The Board of directors of the Company announces that Emirates, lessee of six of the Company's A380s, has requested permission to modify two aircraft (serial numbers MSN 201 and MSN 208) through a configuration change which will expand the existing business class cabin and introduce a new premium economy class in the upper forward cabin. Emirates will initiate this exercise once the relevant service bulletin is issued by the Original Equipment Manufacturer ("OEM"). Emirates regards this modification as a beneficial brand enhancement, intended to further raise the levels of customer service, comfort and experience on its A380 fleet.
The Company's asset manager, Amedeo Limited ("Amedeo"), has advised the Board that it considers that these modifications have the potential to improve the marketability of the aircraft, and as a result will benefit the Company's shareholders. The Board has instructed Amedeo to amend the existing lease agreements in relation to these two aircraft to reflect the proposed changes subject to Emirates confirmation.
As part of the configuration change it is proposed that the U3R and U3L doors will be modified but that their status change will have no impact on the operational capability and airworthiness of the aircraft.
All costs of the process will be borne by Emirates, and the modifications made are intended to remain part of the aircraft upon expiry of the lease agreements with Emirates. Emirates will be obliged to continue lease payments to the Company during any downtime, and any modifications to the aircraft will be made in accordance with the relevant OEM manuals and will be approved by the relevant aviation regulation authorities.