Gama Aviation PLC Prepayment of Promissory Note (0162G)
21 Julio 2021 - 07:43AM
UK Regulatory
TIDMGMAA
RNS Number : 0162G
Gama Aviation PLC
21 July 2021
21 July 2021
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation" or the "Company")
Prepayment of Promissory Note
On 2(nd) March 2020, Gama Aviation announced the sale of its US
Air associate, Gama Aviation LLC (doing business as Gama Aviation
Signature) to Wheels Up Partners Holdings LLC ("Wheels Up")
("Transaction"). The consideration for the sale was $33m, of which
$13m was paid in cash at closing of the Transaction, with the
remaining $20m issued as a promissory note by Wheels Up also at
closing of the Transaction ("Note"). The Note was to be settled in
cash, with interest, in eight equal six-month instalments over the
following four years.
On 14(th) July 2021, Wheels Up listed on the New York Stock
Exchange triggering a mandatory prepayment provision under the
terms of the Note.
On 20(th) July 2021, the Company received $15.2m in cash from
Wheels Up, representing the full prepayment amount due to the
Company under the Note.
The $15.2m cash received will be used to settle the residual
corporation tax liabilities associated with the Transaction, to
support the on-going organic investment needs of the Company, and
to supplement the Company's working capital reserves.
ENDS
For more information contact:
Gama Aviation Plc +44 (0) 1252 553000
Marwan Khalek, Chief Executive Officer
Daniel Ruback, Chief Financial Officer
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
WH Ireland +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Gama Aviation - Notes to Editors
Founded in 1983 on the simple purpose of providing aviation
services that equip its customers with decisive advantage, Gama
Aviation Plc (LSE AIM: GMAA) is a highly valued global partner to
blue chip corporations, government agencies, healthcare trusts and
private individuals.
The Group has three global divisions: Business Aviation
(Aircraft Management, Charter, FBO & Maintenance), Special
Mission (Air Ambulance & Rescue, National Security &
Policing, Infrastructure & Survey, Energy & Offshore); and
Technology & Outsourcing (Flight Operations, FBO, CAM software,
Flight Planning, CAM & ARC services)
More details can be found at: http://www.gamaaviation.com/
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END
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July 21, 2021 08:43 ET (12:43 GMT)
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