Via RNS and SGXNET
AVATION PLC
("Avation" or "the
Company")
SHARE
BUYBACK
The Board of Avation PLC (LSE:
AVAP), announces that it has concluded a repurchase of 7,800,000
shares, through the market, at 150p each, representing 10.45% of
the 74,671,886 ordinary shares in issue. Repurchased shares will be
held in treasury. Following this transaction, the company has
66,871,886 voting shares in issue.
Jeff Chatfield, Executive Chairman
of Avation PLC, said, 'This repurchase of shares was made under the
current share buyback mandate granted at the last AGM and as
previously advised. The number of shares repurchased is a
significant portion of the company's issued share capital and
demonstrates our commitment to maximizing value for shareholders
through both capital structure management as well as aircraft
portfolio growth. It also underscores the deep value we see in our
own shares, in the context of robust aircraft and airline
end-markets, comparable aircraft transaction multiples, our
existing fully utilized fleet, and the accretive growth pipeline
embedded in our ATR orderbook and purchase options.
We repurchased shares at a 47%
discount to the last reported Net Asset Value per share of 285p,
making this transaction highly accretive to all residual
shareholders in the Company. We will continue to pursue all avenues
to manage the capital structure and maximize shareholder value,
including further accretive transactions of this nature in addition
to our articulated portfolio growth strategy.'
TOTAL VOTING
RIGHTS
There are now 74,671,886 ordinary
shares in issue with 7,800,000 shares held in treasury. The total
number of voting rights in the Company is therefore
66,871,886. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company under the FCA's Disclosure Guidance and
Transparency Rules.
-ENDS-
Enquiries:
Avation PLC - Jeff Chatfield,
Executive
Chairman
+65 6252 2077
Avation welcomes shareholder
questions and comments and advises the email address for questions
is: investor@avation.net
and the Company provides an investor Q & A
during the conference call associated with release of results. The
head office telephone number is +65 62522077.
Notes to Editors: Avation PLC is an
aircraft leasing company, headquartered in Singapore, owning and
managing a fleet of commercial passenger aircraft which it leases
to airlines around the world. More information on Avation is
available at www.avation.net.