TIDMAVAP
RNS Number : 0574O
Avation PLC
27 May 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
27 May 2020
AVATION PLC ("Avation" or the "Company")
Termination of Strategic Review and Formal Sale Process
On 6 January 2020, in response to an unsolicited approach by a
bona fide potential offeror, Avation announced that it was
undertaking a comprehensive review of strategic op ti ons available
to the Company, including, but not limited to, a poten ti al sale
through a formal sale process as referred to in Note 2 on Rule 2.6
of the City Code on Takeovers and Mergers (the "Code").
On 7 March 2020, Avation announced that it had engaged with
multiple interested parties as part of the formal sale process but,
as a result of market conditions owing to the COVID-19 pandemic,
progress had been delayed. Since then, the Company has engaged with
a number of parties to establish whether they were prepared to make
a firm proposal (whether for the Company or certain assets of the
Company).
Over the past several weeks, however, COVID-19 has continued to
disrupt business activities, particularly air travel, on an
unprecedented scale. Market volatility remains high and the
short-term, global economic outlook is uncertain.
In light of this ongoing disruption, the Board of Avation has
concluded that, at present, a formal sale process is unlikely to
produce an outcome that accurately reflects the long-term value of
the Company and at a value that is attractive to shareholders. The
Board is also mindful of the distraction posed to its day to day
operational activities by a protracted formal sale process.
Consequently, the Board has decided to terminate the strategic
review and formal sale process and confirms that it is no longer in
active discussions with any interested parties.
The Company will continue to focus on near-term execution and
liquidity, including managing its capital structure as
necessary.
Following this announcement, the Company is no longer considered
to be in an offer period, as defined in the Code, and the
requirement to make disclosures under Rule 8 of the Code has now
ceased.
Further announcements will be made as appropriate.
Enquiries:
Avation
Jeff Chatfield, Executive Chairman +65 6252 2077
Wells Fargo Securities
Sam Small +44 203 942 9625
Bryce Endline +1 704 410 1084
In accordance with Rule 26.1 of the Code, a copy of this
announcement will, subject to certain restrictions relating to
persons resident in restricted jurisdictions, be available at
www.avation.net. The person responsible for arranging for the
release of this announcement on behalf of Avation is Duncan Scott
General Counsel and Company Secretary. For the avoidance of doubt,
the content of the website referred to above is not incorporated
into and does not form part of this announcement.
Forward Looking Statements
This announcement (including information incorporated by
reference in this announcement), oral statements made regarding the
formal sale process, and other information published by Avation may
contain statements about Avation that are or may be deemed to be
forward looking statements. Such statements are prospective in
nature. All statements other than historical statements of facts
may be forward looking statements. Without limitation, statements
containing the words "targets", "plans", "believes", "expects",
"aims", "intends", "will", "may", "anticipates", "estimates",
"projects" or "considers" or other similar words may be forward
looking statements. Forward looking statements inherently contain
risks and uncertainties as they relate to events or circumstances
in the future. Important factors such as business or economic
cycles, the terms and conditions of Avation's financing
arrangements, tax rates, or increased competition may cause
Avation's actual financial results, performance or achievements to
differ materially from any forward looking statements. Due to such
uncertainties and risks, readers are cautioned not to place undue
reliance on such forward looking statements, which speak only as of
the date hereof. Avation disclaims any obligation to update any
forward looking or other statements contained herein, except as
required by applicable law.
About Avation
Avation is an aircraft leasing company, headquartered in
Singapore, owning and managing a fleet standing at 48 commercial
passenger aircraft which it leases to airlines around the
world.
About Wells Fargo Securities
Wells Fargo Securities International Limited, a subsidiary of
Wells Fargo & Company trading as "Wells Fargo Securities", is
authorised and regulated by the Financial Conduct Authority (FCA)
in the United Kingdom. Wells Fargo Securities is acting exclusively
as financial adviser to Avation and will not be responsible to
anyone other than Avation for providing the protections afforded to
its client, or for providing advice in relation to the matters set
out in this Announcement.
This announcement does not constitute an offer to purchase any
securities, or an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any offer to purchase or
sell securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The release, distribution
or publication of this announcement in jurisdictions other than the
UK may be restricted by law and therefore any persons who are
subject to the laws of any jurisdiction other than the UK should
inform themselves about and observe any applicable requirements
.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
OFDUBAWRROUVURR
(END) Dow Jones Newswires
May 27, 2020 04:16 ET (08:16 GMT)
Avation (LSE:AVAP)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Avation (LSE:AVAP)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
