Last checked at 29 Mar 2019 16:49
Date: 29 March 2019
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) No 596/2014
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation", "the Company" or "the Group")
Related Party Disclosure
Gama Aviation Plc today announces that, as part of a commercial agreement with a key customer, it has agreed to purchase a consignment of spare parts from Oneti Lebanon SARL ("Oneti") for $2.1m for onward sale to that key customer. The majority shareholder of Oneti is Mr G A Khalek, a related party to Mr M A Khalek, CEO and a substantial shareholder of Gama Aviation Plc. Gama Aviation will achieve a margin on the onward sale to the key customer that is in the normal range for this type of transaction.
The transaction between Gama Aviation and Oneti is considered to be a related party transaction for the purposes of AIM Rule 13, and accordingly the Board (excepting Mr M A Khalek), having consulted with Jefferies International, the Company's nominated adviser, considers the terms of the transaction to be fair and reasonable insofar as the Company's shareholders are concerned.
-ENDS-
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
A presentation for sell-side analysts is being held today at 09:00am at the offices of Camarco, 107 Cheapside, London EC2V 6DN.
For further information please visit www.gamaaviation.com or contact:
Gama Aviation Plc +44 (0) 1252 553029
Marwan Khalek, Chief Executive Officer
David Stickland, Chief Financial Officer
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
Jefferies International +44 (0) 20 7029 8000
Simon Hardy
Will Soutar
Gama Aviation - Notes to Editors
Gama Aviation Plc (AIM:GMAA) is a global business aviation services group that specialises in providing support for individuals, corporations and government agencies; allowing them to deliver on the promises they make.
The Group's services are split into two core divisions: Air and Ground. Air services include aircraft management, special mission support and charter. Ground services cover aircraft maintenance services, aircraft modification design and installation, and Fixed Base Operations (FBO). Other products and services are included in the Global Services Division.
More details can be found at: http://www.gamaaviation.com/