Gama Aviation PLC Sale of 20% share in associate (4421T)
24 Noviembre 2021 - 03:07AM
UK Regulatory
TIDMGMAA
RNS Number : 4421T
Gama Aviation PLC
24 November 2021
Date: 24th November 2021
The information contained within this announcement is deemed to
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Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation" or the "Company" or "Group")
Sale of 20% share in associate
Gama Aviation, the global business aviation service provider,
today announces that it has agreed the sale of its 20% holding in
the issued share capital of China Aircraft Services Limited
("CASL") to Hutchison CCF Investments Limited (the "Sale"). CASL
provides services to commercial airlines at Hong Kong Airport.
The Sale, which is for cash consideration of US$2.0m, is
expected to close within the next 30 days subject only to the (i)
consent to the Sale and waiver of their pre-emption rights by the
other CASL shareholders; and (ii) approval of the Hong Kong Airport
Authority. The proceeds from the Sale, which represents the Group's
last associate investment, will be used to support the on-going
strategic investments in its core businesses over which it can
exercise full control.
In the Company's 2020 annual accounts, there were losses
attributable to the investment in CASL, on a Statutory basis, of
US$13.2m (2021 interim accounts for 6 months to 30 June 2021: US $
nil). The Company's share of CASL losses recorded within Adjusted
EBIT were US$3.4m (2021 interim accounts for 6 months to 30 June
2021: US$1.5m). In the Company's balance sheet as at 31 December
2020, the investment in CASL was recognised at US$2.0m (2021
interim balance sheet at 30 June 2021: US$2.0m). On completion of
the Sale no gain or loss on disposal is expected.
The Sale is a related party transaction under the AIM Rules for
Companies as the purchaser is an associate of the Company's largest
shareholder Hutchison Capital Holdings Limited ("Hutchison").
The directors of Gama Aviation (excluding Hutchison's
representative, Simon To), having consulted with the Company's
nominated advisor WH Ireland Limited, consider that the terms of
the Sale are fair and reasonable insofar as its shareholders are
concerned.
END
Gama Aviation Plc +44 (0) 1252 553 029
Marwan Khalek, Chief Executive
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
Ben Good
Gama Aviation - Notes to Editors
Founded in 1983 with 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
DISGZMZMLDVGMZG
(END) Dow Jones Newswires
November 24, 2021 04:07 ET (09:07 GMT)
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