RNS Number:8832J
Capital Lease Aviation PLC
14 December 2007
Capital Lease Aviation Public limited Company
14 December 2007
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH
AFRICA.
CAPITAL LEASE AVIATION PUBLIC LIMITED COMPANY
ADMISSION AND FIRST DAY OF DEALINGS ON AIM
Capital Lease Aviation Public Limited Company (AIM: CLA), ("CLA" or the "Company
"), an aircraft leasing company, today announces its admission to trading on AIM
of the London Stock Exchange plc. CLA was incorporated by Avation plc ("Avation
") on 6 June 2007.
While CLA currently owns two Fokker F100 passenger jet aircraft both of which
are under lease to Skywest Airlines Pty Ltd ("Skywest"), a major regional
airline operating in Western Australia, the Directors intend that CLA's
customers in the future will not be restricted to a particular geography or type
of customer. CLA shall adopt a flexible approach to the type of aircraft it
purchases driven principally by the requirements of its customers.
In July 2007, the Company raised a total of £11,450,001.36 (before costs)
through the issue of 47,708,339 new Ordinary Shares at a price of 24 pence per
Ordinary Share.
W.H. Ireland Limited is acting as nominated adviser and broker to CLA.
Key point summary
• The Admission Price has been set at 75 pence per Ordinary
Share.
• Based on the Admission Price, the market capitalisation of
CLA on Admission is approximately £73.4 million.
• Admission of the ordinary shares to trading on AIM will
become effective and dealings will commence under the symbol "CLA" at
08.00 (GMT) today, 14 December 2007.
• A copy of the Admission Document is available from Speechly Bircham LLP,
6 St Andrew Street, London EC4A 3LX for a period of one month from today.
Jeff Chatfield, Chairman of the Board and Executive Director of CLA, commented
today,
"The admission to AIM represents a major milestone in the development of CLA. I
wish to thank our shareholders for their continued support and we are confident
we have the right board and strategy to build a material aircraft leasing
business."
Enquiries:
Capital Lease Aviation PLC
Jeff Chatfield, 07783 942 553
Executive Chairman
www.capitalleaseaviation.com
Nominated Adviser, W.H. Ireland Limited 0207 220 1666
James Joyce/David Porter
Stockbrokers, W.H. Ireland Limited 0207 220 1690
Philip Haydn-Slater
MEDIA 020 7562 3350
Maxine Barnes, Nick Rome, Sophie Davis
Bishopsgate Communications
This announcement does not constitute an offer of, or the solicitation of an
offer to buy or subscribe for, the securities referred to herein nor shall it or
any part of it form the basis of or be relied on in connection with or act as an
inducement to enter into any contract of commitment whatsoever to any person in
any jurisdiction to whom or in which such offer or solicitation is unlawful and,
in particular, is not for release, publication or distribution in or into the
United States. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended (the "US
Securities Act"), and may not be offered or sold within the US or for the
account or benefit of a US person except in certain transactions exempt from the
registration requirements of the US Securities Act.
The securities referred to herein have not been and will not be registered under
the applicable securities laws of any province or territory of Australia,
Canada, Japan, the Republic of Ireland or South Africa and may not be offered or
sold within Australia, Canada, Japan, the Republic of Ireland or South Africa or
to, or for the account or benefit of citizens or residents of Australia, Canada,
Japan, the Republic of Ireland or South Africa.
The distribution of this announcement in certain jurisdictions may be restricted
by law, and persons into whose possession this announcement, or any document
referred to herein, comes should inform themselves about, and observe, any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities or other laws of any such jurisdiction.
Notes to Editors
About Avation
Avation was incorporated by Skywest Airlines Ltd (formerly known as Advent Air
Ltd), in 2006, with the purpose of, amongst other things, acquiring and leasing
passenger aircraft to Skywest which it has done through its wholly owned
subsidiary F100 Pty Limited. F100 Pty Limited currently owns four Fokker F100
passenger jet aircraft all of which are under lease or subject to lease to
Skywest. Avation owns 51.22% of the share capital of CLA.
Avation plc's share capital is admitted to trading on the PLUS-quoted Market
(code AVAP).
About Skywest
Skywest is a major regional airline in Western Australia, providing scheduled
services to sixteen destinations covering Albany, Argyle, Bali, Broome,
Carnarvon, Darwin, Esperance, Exmouth, Geraldton, Kalbarri, Kalgoorlie, Karatha,
Kununurra, Monkey Mia, Newman and Port Hedland. The airline operates a weekly
service linking Port Hedland and Broome to Bali in Indonesia. Skywest operates
a fleet of 12 aircraft, comprising Fokker F50 and Fokker F100 jet aircraft.
Skywest Airlines Ltd has its share capital is admitted to trading on AIM (code
SKYW).
About CLA
CLA was incorporated by Avation on 6 June 2007 with the purpose of owning and
leasing a portfolio of commercial jet aircraft to a wider customer base of
regional and international airlines.
