Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company advises that on 19 July 2017 the board of directors of Mandarin Airlines has approved the selection from Avation and ATR of a series of aircraft for lease and purchase.

The Company has entered into a conditional letter of intent to lease three ATR 72-600 on a long term basis aircraft to Mandarin Airlines, the subsidiary of Taiwanese flag carrier China Airlines. These three aircraft will be configured to the customer's specifications and client's livery and are expected to be delivered into service in October, November and December 2017. The full text of the Mandarin Airlines announcement is included below in this announcement.

The Company has now placed all 2017 deliveries in its order book. The Company has six further new ATR 72 aircraft on order for delivery in 2018 and 2019 and 27 options extending further forwards.

The Company's Executive Chairman, Jeff Chatfield, said: "Mandarin Airlines is a major domestic airline and is a subsidiary of China Airlines, the flag carrier of the Republic of China, Taiwan. Avation is pleased to have "sold out" and placed all available aircraft for delivery in calendar 2017. The Company is aggressively marketing its 2018 ATR order book. Avation will use the proceeds from the sale of six aircraft which completed on June 30 to fund the equity required for the 2017 deliveries and is also considering the acquisition of additional jet aircraft to further diversify its portfolio."