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I've not any more detail, but it's listed in the general news. Paying off debt to bolster bottom line. Sounds good to me...
Air Partner Raises GBP7.5 Million To Repay Debt From Redline Buy
rtner PLC on Friday announced and completed a GBP7.5 million placing of 10.0 million shares at 75 pence each in order to repay debt and take...
Makes me think they over paid for Redline.
Debt is cheap, so why pay it off, unless the underlying asset isn't worth what it was.
Pondering if AIR are dumping the debt on the shareholders for it all to be lost in the wash.
Generally it is quite normal to pay a bit of a premium for a good going concern. I think a lot of people felt the timing was unfortunate, and thinking that business would dry up with the collapse of the transport industry the shares collapsed. Seems they have some great contracts coming through from their acquisition recently and could prove a real bonus as things are going to get tougher. As with just about every other company that is doing well had no problem in strengthening the balance sheet, by reducing debt, rather than having the rug pulled from under your feet at just the wrong time. Seems to be the favourite strategy right now. OCDO raised a billion overnight a couple of days ago. God knows where they keep finding the money. Must be a record for placings this year by a mile
Or just Air Partner traditionally being in the habit of not carrying debt getting rid of it. It would be interesting to find out what information was given to the institutional customers to convince them to buy into AIR. An 18% increase in the share allocation, effectively 18% drop in the value of the company, which the market apparently doesn't agree with. It would appear that the good times are rolling...
https://twitter.com/AirPartner/status/1271789469742530560
Praise to the handling agents continuing to work hard in such difficult conditions, loading another one of our Ilyushin76 charters in Shanghai, bound for Europe.