On 7 May 2013, Avation announced that was raising approximately £2.6m by way of an underwritten open offer. Click here for the Underwritten Open Offer Circular 2013.
Avation is offering up to 4,337,987 New Ordinary Shares at an issue price of 60 pence per share in a bid to net £2,486,733.43 to help fund its on-going Pre-Delivery Payments programme in relation to its delivery of 10 ATR72-600s in from May 2013 to December 2014.
Avation has secured a binding letter of offer from Export Development Canada, which is the export credit agency for Canada for the next four ATR 72s to be delivered in 2013. It has also secured junior and senior debt to finance these acquisitions.
The Issue Price of 60 pence per New Ordinary Share represents a discount of 15.5 pence (20.53 per cent.) to the Closing Price of 75.5 pence per Existing Ordinary Share on 3May 2013 (being the last dealing day prior to announcement of the intention to undertake the Open Offer).
The Open Offer will remain open for acceptance until 11.00 a.m. on 22 May 2013.