LONDON - Avation PLC (LSE: AVAP), a commercial passenger aircraft leasing company, has announced the issuance of new shares following the exercise of staff and listed share warrants on Thursday. The company allocated 3,692,262 new ordinary shares, which equates to approximately 4.94% of its enlarged share capital, at prices of 130 pence and 102 pence per share for the 2020 and 2021 series staff share warrants, respectively. This action is expected to provide Avation with £4,690,107 in proceeds for general corporate purposes.
An additional 101,500 new ordinary shares, or roughly 0.14% of the enlarged capital, were issued due to the exercise of the company's listed warrants (LSE: AVAW) at 114.5 pence per share. To facilitate this, Avation placed 67,738 ordinary shares on the market, generating £101,943 in proceeds, also earmarked for general corporate use.
The share allotment is contingent upon the admission of the new shares to the Official List and the commencement of trading on the London Stock Exchange (LON:LSEG)'s main market, which is anticipated to take effect around December 4, 2024. These shares will rank equally with existing ordinary shares, including the right to dividends and other distributions declared post-admission.
With the completion of this transaction, Avation's total issued share capital will reach 74,671,886 ordinary shares, with the same number of total voting rights.
In connection with the equity issue, two company directors engaged in market transactions. Robert Jeffries Chatfield, a director, subscribed for 1,200,000 ordinary shares and simultaneously sold an equal number at an average price of 150 pence per share. Following these transactions, Chatfield's direct and indirect shareholdings will stand at 12,230,001 shares, representing 16.38% of the enlarged share capital. Similarly, Roderick Douglas Mahoney, another director, subscribed for 750,000 ordinary shares and sold the same quantity at an average price of 150 pence per share. Post-admission, Mahoney's holdings will total 730,000 shares, amounting to 0.98% of the enlarged share capital.
This financial move, based on a press release statement, is part of Avation's strategy to strengthen its capital structure and support its ongoing business operations.
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