REG - Gama Aviation PLC - Gama Aviation confirms Disposal of Jet East

Gama AviationAnnouncement

03/11/2023 13:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231103:nRSC3829Sa&default-theme=true

RNS Number : 3829S  Gama Aviation PLC  03 November 2023

3(rd) November 2023

Gama Aviation Plc (AIM: GMAA)

("Gama Aviation" or the "Company" or "Group")

Gama Aviation confirms Disposal of Jet East for US$131m

 

On 18 October 2023, Gama Aviation announced that it had conditionally agreed
to sell the Group's US MRO Business, Gama Aviation (Eng) Inc. ("GAEI"),
trading as Jet East ("Jet East") via the sale of Gama Group Inc. ("GGI") to
West Star Aviation Enterprises, LLC ("West Star Aviation") for a value of
approximately US$131m on a cash free/debt free basis with normalised working
capital ("Disposal").

Following the approval by shareholders of the Disposal, as announced this
morning, the Group is now pleased to confirm the completion of the Disposal to
West Star Aviation.

 

The Directors are continuing their review of the current and future capital
requirements of the Group and expect to return a substantial proportion of the
net proceeds of the sale to shareholders in an amount which is expected to be
not less than 55 pence per share on a fully diluted basis. Further details of
the amount, proposed timing and method of such return will be announced in due
course.

 

Marwan Khalek, Group Chief Executive, Gama Aviation Plc commented:

"We are delighted to announce the completion of the sale of Jet East to West
Star Aviation. It delivers excellent value for Gama Aviation, realising
substantial funds to return to our shareholders, strengthen our balance sheet
and invest in our Special Mission, Technology & Outsourcing and Business
Aviation strategic business units.

 

"Finally, I would like to reiterate our thanks to the entire Jet East team for
their considerable efforts and achievements under the leadership of Stephen
Maiden. We wish them continued success as they embark on their new chapter."

 

 

ENDS

Dial Partners LLP acted as Lead Financial Adviser to the Company on the sale.

 

Contacts

Gama Aviation Plc

Marwan Khalek, Chief Executive Officer

Michael Williamson, Chief Financial Officer

Tel: +44 1252 984 515

 

Dial Partners LLP, Lead Financial Adviser

Angus Russell, Partner

Sandor de Jasay, Managing Director

Tel: +44 207 098 7098

 

WH Ireland, Nominated Adviser and Broker

James Joyce, Director

Tel: +44 207 220 1666

Camarco (PR)
 

Ginny Pulbrook or Geoffrey Pelham-Lane

Tel: +44 (0) 203 757 4992

 

Gama Aviation - Notes to Editors

Founded in 1983 with the simple purpose of providing aviation services that
equip its customers with decisive advantage, Gama Aviation Plc (LSE AIM: GMAA)
is a highly valued global partner to blue chip corporations, government
agencies, healthcare trusts and private individuals.

 The Group has three global divisions: Business Aviation (Aircraft
Management, Charter, FBO & Maintenance), Special Mission (Air Ambulance
& Rescue, National Security & Policing, Infrastructure & Survey,
Energy & Offshore); and Technology & Outsourcing (Flight Operations,
FBO, CAM software, Flight Planning, CAM & ARC services).

 More details can be found at:  http://www.gamaaviation.com/
(http://www.gamaaviation.com/)

 

ENDS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISUOSORORUARAA