29th Oct 2015 14:23
LONDON (Alliance News) - Capital Lease Aviation PLC, a commercial passenger aircraft leasing company, on Thursday said it has entered a service agreement with Avation PLC to provide administrative and aircraft lease management services.
Capital Lease Aviation is looking to cancel its listing on AIM, the London Stock Exchange's junior market. The company wants to leave AIM as Avation has increased its stake to 98.17% from 62% over the last 18 months.
"As a result of the level of the recharges in relation to it, the service agreement has been deemed to be a related party transaction under the Aim rules for companies as Avation is a substantial shareholder in the company," Capital Lease Aviation said in a statement.
With the exception of Jeff Chatfield and Richard Wolanski who are directors of Avation, the directors of the company, consider, having consulted with the company's nominated adviser, WH Ireland, that the terms of the transaction are fair and reasonable in so far as the shareholders are concerned," Capital Lease Aviation said.
Shares in Capital Lease Aviation were down 4.0% at 19.80 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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