http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 25 May 2018 10:09:33 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Avation extends long-term lease on Airbus A320 aircraft by a further seven years ]]> http://www.proactiveinvestors.co.uk/companies/news/196803/avation-extends-long-term-lease-on-airbus-a320-aircraft-by-a-further-seven-years-196803.html Avation PLC (LON:AVAP) has announced that it has extended the lease for an Airbus A320 aircraft by a further seven years.

The company said the lease for the aircraft was due to expire on 18 May 2018 but has now been extended to 18 May 2025 with the existing operator.

READ: Avation credit rating outlook revised to positive by Standard & Poor’s

The commercial passenger aircraft leasing company said the lease is at market rate for the age of the aircraft.

Following the process of entering into this lease extension, the company added, it now has no operating leases due to expire until the year 2021.

Jeff Chatfield, Avation's executive chairman, said: “The company seeks long duration operating leases and seeks to reduce near term remarketing risk.”

He added: “A seven year lease extension with the existing airline on A320-232 with serial number 1922 fits within company’s strategy.”

“Concurrently with entering into this lease extension we will repay the bank loan secured on the aircraft which will then be an unencumbered asset of the company,” he concluded.  

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Fri, 11 May 2018 07:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196803/avation-extends-long-term-lease-on-airbus-a320-aircraft-by-a-further-seven-years-196803.html
<![CDATA[RNS press release - LONG-TERM AIRCRAFT LEASE AND EXPIRY HORIZON ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180511070002_13637169/ Fri, 11 May 2018 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180511070002_13637169/ <![CDATA[RNS press release - REDEMPTION OF 7.5% SENIOR NOTES DUE 2020 ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180510085359_13636043/ Thu, 10 May 2018 08:53:59 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180510085359_13636043/ <![CDATA[RNS press release - PRICING OF 6.5% SENIOR NOTES DUE 2021 ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180504070004_13629770/ Fri, 04 May 2018 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180504070004_13629770/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180430070006_13622674/ Mon, 30 Apr 2018 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180430070006_13622674/ <![CDATA[RNS press release - UPDATE OF $1B GLOBAL MEDIUM TERM NOTE PROGRAMME ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180424092724_13616052/ Tue, 24 Apr 2018 09:27:24 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180424092724_13616052/ <![CDATA[News - Avation credit rating outlook revised to positive by Standard & Poor's ]]> http://www.proactiveinvestors.co.uk/companies/news/195071/avation-credit-rating-outlook-revised-to-positive-by-standard-poor-s-195071.html Avation PLC (LON:AVAP) said its credit rating outlook has been revised to ‘Positive’ from ‘Stable’ by ratings agency Standard & Poor’s (S&P).

WATCH: Avation PLC's 'never looked stronger' - CFO Richard Wolanski

The commercial aircraft leasing company said S&P had also affirmed their ‘B+’ long-term issuer credit rating as well as their ‘B’ long-term issue rating on the medium-term notes program that Avation guarantees and the US$150mln senior unsecured notes under the program.

Avation shares were steady at 222.5p in late-afternoon trading Monday.

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Mon, 16 Apr 2018 15:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195071/avation-credit-rating-outlook-revised-to-positive-by-standard-poor-s-195071.html
<![CDATA[RNS press release - CREDIT RATING ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180416144026_13606146/ Mon, 16 Apr 2018 14:40:26 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180416144026_13606146/ <![CDATA[RNS press release - ADMISSION OF NEW SHARES AND TOTAL VOTING RIGHTS ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180326084547_13580702/ Mon, 26 Mar 2018 08:45:47 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180326084547_13580702/ <![CDATA[RNS press release - ISSUE OF EQUITY ON EXERCISE OF WARRANTS ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180320070002_13572782/ Tue, 20 Mar 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180320070002_13572782/ <![CDATA[News - Avation's lease income to rise by nearly a fifth says finance boss ]]> http://www.proactiveinvestors.co.uk/companies/news/193101/avation-s-lease-income-to-rise-by-nearly-a-fifth-says-finance-boss-193101.html Richard Wolanski, aircraft lessor Avation PLC’s (LON:AVAP) chief financial officer, has told Proactive he expects bumper revenues in the second half of the year.

The group ended the first half of the year (December) with 37 aircraft, a record size for its fleet, but the full benefit only started to come through from January.

WATCH: Avation PLC's 'never looked stronger' - CFO Richard Wolanski

“In terms of revenue guidance, because we have that record fleet all through the second half of the financial year we are collecting about US$9.6mln a month in lease revenues.

