The Board of Directors of Air Partner plc today (12/06/2020) announces the successful completion of the Placing of new Ordinary Shares in the capital of the Company.
The Placing has been undertaken with new and existing investors at a Placing Price of 75 pence per Placing Share. In addition, retail investors have subscribed via the PrimaryBid platform for new Ordinary Shares in the capital of the Company at the Placing Price.
The Placing and the Retail Offer in aggregate comprise 10,037,308 new Ordinary Shares, raising gross proceeds of approximately £7.5 million. The Placing Price of 75 pence represents a discount of 1.45 per cent. to the middle market closing price of on 11 June 2020.
Air Partner have been encouraged by their strong trading performance, and believe the Company is well placed to continue capturing new business opportunities resulting from the impact of COVID-19. Accordingly, the Directors believe it is prudent to strengthen the Company’s balance sheet, enabling the repayment of the debt taken on at the time of the acquisition of Redline Worldwide Limited in December 2019 and enabling the Company to capitalise on new opportunities arising from COVID-19 that will help drive organic growth.
Commenting on the placing, Mark Briffa, CEO of Air Partner said:
“Air Partner has had a record start to this financial year and today’s oversubscribed Placing builds on this success. Thanks to the support of both existing and new investors, we will enter the second half of the year with significantly reduced debt and good working capital to invest in the organic growth opportunities we see.
As an asset light business, with a strong financial position and a clear strategy, we are well placed to continue supporting the diverse aviation requirements of our governmental, corporate and high net worth customers.”
N+1 Singer are acting as Joint Bookrunner and Joint Broker to Air Partner.
About Air Partner plc
Founded in 1961, Air Partner is a global aviation services group providing aircraft charter and aviation safety & security solutions to industry, commerce, governments and private individuals, across civil and military organisations.
The Group has two divisions: Air Partner Charter, comprising Group Charter, Private Jets, Freight and Specialist Services; and Air Partner Safety & Security (formerly Consulting & Training), which comprises Baines Simmons, Redline Assured Security and Managed Services.
Market Cap: £40 million
Website: Click here
*As at 12/06/2020
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