Further re Admission to Official List
01 October 2010
AVATION PLC
("AVATION" or "THE COMPANY")
AVATION MOVE TO LSE STANDARD LISTING
The Board of Avation Plc, the specialist aircraft leasing business, quoted on the PLUS market is
pleased to announce that it is proceeding with its proposed move from the PLUS-quoted market to
the Main Market of the London Stock Exchange ("LSE") as a Standard Listing and has today published
its prospectus in this regard.
The Company's Ordinary Shares are expected to be admitted to and commence trading on the LSE on
6th October 2010 ("Admission"). The prospectus can be found on the Company's website
www.avation.net/prospectus or a hard copy can be obtained from the Company or its advisors.
All the Ordinary Shares of the Company will be withdrawn from quotation on the PLUS-quoted market
when trading on the LSE commences. Following Admission it is intended that the Ordinary Shares
will also be capable of being traded through the PLUS-traded platform.
The dealing codes for the Ordinary Shares on the LSE will be as follows:
- ISIN: GB00B196F554
- Ticker/Symbol: AVAP
This announcement is made pursuant to Rule 71 and Appendix 7 of the PLUS Rules for Issuers and
sets out the Company's intention to withdraw its securities from the PLUS-quoted market. The
Company has made application for its shares to be admitted to the Official List and to trading on
the LSE as a Standard Listing. Accordingly, pursuant to paragraph (f) of Appendix 7 of the PLUS
Rules for Issuers, no shareholder approval is required for the withdrawal of its securities from
the PLUS-quoted Market.
Chairman Jeff Chatfield commented:
"The Company's balance sheet has grown significantly since admission to PLUS in November 2006.
Whilst this is good, we feel that the current share price doesn't truly reflect the Company's
value. We believe a move to the Main Market should promote a greater correlation between the
Company's financial performance and its share price and also improve market liquidity.
"Additionally, the profile of Avation will be raised, facilitating growth and, in being a company
on the Main Market, the Board considers that raising new debt or equity finance, if required, in
the future will be easier than had the Company remained on PLUS."
The Directors take responsibility for the contents of this announcement.
---ENDS---
ENQUIRES
AVATION PLC: 07783 942 553
Jeff Chatfield, Chairman
ADVISOR: 020 7628 1128
Dr Frank Lucas, Loeb Aron & Company
MEDIA: 020 7562 3350
Nick Rome, Laura Stevens
Bishopsgate Communications
NOTES TO EDITORS
AVATION
Avation's main activity is the leasing of commercial aircraft. Directly and through its
subsidiaries, the Company leases twelve commercial passenger jet aircraft which are leased to
various airlines across Europe, the United States and Australia.
The Company was formed via a special dividend from Skywest Airlines Ltd with shares distributed in
specie to all of the then Skywest Airlines Ltd shareholders. The Company was incorporated on 11
July 2006 with the intention of supporting Skywest Airlines Ltd by providing aircraft leasing
facilities and continues to do so.
The Company has two wholly owned subsidiaries, F100 Pty Ltd and MSN 429 Limited, both of whose
principal activities are the leasing of aircraft. F100 Pty Ltd was incorporated in Australia on 15
November 2006 [as a wholly owned subsidiary of the Company]. MSN 429 Limited was incorporated in
England and Wales on 24 March 2010 [as a wholly owned subsidiary of the Company].
Additionally, the Company has a 51.18% holding in Capital Lease Aviation PLC ("CLA") whose shares
are admitted to trading on AIM. Prior to CLA's pre-admission fundraising round in July 2007, it
was a wholly owned subsidiary of the Company. CLA is an aircraft leasing company whose focus is on
a different customer base to the Company; CLA has two wholly owned aircraft leasing subsidiaries,
Capital Lease Australian Portfolio One Pty Ltd and Capital Lease Malta Limited.
The Company also owns 99.96% of Avation.net Inc., a subsidiary incorporated in
Delaware which operates a procurement business supplying airlines and broadcasters.
Avation plc
Latest directors dealings
- 1 hour ago Oxford Nanopore Technologies
- 2 hours ago AVI Global Trust
- 2 hours ago LSL Property Services
- 2 hours ago Bluebird Merchant Ventures (DI)
- 3 hours ago Power Probe PLC