Company
LON:AVAP
Avation is a London Stock Exchange main market company quoted on the 06 October 2010. Avation has both its shares AVAP.L and warrants AVAW.L admitted to the LSE. Avation was incorporated 2006 in England and Wales. Avation PLC is a commercial passenger aircraft leasing company owning a fleet of aircraft which it leases to airlines across the world. Avation's future focus are new technology low CO2 emission aircraft. Our current customers include easyJet, Eva Air, Philippine Airlines, Alliance Air India, Vietjet Air, Fiji Airways, Mandarin Airlines, Cebu Pacific, airBaltic and Danish Air Transport. The company’s fleet includes Airbus A320 and A220 aircraft, Boeing 737 NG and 777-300ER aircraft and ATR 72 aircraft.
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As of this date, Avation has no active litigation with Virgin's Trustees nor any of its other clients but it is still waiting for the money it is owed
Formerly the chief executive of AerCap Group Services, one of the world’s largest aircraft leasing companies, Soeren Ferre will assist with commercial projects including leasing and trading aircraft
"It is pleasing to have only three remaining aircraft to market and transition," said executive chairman Jeff Chatfield.
“We are seeing increased interest from airlines to buy or lease aircraft at sustainable lease rates"
The commercial passenger aircraft leasing company finished December with US$121mln of cash in the bank and 42 aircraft in its fleet
"The restructuring of Philippine Airlines Ltd is a significant recovery and positive development," said Avation's Jeff Chatfield
The company held its AGM earlier today in Singapore.
The aircraft were among five ATR 72-600s returned following the voluntary administration of Virgin Australia
"Avation has a policy of focusing on new design, young and fuel-efficient aircraft," said executive chairman Jeff Chatfield
"All the company's leases remain in force and ongoing, save as otherwise announced,
The rationale for the sale, from Avation's perspective, is portfolio management and to increase liquidity
The group stressed both of these transactions are not finalised yet
Avation will emerge from the pandemic with a smaller fleet with high levels of utilisation
“It is pleasing that commercial bank aircraft lending appears to be reopening following the disruption caused by COVID-19," said executive chairman Jeff Chatfield
PAL uses a Boeing 777-300ER supplied by the UK-listed company
“The rationale for the sale, from Avation's perspective, is portfolio management and to increase liquidity," said chairman Jeff Chatfield
A distribution is on its way but the company does not yet know how much or when
The aircraft have been leased to Australian carrier Hevilift
The company has reviewed the valuation of its fleet and is not expecting to make any more write-downs as there is evidence in the marketplace of valuations starting to recover
The company has also reduced the number of firm orders it has with ATR for new aircraft, while retaining the flexibility to order more should demand pick up.
