http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Sun, 25 Feb 2018 11:21:59 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - FIRST HALF 2018 RESULTS AND INVESTOR UPDATE CALL ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180219070002_13537076/ Mon, 19 Feb 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180219070002_13537076/ <![CDATA[RNS press release - ADMISSION OF NEW ORDINARY SHARES AND DIRS DEALING ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180126094710_13510903/ Fri, 26 Jan 2018 09:47:10 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180126094710_13510903/ <![CDATA[RNS press release - ISSUE OF EQUITY ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180119113530_13503001/ Fri, 19 Jan 2018 11:35:30 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180119113530_13503001/ <![CDATA[RNS press release - MANDARIN EXPECT ENTRY INTO SERVICE IN FEBRUARY ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180116115155_13498136/ Tue, 16 Jan 2018 11:51:55 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180116115155_13498136/ <![CDATA[RNS press release - Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180102070003_13481209/ Tue, 02 Jan 2018 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180102070003_13481209/ <![CDATA[News - Avation completes deliveries to Mandarin Airlines ]]> http://www.proactiveinvestors.co.uk/companies/news/189337/avation-completes-deliveries-to-mandarin-airlines-189337.html Aircraft lessor Avation PLC (LON:AVAP) has delivered a third new ATR 72-600 aircraft to Mandarin Airlines, a subsidiary of Taiwan's flag carrier, China Airlines.

Jeff Chatfield, Avation’s executive chairman, said: "We are pleased to have completed this delivery programme before the end of 2017 and to be the lessor selected by Mandarin Airlines to introduce the ATR 72-600 into their fleet.

READ: Avation confirms delivery of Airbus A320-200 to easyJet

“Globally the ATR 72-600 is the most popular regional turboprop aircraft and provides our airline customers with the most cost effective solution for regional operations.

READ: Avation makes first twin-aisle aircraft delivery

“This aircraft [MSN1473] is the company's 31st ATR 72-600 new aircraft delivery."

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Fri, 29 Dec 2017 09:48:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189337/avation-completes-deliveries-to-mandarin-airlines-189337.html
<![CDATA[RNS press release - THIRD ATR 72-600 DELIVERY TO MANDARIN AIRLINES ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171229083153_13480179/ Fri, 29 Dec 2017 08:31:53 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171229083153_13480179/ <![CDATA[RNS press release - AIRBUS A330 ACQUISITION ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222123050_13476346/ Fri, 22 Dec 2017 12:30:50 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222123050_13476346/ <![CDATA[RNS press release - APPOINTMENT OF LEGAL COUNSEL ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222074738_13475604/ Fri, 22 Dec 2017 07:47:38 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222074738_13475604/ <![CDATA[News - Avation confirms delivery of Airbus A320-200 to easyJet ]]> http://www.proactiveinvestors.co.uk/companies/news/189217/avation-confirms-delivery-of-airbus-a320-200-to-easyjet-189217.html Aircraft leasing group Avation PLC (LON:AVAP) has completed delivery of an Airbus A320-200 to easyJet PLC (LON:EZJ).

A letter of intent was signed back in October but the lease was dependent on easyJet’s partial purchase of Air Berlin – the now defunct German carrier which formerly leased the plane in question.

READ: Avation planning to address shares' discount to net asset value "when conditions permit"

easyJet has now received approval from the European Commission to press ahead with its acquisition.

As Avation stated back in October, the lease rate and duration are typical for an aircraft of this type.

“We are pleased to have entered into a new lease with easyJet for this Airbus A320, allowing a transition of this aircraft from the now-defunct Air Berlin to an airline of such high regard as easyJet,” said executive chairman Jeff Chatfield.

READ: Avation makes first twin-aisle aircraft delivery

“In our view it was pleasing to see such a prompt and commercially seamless aircraft transition.”

Separately, the company announced that it has completed the acquisition of one twin-aisle Airbus A330 aircraft.The aircraft is on lease to EVA Air of Taiwan.