“Keep in mind that the reported half-year revenue number was about US$42mln, any simple maths will tell you that 9.6×6 months will see us generating over US$57.5mln in lease revenue in the second half.

“Now that’s the clearest guidance we can give on revenue and that's the clearest guidance we’ve ever given on revenue.

“It’s going to be a very large leap from the first half to the second half.”

"That’s the nature of these assets if you buy aircraft in December," he added.

US$57.5mln revenue in second half 

“While they turn up on the balance sheet those assets obviously haven’t generated any rent or only for a few days in December and so they’re going to be generating lease revenue all through the second half and so it’s going to be a very strong second half.”

Avation earned lease revenues of US$49.1mln in the second half of 2016/17, so revenue of US$57.5mln would equal an uplift of at least 17%.

The acquisition of the aircraft in December also meant the fleet’s value topped US$1bln for the first time.

It is the youngest ever fleet with the longest attached lease terms ever in the history of the company, Wolanski added, so as a portfolio of income-producing assets "we've never looked stronger".

“We’ve been going now for 12 years and the business model is to buy brand-new aircraft and lease them for long periods of time to the airlines.

“The risks that we face are in the residual value of the aircraft that we have to buy and sell at periods of time and (because these airlines are paying us rent effectively) to diversify into a broader range of very strong airline customers."

Four strong customers added

On that front, he said Avation has added four new airline customers to take the total to 12 from 8.

“The four airline customers that we picked up are among the strongest on our books:  EasyJet, but also Philippine Airlines, Eva Air and Mandarin Airlines, so a couple in Asia as well.”

“I think if you look at the history of Avation, we’ve never changed our business model.

Double every 2 and half years

“We’ve been around for 12 years and certainly in the last five or six years the reason why investors look to this stock and buy the stock is while we do pay a 2% yield dividend, this is a company that doubles in size on average about every two and a half years and if you look at the last five or six years the share price has followed that.

“We have just delivered 35% asset growth in the first half of the financial year, you’ll see the lease revenue and the earnings from that growth be generated in the second half and for all periods to come.

"We’re still 10% off our record highs in terms of share price, but the company's never been larger, the rental roll has never been bigger, the revenues have never been bigger and the earnings are certainly going to be strong.”

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Tue, 13 Mar 2018 15:14:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193101/avation-s-lease-income-to-rise-by-nearly-a-fifth-says-finance-boss-193101.html
<![CDATA[Media files - Avation PLC's 'never looked stronger' - CFO Richard Wolanski ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8872/avation-plc-s-never-looked-stronger-cfo-richard-wolanski-8872.html Tue, 13 Mar 2018 12:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8872/avation-plc-s-never-looked-stronger-cfo-richard-wolanski-8872.html <![CDATA[News - Avation expects revenue pick-up as fleet value tops US$1bn ]]> http://www.proactiveinvestors.co.uk/companies/news/192159/avation-expects-revenue-pick-up-as-fleet-value-tops-us1bn-192159.html Civil airline lessor Avation PLC’s (LON:AVAP) fleet is now worth over US$1bn following a spate of purchases in December.

Avation started to re-jig its portfolio last June when it sold six ATR turbo-prop planes, which it replaced with its first twin-aisled jet (a Boeing 777-300ER) and three others in December.

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

Jeff Chatfield, executive chairman, added that he expects a material increase in lease revenue over the remainder of the year as a result of the re-shaped fleet.

Four new airlines have become customers, while the fleet now comprises 37 aircraft.

The bulk of the jets are Airbuses (12) alongside 19 ATR turbo-props.

WATCH: Avation PLC's 'never looked stronger' - CFO Richard Wolanski

Avation posted lower lease income of US$41.7mln (US$45.1mln) due to the reduction of the fleet at the start of this latest half-year though total revenues rose by 16% to US$52.4mln.

Interim profits to December dropped 13% to US$7.72mln, though cash inflow more than doubled to US$64.3mln.

Chatfield said the lower lease revenue reflected Avation starting the period with a smaller fleet following the ATR sale.

“The sale of these aircraft de-risked the portfolio by lowering airline concentration and released equity which facilitated the acquisition of four new aircraft in December 2017.”

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Mon, 26 Feb 2018 07:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192159/avation-expects-revenue-pick-up-as-fleet-value-tops-us1bn-192159.html
<![CDATA[RNS press release - Half-year Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180226070002_13544898/ Mon, 26 Feb 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180226070002_13544898/ <![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/