Avation PLC TRANSITION OF AIRCRAFT LEASES AND SALES (4837Q)
19 Junio 2020 - 01:00AM
UK Regulatory
TIDMAVAP
RNS Number : 4837Q
Avation PLC
19 June 2020
Via RNS and SGXNET
AVATION PLC
("Avation" or "the Company")
TRANSITION OF AIRCRAFT LEASES AND SALES
SINGAPORE - 19 JUNE 2020 - Avation PLC (LSE: AVAP), the
commercial passenger aircraft leasing company advises that it has
entered into commercial arrangements in respect of five aircraft
that were on lease to Virgin Australia, which entered
administration on 21 April.
Avation has entered into agreements to lease two of the former
Virgin Australia ATR 72-500s to another commercial airline in
Australia, until the end of 2021, at current market lease
rates.
Avation has signed a conditional letter of intent for one of the
former Virgin Australia ATR 72-500 aircraft with an airline
customer for an operating lease period of five years at current
market rates.
Furthermore, the company has entered into finance leases for the
sale its last two remaining Fokker 100 aircraft over the period to
September 2020 at a price 6% above book value.
Jeff Chatfield, Executive Chairman of Avation, said: "We are
optimistic that Virgin Australia will be sold by the Administrator
and that the eventual buyer should see the value in maintaining and
indeed growing the regional network using Avation's remaining ATR
72-600s as a part of the future business. We feel it prudent to
mitigate our overall risk by selling down and transitioning certain
of the aircraft given the uncertainty that surrounds the present
COVID-19 environment."
Jeff Chatfield, Executive Chairman went further to say "Given
this unusual and disrupted environment, Avation is pleased and
grateful that its marketing team was able to establish a lease with
new client."
ENDS -
Enquiries:
Avation PLC - Jeff Chatfield, Executive Chairman +65 6252 2077
Avation welcomes shareholder questions and comments and advises
the email address is: investor@avation.net
Notes to Editors:
Avation PLC is an aircraft leasing company headquartered in
Singapore which owns and manages a fleet of commercial passenger
aircraft leased to airlines around the world.
More information on Avation is available at www.avation.net
.
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END
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