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Fri, 22 Dec 2017 07:27:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189217/avation-confirms-delivery-of-airbus-a320-200-to-easyjet-189217.html
<![CDATA[RNS press release - AIRBUS AIRCRAFT TRANSITION ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222070001_13475171/ Fri, 22 Dec 2017 07:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222070001_13475171/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171220102249_13472435/ Wed, 20 Dec 2017 10:22:49 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171220102249_13472435/ <![CDATA[News - Avation planning to address shares' discount to net asset value "when conditions permit" ]]> http://www.proactiveinvestors.co.uk/companies/news/189079/avation-planning-to-address-shares-discount-to-net-asset-value-when-conditions-permit--189079.html Aircraft leasing specialist Avation PLC (LON:AVAP) expects to see growth in reported revenues in the second half of the current financial year.

At today's annual general meeting, executive chairman Jeff Chatfield is set to tell shareholders that the company has passed a milestone in having more than US$1bn in assets, and also noted in passing that the shares trade at a discount to net asset value (NAV) per share.

READ: Avation makes first twin-aisle aircraft delivery

Having pointedly referred to the discount to NAV at which the shares trade, Chatfield said the company would attempt to narrow/eradicate this discount by using “capital management techniques when conditions permit”.

The fleet currently consists of 37 aircraft with a weighted average age of 2.9 years and a weighted average lease duration of 7.9 years.

"Avation is now a full-service aircraft lessor providing regional, narrow-body and twin-aisle aircraft. We have evolved over the last six years from originally being a jet lessor to also leasing out regional turbo-prop aircraft,” Chatfield's statement said.

“We have recently expanded our offering to include large twin-aisle aircraft. The rationale for including a small number of twin-aisle aircraft in the fleet is to match the mix of equipment commonly used by airline operators.

READ: Avation secures aircraft revolving facility agreement with leading international bank

"Airlines operate in some or all segments of regional, narrow body and twin-aisle aircraft; therefore, it is natural for an aircraft lessor to have a broad product offering that matches the real world of business opportunity,” Chatfield explained.

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Wed, 20 Dec 2017 09:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189079/avation-planning-to-address-shares-discount-to-net-asset-value-when-conditions-permit--189079.html
<![CDATA[RNS press release - AGM, INTERIM MANAGEMENT STATEMENT & TRADING UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171220071617_13472121/ Wed, 20 Dec 2017 07:16:17 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171220071617_13472121/ <![CDATA[News - Avation makes first twin-aisle aircraft delivery ]]> http://www.proactiveinvestors.co.uk/companies/news/188935/avation-makes-first-twin-aisle-aircraft-delivery-188935.html Aircraft leasing company Avation PLC (LON:AVAP) has acquired and delivered into service a new Boeing 777-300ER commercial passenger aircraft.

The new Boeing 777-300ER aircraft is on a long-term lease at typical commercial rates for such aircraft with Philippine Airlines.

READ: Avation secures aircraft revolving facility agreement with leading international bank

"We're pleased our first twin-aisle delivery is a Boeing 777, the marquee airplane in its class. We're confident this airplane will complement our regional and single-aisle fleet and help Avation continue to grow as a full-service commercial aircraft lessor," said Jeff Chatfield, the executive chairman of Avation.

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Mon, 18 Dec 2017 08:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188935/avation-makes-first-twin-aisle-aircraft-delivery-188935.html
<![CDATA[RNS press release - Boeing Avation Deliver Philippine Airlines 777-300 ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171218070002_13468302/ Mon, 18 Dec 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171218070002_13468302/ <![CDATA[News - Avation secures aircraft revolving facility agreement with leading international bank ]]> http://www.proactiveinvestors.co.uk/companies/news/188783/avation-secures-aircraft-revolving-facility-agreement-with-leading-international-bank-188783.html Avation PLC (LON:AVAP) has entered into a secured aircraft revolving facility agreement with a leading international bank which will be used to finance aircraft or part portfolios of passenger aircraft on lease to commercial airlines.

The firm said the initial facility amount is US$100mln with interest based on either fixed or floating rates. The optimal duration for loans under the facility is up to 36 months.

READ: Avation delivers aircraft for lease to Mandarin Airlines

It added that the aircraft financed by the facility must satisfy certain agreed criteria which include airline credit, minimum lease duration and aircraft type.

READ: Avation takes out options on more aircraft

Avation PLC ‘s executive chairman Jeff Chatfield commented: "This Facility provides for rapid purchase funding of new or on lease aircraft and is a useful finance mechanism for trading acquisitions for durations of the short to medium term."

