Gama Aviation PLC Gama Aviation confirms Disposal of Jet East (3829S)
November 03 2023 - 9:42AM
UK Regulatory
TIDMGMAA
RNS Number : 3829S
Gama Aviation PLC
03 November 2023
3(rd) 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
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END
DISUOSORORUARAA
(END) Dow Jones Newswires
November 03, 2023 09:42 ET (13:42 GMT)
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