3rd Oct 2018 08:42
LONDON (Alliance News) - Avation PLC said Wednesday it will sell a 23-month old aircraft to an unnamed Asian investor.
The deal is due to close this October, with a conditional sale and purchase agreement for the A321-200 aircraft already signed. The A321-200
Avation did not provide a value for the sale, but said it was "at approximate current market value" for the type and age of the aircraft.
"We are selling this aircraft purely for risk management and portfolio diversification reasons. The sale is in order to reduce financial exposure to one operator and jurisdiction," said Avation Executive Chairman Jeff Chatfield.
"The sale is being conducted in line with market conditions, at a price around current market value albeit that Avation's book value for the aircraft is materially lower than current market value due to an advantageous initial purchase," Chatfield added.
Shares in Avation were up 0.5% at 251.75 pence on Wednesday.
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