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Thu, 14 Dec 2017 08:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188783/avation-secures-aircraft-revolving-facility-agreement-with-leading-international-bank-188783.html
<![CDATA[RNS press release - SECURED AIRCRAFT REVOLVING FACILITY AGREEMENT ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171214070002_13464815/ Thu, 14 Dec 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171214070002_13464815/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171208135535_13459424/ Fri, 08 Dec 2017 13:55:35 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171208135535_13459424/ <![CDATA[News - Avation delivers aircraft for lease to Mandarin Airlines ]]> http://www.proactiveinvestors.co.uk/companies/news/188263/avation-delivers-aircraft-for-lease-to-mandarin-airlines-188263.html Avation PLC (LON:AVAP) has delivered the second of three ATR 72-600 aircraft to Mandarin Airlines under leases agreed earlier this year.

The commercial passenger aircraft leasing company will deliver the third aircraft to the airline, a subsidiary of Taiwan's flag carrier China Airlines, before the end of the year. The leases, announced on July 19, are at market rates and will last for eight years.

READ: Avation delivers first of three ATR 72-600 planes to Mandarin Airlines

"We are proud to be supporting Mandarin Airlines' fleet programme and to be delivering a second new ATR 72-600 aircraft,” said Avation executive chairman, Jeff Chatfield.

“The ATR 72-600 is the most popular turboprop aircraft and provides our airline customers with the most cost effective and environmentally friendly solution for regional airlines."

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Tue, 05 Dec 2017 09:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188263/avation-delivers-aircraft-for-lease-to-mandarin-airlines-188263.html
<![CDATA[RNS press release - SECOND ATR 72-600 DELIVERY TO MANDARIN AIRLINES ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171205091602_13454165/ Tue, 05 Dec 2017 09:16:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171205091602_13454165/ <![CDATA[RNS press release - WARRANT ISSUE AND DIRECTORS' DEALING ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171127102833_13444702/ Mon, 27 Nov 2017 10:28:33 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171127102833_13444702/ <![CDATA[RNS press release - PRICES U.S. DOLLAR DENOMINATED BOND TAP ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171127102829_13444699/ Mon, 27 Nov 2017 10:28:29 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171127102829_13444699/ <![CDATA[News - Avation delivers first of three ATR 72-600 planes to Mandarin Airlines ]]> http://www.proactiveinvestors.co.uk/companies/news/187805/avation-delivers-first-of-three-atr-72-600-planes-to-mandarin-airlines-187805.html Aircraft leasing group Avation PLC (LON:AVAP) has delivered a new ATR 72-600 plane to Mandarin Airlines.

It is the first such delivery made to Mandarin, a subsidiary of Taiwan’s flag carrier, China Airlines.

READ: Avation takes out options on more aircraft

As part of a deal initially agreed back in July, two other ATR 72-600s will be delivered to Mandarin before the end of the year.

The leases are for eight years and are priced at “market rates”, Avation said.

READ: Avation hires new vice president of marketing

“This is a milestone for the company as it is the 30th new ATR 72 that the company has taken delivery of. We are satisfied with the financial returns provided by the ATR 72 aircraft type,” said executive chairman Jeff Chatfield.

“Globally the ATR 72-600 is the most popular regional turboprop aircraft and provides our airline customers with the most cost effective and environmentally friendly solution for regional airlines.”

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Mon, 27 Nov 2017 07:19:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187805/avation-delivers-first-of-three-atr-72-600-planes-to-mandarin-airlines-187805.html
<![CDATA[RNS press release - FIRST ATR 72-600 DELIVERY TO MANDARIN ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171127070002_13443929/ Mon, 27 Nov 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171127070002_13443929/ <![CDATA[RNS press release - NOTICE OF AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171124102907_13443215/ Fri, 24 Nov 2017 10:29:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171124102907_13443215/ <![CDATA[RNS press release - BOCI AS DEALER TO BONDS ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171122070002_13439670/ Wed, 22 Nov 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171122070002_13439670/ <![CDATA[News - Avation should be trading at a premium to NAV, Canaccord Genuity says ]]> http://www.proactiveinvestors.co.uk/companies/news/187512/avation-should-be-trading-at-a-premium-to-nav-canaccord-genuity-says-187512.html Canaccord Genuity has initiated coverage on aircraft leasing company Avation PLC (LON:AVAP) with a ‘buy’ recommendation and a 300p target price.

