The Board of Avation announces today that it is continuing its comprehensive review of the strategic options open to it in order to maximise value for shareholders. These options include merger and acquisition activity, an aircraft portfolio sale or review etc., as well as a potential sale of the Company through a “formal sale process” (as referred to in Note 2 on Rule 2.6 of the Code). The Board has appointed Wells Fargo Securities to assist with this review.

The Company confirms that it has engaged with multiple interested parties as part of the formal sale process. Several interested parties remain but, in light of the market dislocation resulting from the COVID-19 pandemic, progress has been delayed.

As previously communicated, the Panel on Takeovers and Mergers (the "Takeover Panel") has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified under Rules 2.4(a) or 2.4(b) as a result of this announcement and any interested party participating in the formal sale process will not be subject to the 28-day deadline referred to in Rule 2.6(a) of the Code for so long as it is participating in the formal sale process.

It should be noted that there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. The Board of Avation reserves the right to alter or terminate the process at any time and if it does so it will make an announcement as appropriate. The Board of Avation also reserves the right to reject any approach or terminate discussions with any interested party at any time.