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3 May 2023 07:00
3 May 2023
AMEDEO AIR FOUR PLUS LIMITED (the "Company") (LSE: AA4, LEI: 21380056PDNOTWERG107)Factsheet
The Company announces that its factsheet for the period to 31 March 2023 is now available on its website at http://www.aa4plus.com. An extract from the Chairman's statement within the factsheet is reproduced below.
The final quarter of our financial year was a watershed in some respects. Thai Airways, whilst still under court protection, switched from power by the hour (PBH) rent to the fixed monthly rentals agreed with the bankruptcy planners. The airline is operating our aircraft more and more as China and the rest of the Asia Pacific region continue to increase flight traffic.
This in turn meant that the Board was able to take a more confident view on the company's prospects, which resulted in the compulsory redemption returning £28m to shareholders. We also increased the regular quarterly dividend to 1.75p per share, being 7p per annum.
We remain aware that some shareholders want us to sell these aircraft as they currently do not contribute to dividend income. The Board continues to assess the variables that affect these aircraft to identify when it is best to realise their value for shareholders. The original leases were due to expire in 2029/30 and the original loan financing for the first 3 aircraft also expires at the same time. The leases having been extended by 6 years to 2035/2036, with the rent payable for the extension to be set by an appraisal process. Amedeo is confident that the package of aircraft and long leases has substantial value in excess of loan exposure and the funds diverted previously from shareholders to keep lenders current during the period when the airline was not paying rent due to its entering court protection.
We welcomed Tom Sharp onto the board on 19 January 2023. Tom is a director of Metage Capital and his experience in maximising shareholder value will prove invaluable. We have now refreshed the composition of the Board by introducing 3 new directors in the past 18 months who bring in a range of skills and fresh perspectives
Finally, you may have noticed that this factsheet has what we hope will be a much more useful and user-friendly layout. We also intend to launch a new website shortly. Amedeo has worked with Liberum to deliver this and we thank them for their help.
For further information, please contact:
JTC Fund Solutions (Guernsey) Limited
+44 (0) 1481 702 400
Liberum Capital Limited
Chris Clarke / Darren Vickers / Owen Matthews
+44 (0) 20 3100 2000
About the Company
The Company is a Guernsey-domiciled company, with shares admitted to trading on the Specialist Fund Segment of the London Stock Exchange's Main Market (LSE: AA4).
The Company's investment objective is to obtain income returns and a capital return for its Shareholders by acquiring, leasing and then selling aircraft.
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