The broker, which has just been appointed joint broker to the company, said Avation is a relatively low-risk, asset-backed business with excellent growth prospects.

“Future growth is reinforced by the virtuous circle of more aircraft (types), more blue chip airlines on long term leases, enhanced scale and diversification, lower costs of debt through improved credit ratings and improved margins and earnings growth,” Canaccord Genuity asserted.

As for the “low-risk” bit of the equation, the broker noted that counterparty risk is kept at a low level through having a broad spectrum of commercially viable airline customers in Europe and Asia-Pacific.

Avation’s customers include EasyJet, Air France, Virgin Australia, EVA, Thomas Cook, Philippine Airlines and VietJet.

Although well-publicised airline collapses might indicate to the contrary, Avation is serving a sector where the growth prospects are decent; aeroplane makers Boeing and Airbus predict average growth of 4.4%-4.7% for the next 20 years.

“Contrary to airlines, leasing companies like Avation have excellent long term revenue visibility and are consistently profitable,” the broker said.

The company has doubled the value of its fleet every three years in each of the past five years, and with roughly half of the 35,000-40,000 global aircraft deliveries over the next 20 years expected to be financed by lessors, there should be plenty of growth.

With the share price trading at a 12% discount to its net asset value per share (NAV), Canaccord thinks the shares are a bargain at 214p and that they should be trading a premium to NAV.

 

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Mon, 20 Nov 2017 07:56:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187512/avation-should-be-trading-at-a-premium-to-nav-canaccord-genuity-says-187512.html
<![CDATA[RNS press release - APPOINTMENT OF JOINT BROKER ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171120070002_13436463/ Mon, 20 Nov 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171120070002_13436463/ <![CDATA[News - Avation takes out options on more aircraft ]]> http://www.proactiveinvestors.co.uk/companies/news/187354/avation-takes-out-options-on-more-aircraft-187354.html Aircraft lessor Avation PLC (LON:AVAP) has expanded its aircraft options pipeline to 30 new ATR72-600 aircraft over the next five years.

Previously it had 27 options over new ATR72-600 turboprop planes.  

READ: Avation hires new vice president of marketing

The lessor has also issued US$20mln of bonds to finance the fleet expansion.

Jeff Chatfield, executive chairman, said: "The company has decided to establish a financing package using, in the main part, attractively priced bank finance for the purchase of a series of additional aircraft scheduled for delivery before the end of December 2017.

“This tap issuance forms a part of the overall financing for the aircraft. “ 

READ: Avation to launch new round of debt finance

The 7.5% senior notes due 2020 were issued at a premium with a price of 100.83.  

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Thu, 16 Nov 2017 08:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187354/avation-takes-out-options-on-more-aircraft-187354.html
<![CDATA[RNS press release - PRICES U.S. DOLLAR DENOMINATED BOND TAP ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171116070002_13433297/ Thu, 16 Nov 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171116070002_13433297/ <![CDATA[News - Avation hires new vice president of marketing ]]> http://www.proactiveinvestors.co.uk/companies/news/187204/avation-hires-new-vice-president-of-marketing-187204.html Commercial aircraft leasing group Avation PLC (LON:AVAP) has appointed Karl Ryan as the company’s new vice president of marketing. 

Ryan joins as part of the group’s initiative to enhance the group’s marketing efforts in Europe, Middle East and the Americas.

READ: Avation signs lease transition for Airbus A320-200 aircraft to easyJet from Air Berlin

"The company has established an executive training and recruitment program to identify and develop human talent,” said Jeff Chatfield, Avation executive chairman.

“The programme has been producing excellent candidates with various levels of experience."

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Tue, 14 Nov 2017 07:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187204/avation-hires-new-vice-president-of-marketing-187204.html
<![CDATA[RNS press release - APPOINTMENT OF AIRCRAFT MARKETING EXECUTIVE ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171114071925_13430515/ Tue, 14 Nov 2017 07:19:25 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171114071925_13430515/ <![CDATA[RNS press release - OUTCOME OF PROPOSED NOTE ISSUE ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171108070916_13423979/ Wed, 08 Nov 2017 07:09:16 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171108070916_13423979/ <![CDATA[News - Avation to launch new round of debt finance ]]> http://www.proactiveinvestors.co.uk/companies/news/186860/avation-to-launch-new-round-of-debt-finance-186860.html Avation PLC (LON:AVAP) is preparing a new round of dollar-denominated debt.

