Business
Underwritten Open Offer - 160% Oversubscribed
Underwritten Open Offer - 160% Oversubscribed.
About this update from Avation Plc
[{"type":"text","content":"\n \n\n(LSE: AVAP)\n\n AVATION PLC\n (the \"Company\")\n\n Underwritten Open Offer - 160% Oversubscribed\n\nFurther to the announcement made on 7 May 2013, the Company reports that 70 per cent of the Basic\nEntitlements have been taken up under the Open Offer, amounting to 3,020,049 new ordinary shares in the\ncapital of the Company (the \"New Shares\").\n\nThe Company has also received excess applications for a further 8,207,199 New Shares bringing the total\namount applied for under the Open Offer to 11,234,661 which is 259 per cent of the 4,337,987 New Shares\navailable under the Open Offer.\n\nAccordingly, the Board has agreed to allot and issue 4,337,987 New Shares pursuant to the Open Offer. The\nallotment and issue of the Shares is conditional only on admission of the Shares to the Official List and\nto trading on the London Stock Exchange's main market for listed securities becoming effective\n(\"Admission\"). Excess applications will be scaled back pro-rata to the actual entitlement.\n\nThe Shares will be issued fully paid and rank pari passu in all respects with the Company's existing\nordinary shares in issue. Following Admission the Company's total issued share capital will be 48,822,960\nordinary shares.\n\nThe Shares will represent approximately 8.89 per cent of the enlarged issued share capital of the Company.\nFor the purposes of calculating Total Voting Rights shareholders may use the number 48,822,960 as the total\nnumber of shares in issue from the date of Admission.\n\nApplication is to be arranged forthwith by the Company for the Shares to be listed on the standard segment\nof the Official List and to be admitted to trading on the London Stock Exchange's main market for listed\nsecurities. It is anticipated that Admission of the Shares will become effective and that dealings will\ncommence at 8:00 a.m. on 24 May 2013.\n\nExecutive Chairman Jeff Chatfield said, \"We were genuinely surprised with the level of overwhelming\nappetite by shareholders for this Open Offer. At the last AGM the shareholders expressed their desire for\nthe Company to conduct pro-rata offers and we are pleased to have successfully completed this.\n\n\"Equity issuance in the aircraft finance industry is essential in order to attempt to maintain sensible\ngearing levels. The Company has a pipeline of aircraft deliveries costing about US$...