.m. on 6 January 2015:

·     the acquisition by the Company of the entire issued share capital of Gama Aviation Holdings (Jersey) Limited, resulting in the admission of 27,314,960 Consideration Shares;

·     the Placing, resulting in the admission of 6,125,379 Placing Shares to raise £17.15 million for the Company;

·     The New Board comprising of:

o  Sir Ralph Robins (Non-Executive Chairman)

o  Marwan Khalek  (Chief Executive Officer)

o  Dustin Dryden (Executive Director)

o  Stephen Wright (Executive Director)

o  Kevin Callan (Finance Director)

o  Nigel Payne (Non-Executive Director)

o  George Rolls (Non-Executive Director)

o  Peter Brown (Non-Executive Director)

o  Michael Peagram (Non-Executive Director)

·     Change of Company name to Gama Aviation Plc

The Enlarged Share Capital of the Company, comprising 42,994,442 New Ordinary Shares, will trade under the ISIN GB00B3ZP1526 and TIDM GMAA.

The change of Company name to Gama Aviation Plc will become effective upon the registration of the Company's name at Companies House. A further announcement will be made in due course.

As part of the general corporate restructuring for the Acquisition, and as indicated in the Admission Document (page 141), it was previously intended that the 49% interest held by Gama Holding FZC in Gama Group MENA FZC (a wholly-owned subsidiary of Gama Limited) would be transferred to Gama Limited.  However, the Company now intends to delay this transfer until a later date and as a result the Company shall continue to hold its interest in Gama Group MENA FZC through Gama Holding FZC. This is a structural matter only and does not affect the financial or operating performance of the Company.

Capitalised but undefined terms shall have the meaning given to them in the definitions appearing in the Admission Document, a copy of which can be found at www.gamaaviation.com.

Total Voting Rights

For the purposes of the Disclosure and Transparency Rules, the total number of voting rights in the Company with effect from 6 January 2015 will be 42,994,442. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Directors Holdings

The Company was informed on 5 January 2015 that, for personal reasons, on that date, Mr. Nigel Payne disposed of his holding of 32,899 Ordinary Shares at a price of 345 pence per share. Following the disposal Mr. Payne no longer has an interest in Ordinary Shares in the Company.

Consequently, on Admission, the following Directors of the Company will have an interest in the Ordinary Share capital of the Company as follows:

Director	Holding	Percentage holding (%)
Marwan Khalek	15,424,502*	35.88
Dustin Dryden	2,519,886	5.02
Stephen Wright	238,188	0.54
George Rolls	102,271	0.24
Michael Peagram	132,000	0.31

*Mr. Khalek's interest in shares are held in his own name, in Antares Holdings Limited and in Merlin Trust

Enquiries:

Hangar 8 plc		[phone]
Nigel Payne, Non-Executive Chairman
Gama Aviation Marwan Khalek, Chief Executive Officer		[phone]
Citigate Dewe Rogerson		+ 44 (0) 20 7638 9571
Chris Jarvis, Associate Director
Phil Anderson, Executive Director
Cantor Fitzgerald Europe (Nominated Adviser & Broker)		[phone]
Mark Percy / Catherine Leftley (Corporate Finance)
David Banks (Corporate Broking)

 

END

 

 

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