The aircraft lessor is rated B+/Stable by debt rating agencies S&P Global and Fitch, with the new bonds expected to be rated B by S&P and B+ by Fitch.

READ: Avation signs lease transition for Airbus A320-200 aircraft to easyJet from Air Berlin

The proceeds will be used for the purchase of aircraft and to refinance secured debt.

JP Morgan and RW Pressprich have been mandated as joint lead managers for the fixed rate senior notes, which will be due for repayment in due 2022.

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Tue, 07 Nov 2017 08:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186860/avation-to-launch-new-round-of-debt-finance-186860.html
<![CDATA[RNS press release - LAUNCHES U.S. DOLLAR DENOMINATED BOND OFFERING ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171107070003_13422284/ Tue, 07 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171107070003_13422284/ <![CDATA[News - Avation signs lease transition for Airbus A320-200 aircraft to easyJet from Air Berlin ]]> http://www.proactiveinvestors.co.uk/companies/news/186513/avation-signs-lease-transition-for-airbus-a320-200-aircraft-to-easyjet-from-air-berlin-186513.html Avation PLC (LON:AVAP) has signed a conditional letter of intent with easyJet PLC’s (LON:EZJ) operating company for a new lease on an Airbus A320-200 aircraft which was previously on lease to collapsed German airline Air Berlin.

The commercial passenger aircraft leasing company said the term sheet for the new lease is subject final documentation and the formal completion of easyJet's partial purchase of Air Berlin, with the proposed lease rates and duration typical for an aircraft of the type.

READ: Avation announces purchase of two twin-aisle airliners to grow and diversify its portfolio

Avation’s executive chairman, Jeff Chatfield commented: "We are pleased to have entered into a conditional term sheet with easyJet for a new lease of the Airbus A320 providing for the smooth transition of the aircraft.”

He added: “Avation does not expect any financial impairment, material loss nor gain associated with the transition of the aircraft from Air Berlin to easyJet".

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Tue, 31 Oct 2017 15:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186513/avation-signs-lease-transition-for-airbus-a320-200-aircraft-to-easyjet-from-air-berlin-186513.html
<![CDATA[RNS press release - AIRCRAFT TRANSITION ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171031150539_13415229/ Tue, 31 Oct 2017 15:05:39 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171031150539_13415229/ <![CDATA[RNS press release - INCREASE TO US$1,000,000,000 GMTN ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171020154836_13404400/ Fri, 20 Oct 2017 15:48:36 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171020154836_13404400/ <![CDATA[RNS press release - AIRBUS A330-300 ACQUISITION ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171011074916_13392838/ Wed, 11 Oct 2017 07:49:16 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171011074916_13392838/ <![CDATA[News - Avation announces purchase of two twin-aisle airliners to grow and diversify its portfolio ]]> http://www.proactiveinvestors.co.uk/companies/news/185390/avation-announces-purchase-of-two-twin-aisle-airliners-to-grow-and-diversify-its-portfolio-185390.html Avation PLC (LON:AVAP) has announced the purchases of two twin-aisle passenger jets - one a Boeing and the other an Airbus - in a move designed to further grow and diversify its leasing portfolio. 

In a statement, the commercial passenger aircraft leasing company said it has acquired a Boeing 777-300ER (Extended Range) twin-aisle aircraft from another lessor and is scheduled to deliver it to Philippine Airlines Inc.

The firm said the acquisition of the aircraft is expected to be completed by the end of the fourth quarter of 2017 and the lease is long-term at market rate financial terms.

READ: Avation signs long-term leases for four aircraft

Avation’s executive chairman Jeff Chatfield commented: "We have been seeking to grow and diversify our portfolio of aircraft and a new Boeing 777-300ER aircraft advances these objectives.”

In a separate announcement, Avation also announced the purchase of one Airbus A330-300 aircraft from another lessor, which is currently on long-term lease to EVA Air of Taiwan.

It said the acquisition of the approximately 23 months old aircraft has been agreed at market rate and is expected to be completed by the end of the fourth quarter of 2017.