The Directors have identified a trend in the commercial aviation sector towards
"leasing-in" capacity whereby airlines lease part of their fleet rather than
purchasing aircraft, and the Directors intend that CLA will exploit this trend
in the future.
Strategy
The Company's strategy is to continue to expand its aircraft leasing business
by:
• Capitalising on continued growth in the aircraft leasing
market by acquiring additional aircraft: the Company intends to exploit the
current growth dynamic in the aircraft leasing market by identifying and
acquiring additional aircraft. The Company will adopt a flexible approach to
the type of aircraft it purchases and this will depend principally on the
requirements of its customers.
• Leasing aircraft to regional and international airlines:
the Directors expect CLA's customer base to comprise both regional and global
airline companies. CLA's customer base will not be restricted to a particular
geography or type of customer.
• Efficiently raising capital to execute its growth
strategy: the Company expects to fund its growth strategy through a mix of
retained cashflow, debt and equity financing in order to maintain an efficient
capital structure. The Company may utilise a broad range of funding options to
support its growth strategy. The Company expects to use appropriate financing
and hedging strategies to manage interest and exchange rate volatility.
Management and Board
Robert Jeffries Chatfield (Executive Chairman) age 43
Mr Chatfield is chairman of Avation and has been instrumental in establishing
and growing the Company. He is also the Executive Chairman of Skywest Airlines,
and Chairman of Skywest. Mr Chatfield has managed and been a director of a
number of companies involved in the airline industry, data distribution,
electronics, investment, broadcasting and manufacturing sectors. He is the
author and registered holder of a variety of patents. He has a Bachelor of
Engineering and a Masters in Engineering Science from the University of Western
Australia. He is a member of the Australian Institute of Company Directors and
the Singapore Institute of Directors. He was born in Perth, Australia and is a
permanent resident of Singapore.
Richard Headon Sinclair (Chief Executive Officer, Finance Director) age 37
Mr Sinclair was formerly Finance Director of Avation where in addition to having
responsibility for the finance function, he played an active role in securing
aircraft purchases and in negotiating lease transactions for Avation. Mr
Sinclair has worked in large listed public companies such as Allco (Singapore)
Ltd and Westfield Ltd, a public company which leases commercial real estate. He
has a Bachelor of Economics from the University of Adelaide and is a member of
the Certified Practicing Accountants of Australia.
Peter Anthony Freeman (Non-executive Director) age 48
Mr Freeman is a Director and Compliance Officer of Loeb Aron & Company Limited,
a corporate finance firm authorised and regulated by the FSA. He spent time at
IMRO and gained experience as a financial services regulator. At OFEX he was
responsible for overseeing all regulatory aspects of OFEX's business (the OFEX
Market and its relationship with its issuers and members) and ensured that the
OFEX Rule Book was properly maintained and administered. He also liaised with
external bodies on UK and European legislation and policy. He was the
Compliance Officer and Money Laundering Reporting Officer for OFEX. Mr Freeman
was a director of both OFEX plc and its parent company OFEX Holdings plc (now
PLUS Markets Group plc) when the latter was admitted to AIM. He gained a
Bachelor of Science degree from Reading University and an MBA.
Olivier Pierre-Yves Garrigue (Non-executive Director) age 42
Mr Garrigue is a senior executive with extensive strategy and corporate finance
experience. He is the Managing Director of Mapesbury Capital Partners and was
formerly an investment banker with Dresdner Kleinwort Benson and Bear Stearns
International, and brings significant experience and expertise in executing M&A,
financing and advisory transactions. Mr Garrigue has also served on the boards
of both private and public companies including Apptix ASA where he was a
Non-Executive director and member of the audit committee and BBC Resources
Limited where he was Director of Strategy. Mr Garrigue currently holds three
other non-executive directorships with Mapesbury Communications Limited, Guava
Limited and Nuera Limited. Mr Garrigue is a graduate of ESCE Paris and holds an
MBA from Cranfield School of Management.
Soeren Eric Ferre (Non-executive Director) age 39
Mr Ferre has been the Head of Europe, Middle East, Africa & Asia-Pacific Region
of AerCap since June 2006. He joined AerCap in September 2003 as Vice President
of Marketing for the Asia-Pacific region. He started his career at Airbus in
1990 and was based in Toulouse, France. In 1995, he moved to China and became
the head of the marketing team covering China, Hong Kong and Macau for Airbus
prior to becoming a Sales Director in 1999 in charge of the major Chinese
airlines. In 2001, Mr. Ferre moved to Sydney to become the Director of Sales for
the Pacific region for Airbus where he was in charge of the major airlines in
that region. Mr. Ferre holds a Bachelor's degree in Engineering from the ENAC -
Ecole Nationale d'Aviation Civile.
For further information on CLA, please visit www.capitalleaseaviation.com.
Defined terms in this announcement have the same meaning as set out in the
admission document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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