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Air Partner launches £7.5mln funding as it sees freight and charter opportunities amidst pandemic

The company said there are business opportunities with government and commercial customers.

Air Partner - Air Partner launches £7.5mln funding as it sees freight and charter opportunities amidst pandemic

Air Partner Plc (LON:AIR) has launched a share placing to raise up to £7.5mln to help take advantage of strong trading in its freight and charter air travel businesses.

The company, in a statement, said that it is well placed to capture new business opportunities amidst the coronavirus (COVID-19) pandemic and management believes it is prudent to strengthen the balance sheet.

This will allow it to pay down debt and capitalise on new opportunities including significant government and commercial work.

It also seeks to attract talent from the air charter industry and it is opening new office locations in markets where fundamentals appear strong.

At the end of May, Air Partner had £16.5mln of available cash along with access to £14.5mln of debt – a £13mln revolving credit facility and a £1.5mln overdraft. It had drawn £11.5mln of the facility by the end of May, and it is due to expire in February 2023.

Stockbrokers Canaccord Genuity and Nplus1 Singer Capital Markets will conduct the placing to institutional investors, via an accelerated bookbuild process, while separately new shares will also be offered to retail investors through the Primary Bid platform.

Quick facts: Air Partner

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Price: 90 GBX

Market Cap: £57.21 m

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