READ: Avation freshening up the fleet (as usual)

Chatfield commented: "With the acquisition of this second twin-aisle aircraft, Avation will have progressed on our 11 year evolution from narrowbody jet lessor into a full-service commercial aircraft lessor with turboprop, regional jet, narrowbody jet and twin-aisle aircraft in its fleet along with a suitably qualified management team."

 -- Updates with second aircraft purchase -- 

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Wed, 11 Oct 2017 07:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185390/avation-announces-purchase-of-two-twin-aisle-airliners-to-grow-and-diversify-its-portfolio-185390.html
<![CDATA[RNS press release - BOEING AIRCRAFT ACQUISITION ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171011073146_13392830/ Wed, 11 Oct 2017 07:31:46 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171011073146_13392830/ <![CDATA[RNS press release - PUBLICATION OF FINAL RESULTS ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20170925082353_13373832/ Mon, 25 Sep 2017 08:23:53 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20170925082353_13373832/ <![CDATA[News - Avation freshening up the fleet (as usual) ]]> http://www.proactiveinvestors.co.uk/companies/news/184013/avation-freshening-up-the-fleet-as-usual-184013.html Dr Who is not the only one keen on regular regenerations; Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company, has been doing the same for a decade or more.

In March it told investors it was getting ready to splash some big cash on freshening up its current plane fleet.

READ: Avation signs long-term leases for four aircraft

The following month it confirmed the sale of six ATR 72-600s to Chorus Aviation Inc (TSE:CHR) for US$31mln – a premium to book value.

In June, it issued loan notes to finance the purchase of a new ATR 72-600 aircraft.

That little sequence of events “nutshells” what the company’s business model is.

The firm – publicly listed for more than a decade – rents out its aircraft to airlines around the world, including Thomas Cook Group (LON:TCG) and Virgin.

The business model is rather like the one employed by property firms.

I shall be re-leased

Avation, and firms such as its US rivals Airlease, Aircastle and Avolon, buy an aircraft then lease it out – the airline will then take care of all the maintenance, rather than Avation.

Avation finances its acquisitions using 75% senior, secured bank debt. A typical plane might be leased on the basis of repaying back to Avation around 144% of the acquisition price over 12 years of a typical contract.

Even when that lease is up, the plane can then be leased out for another 12 years, albeit at lower rate than a brand new airliner.

Avation mitigates the risk posed by a sharp rise in interest rates by borrowing over the term of the lease, rather than over two or three years and constantly refinancing.

That way it always knows it will receive more in lease payments than it pays to the banks.

The lenders, meanwhile, are keen to finance leasing deals because a new plane appreciates in value when it is leased out.

Positioned in the market to succeed

The firm focuses on narrow-body commercial jet and turboprop aircraft, which it rents out on long term leases. Narrow-body aircraft are used by the majority of the global fleet.

For those of you who aren’t aeroplane nerds (these nerds do exist, judging by the traffic jams I inadvertently run into occasionally when air shows are on at Duxford), single aisle, twin engine planes, such as the Airbus 320 and the French-Italian ATR 72 600, are used by 75% of the world’s carriers for short-haul trips and the latter makes up two-thirds of Avation’s fleet.

WATCH: Avation Plc into a new year with a new set of growth challenges

Avation wants a fleet with a low average age and long average remaining lease term and generally tries to sell mid-life and older aircraft to redeploy capital to new assets and keep a low average fleet age – hence the recent recycling of stock.

At the end of September last year, the average age of its fleet was 3.2 years (5.4 years in 2015), and that’s only been helped in the months since with the sale of its five last remaining Fokker 100 planes which were more than 20 years old.

The remaining lease term as a weighted average was 7.4 years compared to 5.9 years as at September last year, while all of its 40-strong fleet was in use.

Record results

In the year to the end of June, a higher lease yield helped to push up revenues by almost a third to US$94.2mln (2016: US$71.2mln), while pre-tax profits jumped by 18% to US$21.4mln.

That allowed Avation to increase its dividend by 85% to 6 US cents (2016: 3.25 cents).

“Fleet metrics have improved with lease yield rising to 12.8%, while the average age of the fleet has reduced and the average remaining lease term for the aircraft portfolio has increased.

“The company has ended the year with a substantial cash balance, lower leverage and has an improved credit rating, which are features that support the funding of further fleet expansion,” said executive chairman, Jeff Chatfield.

