Business
Acquisition of two further aircraft and lease t...
Acquisition of two further aircraft and lease t....
About this update from Avation Plc
[{"type":"text","content":"\n \n\nLSE: AVAP\n\n 26 January 2012\n\n AVATION PLC\n (the \"'Company')\n\n Acquisition of two further aircraft and lease to Virgin Australia\n\nAvation PLC is pleased to announce that it has entered into an agreement to acquire, an additional two\nnew ATR72-500 aircraft.\n\nThese aircraft will be leased by the Company to Australian carrier Skywest Airlines, which will\noperate the aircraft on behalf of Virgin Australia, pursuant to a 10-year wet-lease contract. The two\nairlines and the Company are making arrangements to take delivery of the new aircraft forthwith. It is\nanticipated that the leases will both commence within fourteen days of the date of this announcement.\n\nThe operation of these aircraft constitutes a part of the Australian Regional Airline Network (\"ARAN\")\nAgreement between Skywest Airlines and Virgin Australia, under which, the parties have agreed that\nSkywest Airlines will operate a fleet of Aircraft on regional Australian routes on behalf of Virgin\nAustralia and branded in the Virgin Australia brand. These two aircraft are to be leased as\nadditional aircraft to the previously announced delivery stream. The acquisition costs have been\nfunded by a combination of internal funds and finance lease from the vendor. These two aircraft are\nnew and additional to the Company's previously announced firm and option orders direct with the ATR\nManufacturer.\n\nJeff Chatfield, Chairman, Avation PLC commented:\n\n\"We are delighted to have expanded our portfolio with the opportunistic acquisition of these two new\nadditional aircraft and to have acquired this using internal funding. These aircraft add to those\nscheduled for firm delivery from ATR over the course of the next few years, further demonstrating the\nCompany's strategy to build a significant portfolio of these aircraft.\"\n\n --ENDS--\n\n Information on AVATION PLC can be found at www.avation.net\n\n Avation PLC is registered in England and Wales with an Operational Headquarters in Singapore.\n\nAvation PLC\nJeff Chatfield, Executive Chairman +44 7783 942 553\n\nFinancial Public Relations\nBishopsgate Communications\nNick Rome/Shabnam Bashir +44 207 562 3350\n\nWebsite\nwww.avation.net\n\nAvation plc\n ","length":2538,"tagName":"div"}]