12th Mar 2021 11:08
(Alliance News) - Avation PLC on Friday said it has raised GBP7.5 million in a share placing and subscription to help increase working capital.
The London-based aircraft leasing company first announced the 6.1 million share placing and subscription on Thursday at a price of 110 pence per share.
Shares in Avation were down 6.6% at 114.40p in London on Friday morning.
Avation said two non-executive directors, one executive director and the executive chair took 500,000 subscription shares worth GBP550,000. Executive Chair Robert Jeffries Chatfield subscribed for 360,000 shares, which was the largest amount.
Proceeds will go towards "enhancing working capital," Avation said on Thursday, as it expects Covid-19 is "likely to lead to positive market conditions, due to the shortage of available aircraft post the pandemic due to retirements and airline suffering from capital constraints, leading to preferences for aircraft to be leased rather than owned."
WH Ireland and Canaccord Genuity acted as joint bookrunners in relation to the share issue.
By Zoe Wickens; [email protected]
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