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Thu, 14 Sep 2017 14:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184013/avation-freshening-up-the-fleet-as-usual-184013.html
<![CDATA[News - Avation signs long-term leases for four aircraft ]]> http://www.proactiveinvestors.co.uk/companies/news/183979/avation-signs-long-term-leases-for-four-aircraft-183979.html Aircraft leasing company Avation PLC (LON:AVAP) has signed multiple long-term leases with two airlines for four aircraft.

The company confirmed it has signed a new lease for a mid-life Airbus A321 that will commence on expiry of its existing lease in mid-2018. The aircraft will move over to another European airline for a term of 72 months at typical commercial rates for a mid-life aircraft, Avation said.

The other three aircraft are the ATR 72-600s referred to in the letter of intent announced back in July; the long-term leases have now been signed.

The aircraft are being leased to Mandarin Airlines, the subsidiary of Taiwanese flag carrier China Airlines.

WATCH: Avation Plc into a new year with a new set of growth challenges

These three aircraft will be configured to the customer's specifications and client's livery and are expected to be delivered into service towards the end of the year.

Shares in Avation were up 1.5% at 240p after an hour of trading.

READ: Avation flies higher after reporting record full-year revenues and profits ]]>
Thu, 14 Sep 2017 09:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183979/avation-signs-long-term-leases-for-four-aircraft-183979.html
<![CDATA[RNS press release - OPERATIONAL UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20170914073515_13362583/ Thu, 14 Sep 2017 07:35:15 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20170914073515_13362583/ <![CDATA[Media files - Avation Plc into a new year with a new set of growth challenges ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8063/avation-plc-into-a-new-year-with-a-new-set-of-growth-challenges-8063.html Mon, 11 Sep 2017 12:50:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8063/avation-plc-into-a-new-year-with-a-new-set-of-growth-challenges-8063.html <![CDATA[News - Avation flies higher after reporting record full-year revenues and profits ]]> http://www.proactiveinvestors.co.uk/companies/news/183588/avation-flies-higher-after-reporting-record-full-year-revenues-and-profits-183588.html Shares in Avation PLC (LON:AVAP) were flying high early on Thursday morning after the aircraft leasing group posted another record-breaking full-year results.

A higher lease yield helped to push up revenues by almost a third to US$94.2mln (2016: US$71.2mln) during the 12 months ended 30 June, while pre-tax profits jumped by 18% to US$21.4mln.

That allowed Avation to increase its dividend by 85% to 6 US cents (2016: 3.25 cents).

As an “active trader” of planes, the company re-jigged its portfolio a couple of times last year. It added four new Airbus A321s which are currently on lease to VietJet, while it disposed of three other A321s.

Avation also sold off six of its ATR 72 turboprops for above book value, netting it a cool US$31mln.

Ready to add to its fleet

The company has repeatedly said it will dip into its cash reserves – which stood at US$87.7mln at the end of June (2016: US$48.3mln) – to add to its fleet and it is in the assessing a “number of aircraft” for potential acquisition.

“Avation is pleased to report record revenue, profit and operating cashflow in the year to 30 June 2017 [and] continues to diversify its aircraft fleet while adding balance sheet scale,” said executive chairman Jeff Chatfield.

“Fleet metrics have improved with lease yield rising to 12.8%, while the average age of the fleet has reduced and the average remaining lease term for the aircraft portfolio has increased.

“The company has ended the year with a substantial cash balance, lower leverage and has an improved credit rating, which are features that support the funding of further fleet expansion.”

Good start to second half

On top of the strong financial performance, Avation said it had positioned itself well for the future by both reducing the average age of its aircraft and increasing the average lease term during the year.

In fact it has rolled over its fine form into the current year, telling investors that fleet and lease revenues continue to grow year-on-year.

Shares rose 3.4% to 242.9p in early deals on Thursday.

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Thu, 07 Sep 2017 08:26:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183588/avation-flies-higher-after-reporting-record-full-year-revenues-and-profits-183588.html
<![CDATA[RNS press release - PRELIMINARY UNAUDITED FINANCIAL RESULTS FOR 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20170907070503_13354579/ Thu, 07 Sep 2017 07:05:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20170907070503_13354579/ <![CDATA[RNS press release - RESULTS AND INVESTOR UPDATE CALL ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20170901070002_13348152/ Fri, 01 Sep 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20170901070002_13348152/