This announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 which forms part of
domestic law in the United Kingdom pursuant to The European Union
Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU
Exit) Regulations 2019.
21 August 2024
DORIC NIMROD AIR TWO LIMITED
SALE OF REMAINING FIVE ASSETS
Doric Nimrod Air Two Limited
("the Company" or
"the Lessor") is a Guernsey
investment company with its 123,392,956 ordinary preference shares
admitted to trading on the Specialist Fund Segment (SFS) of the London Stock Exchange's
Main Market. The Company purchased seven Airbus A380-861 aircraft
from October 2011 onwards, which were each leased for twelve years
to Emirates, the national carrier owned by The Investment
Corporation of Dubai, based in Dubai, United Arab Emirates. The
first two aircraft purchased by the Company were manufacturer's
serial number MSN 077 in October 2011 and MSN 090 in December 2011
and these were both sold to Emirates in 2023 following the end
of their respective leases, with a total of £59.229 million being
distributed to Shareholders in late 2023, leaving the Company
with five remaining Airbus A380-861 aircraft,
manufacturer's serial numbers (MSNs) 105, 106, 107, 109 and 110
("the Assets").
The Company is pleased to announce
that it has now reached agreement with Emirates that, at the
respective lease end dates ("Lease
End Dates") for each of the remaining five Assets, currently
expected to be between 1 October 2024 and 30 November 2024, the
Company will sell the respective Assets to Emirates. The sale
proceeds to be paid by Emirates to the Company are £30.71m in
respect of each Asset (equivalent to US$40m per Asset, an aggregate
combined total of US$200m or £153.53m for the five
Assets).
Until the Lease End Dates,
the operating leases will continue
as contracted.
The Directors intend to distribute
the sale proceeds to Shareholders together with the remaining cash
holdings, net of any liquidation and other costs and assuming
successful completion and no further unexpected costs or events, as
soon as possible following the last Lease End Date and subject to
the relevant solvency tests, laws and regulations.
Payment of monies to Shareholders
is therefore currently expected to be made
early in the first calendar quarter of 2025. It is
currently anticipated that the process for liquidation of the
Company will commence as soon as practicably possible
thereafter.
A further announcement detailing
final distribution amounts and timetable will be released in due
course.
It should also be noted that the
regular targeted quarterly dividend is expected to be declared in
October (subject to relevant solvency tests, laws and regulations)
representing the last interim dividend expected to be declared by
the Company.
The Board wishes to thank both its
advisers, Doric and Nimrod, for their advice and assistance in
achieving this settlement and also the Company's Shareholders for
their patience and constructive role throughout the Company's life.
The Board would also like to thank Emirates for the past twelve
years of cooperation.
For further information, please
contact:
For administrative and company
information:
JTC Fund Solutions (Guernsey)
Limited
+44 (0) 1481 702400
Nimrod Capital
LLP
Richard Bolchover and Marc
Gordon
+44 (0) 20 7382 4565
or info@nimrodcapital.com
