Last checked at 3 Nov 2023 13:42
3rd 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/
ENDS