CORRECTION: Holding in Company

A CORRECTION is being issued in regards to the TR-1 postings sent at 2:09 pm GMT and 2:39 pm GMT on December 9, 2011 for Avation PLC. The first issuance was sent under the incorrect Headline. The second issuance was not posted as a CORRECTION. The complete and corrected version follows. For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi ---------------------------------------------------------------------------------------------------------------------- 1. Identity of the issuer or the underlying issuer AVATION PLC of existing shares to which voting rights are attached: ii ---------------------------------------------------------------------------------------------------------------------- 2. Reason for the notification (please tick the appropriate box or boxes): ---------------------------------------------------------------------------------------------------------------------- An acquisition or disposal of voting rights X ---------------------------------------------------------------------------------------------------------------------- An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached ---------------------------------------------------------------------------------------------------------------------- An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments ---------------------------------------------------------------------------------------------------------------------- An event changing the breakdown of voting rights ---------------------------------------------------------------------------------------------------------------------- Other (please specify): ---------------------------------------------------------------------------------------------------------------------- 3. Full name of person(s) subject to the OCEANWOOD CAPITAL MANAGEMENT LLP notification obligation: iii ---------------------------------------------------------------------------------------------------------------------- 4. Full name of shareholder(s) OCEANWOOD GLOBAL OPPORTUNITIES MASTER FUND (if different from 3.):iv ---------------------------------------------------------------------------------------------------------------------- 5. Date of the transaction and date on 9th December 2011 which the threshold is crossed or reached: v ---------------------------------------------------------------------------------------------------------------------- 6. Date on which issuer notified: 9th December 2011 ---------------------------------------------------------------------------------------------------------------------- 7. Threshold(s) that is/are crossed or Above 5% Threshold reached: vi, vii ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- 8. Notified details: ---------------------------------------------------------------------------------------------------------------------- A: Voting rights attached to shares viii, ix ---------------------------------------------------------------------------------------------------------------------- Class/type of Situation previous Resulting situation after the triggering transaction shares to the triggering transaction ------------------------------------------------------------------------------------------- if possible using the ISIN CODE Number Number Number Number of voting % of voting of of of shares rights rights x Shares Voting Rights ------------------------------------------------------------- Direct Direct xi Indirect xii Direct Indirect ---------------------------------------------------------------------------------------------------------------------- Ord GBP Shares ISIN: 907,500 907,500 2,725,682 2,725,682 6.74% GB00B196F554 ---------------------------------------------------------------------------------------------------------------------- B: Qualifying Financial Instruments ---------------------------------------------------------------------------------------------------------------------- Resulting situation after the triggering transaction ---------------------------------------------------------------------------------------------------------------------- Type of financial Expiration Exercise/ Number of voting % of voting instrument date xiii Conversion Period xiv rights that may be rights acquired if the instrument is exercised/ converted. ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi ---------------------------------------------------------------------------------------------------------------------- Resulting situation after the triggering transaction ---------------------------------------------------------------------------------------------------------------------- Type of financial Exercise Expiration Exercise/ Number of voting rights % of voting instrument price date xvii Conversion instrument refers to rights xix, period xviii ---------------------------------------------------------------------------------------------------------------------- Nominal Delta --------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Total (A+B+C) ---------------------------------------------------------------------------------------------------------------------- Number of voting rights Percentage of voting rights ---------------------------------------------------------------------------------------------------------------------- 2,725,682 6.74% ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Proxy Voting: ---------------------------------------------------------------------------------------------------------------------- 10. Name of the proxy holder: ---------------------------------------------------------------------------------------------------------------------- 11. Number of voting rights proxy holder will cease to hold: ---------------------------------------------------------------------------------------------------------------------- 12. Date on which proxy holder will cease to hold voting rights: ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- 13. Additional information: ---------------------------------------------------------------------------------------------------------------------- 14. Contact name: ---------------------------------------------------------------------------------------------------------------------- 15. Contact telephone number: ---------------------------------------------------------------------------------------------------------------------- Avation plc