The Board of Directors of Air Partner plc (LSE: AIR), the global aviation services group, today announces the successful completion of the Placing of new Ordinary Shares in the capital of the Company announced earlier today.
The Placing has been undertaken by Canaccord Genuity and N+1 Singer 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 (the "Retail Offer Shares") at the Placing Price (the "Retail Offer").
The Placing and the Retail Offer in aggregate comprise 10,037,308 new Ordinary Shares, which will raise 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.
The Placing Shares and the Retail Offer Shares being issued together represent 18.75 per cent. of the existing issued ordinary share capital of the Company prior to the Placing and Retail Offer. Canaccord Genuity and N+1 Singer acted as Joint Bookrunners in respect of the Placing.
The Company has applied to the Financial Conduct Authority ("FCA") and London Stock Exchange for Admission of the Placing Shares and Retail Offer Shares to the premium listing segment of the Official List of the FCA and to trading on the Main Market. Subject to, inter alia, the Placing Agreement between the Company and the Joint Bookrunners not being terminated in accordance with its terms and Admission, it is expected that Admission of the Placing Shares and Retail Offer Shares will occur at 8:00 am on or around 16 June 2020.
The Placing Shares and the Retail Offer Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with each other and with the existing Ordinary Shares in the capital of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Following Admission of the Placing Shares and the Retail Offer Shares, the Company's issued share capital will comprise 63,562,601 Ordinary Shares.
The definitions referenced in this announcement remain in line with those from the announcement published at 7.00 a.m. (UK) on 12 June 2020, unless otherwise stated.
Directors' participation in the Placing
As part of the Placing, the following Directors have agreed to subscribe for a total of 136,363 Placing Shares at the Placing Price.
Mark Briffa, Chief Executive Officer 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."
This Announcement is released by the Company and contains inside information for the purposes of Article 7 of MAR, encompassing information relating to the Placing and Retail Offer and is disclosed in accordance with the Company's obligations under Article 17 of MAR.