The Board of the Company announces that it was advised by its Asset Manager, Amedeo Limited, that they had received written confirmation that Emirates are seeking from the Company some form of financial accommodation.

The Board has asked its Asset Manager to continue its negotiation with Emirates and also with the Company's lending banks which have financed the Group's acquisition of the relevant six A380-800 aircraft and two Boeing 777-300ERs leased to Emirates; with a view to reaching a conclusion acceptable to all parties.

While these discussions are in progress, and due to the numerous parties involved coupled with the restraints caused by the Covid-19 crisis, the Board is of the view that they are unlikely to be concluded speedily.  However, the Board was pleased to note that Emirates, in their message, had confirmed that "the lease rental will remain current and up-to-date until an agreed contractual position is achieved".

The Board will keep the Company's financial position under review and will make a further announcement as and when there are any material developments in connection therewith.

Robin Hallam