Employee Stock Option/ Share Scheme::ISSUE OF EQUITY ON EXERCISE OF WARRANTS AND DIRECTOR'S DEALING

Issuer & Securities

Issuer/ Manager
AVATION CAPITAL S.A.
Securities
AVATIONCAPUS$100M7.5%N200527A - US05351QAA40 - 29YB
AVATIONCAPUS$100M7.5%N200527R - USL5647NAA20 - 29ZB
Stapled Security
No

Announcement Details

Announcement Title
Employee Stock Option/ Share Scheme
Date &Time of Broadcast
24-Mar-2017 15:14:36
Status
New
Announcement Sub Title
ISSUE OF EQUITY ON EXERCISE OF WARRANTS AND DIRECTOR'S DEALING
Announcement Reference
SG170324OTHRYBU6
Submitted By (Co./ Ind. Name)
AVATION PLC / DUNCAN SCOTT
Designation
GENERAL COUNSEL
Effective Date and Time of the event
24/03/2017 17:00:00
Description (Please provide a detailed description of the event in the box below)
The Board of Avation PLC (LSE: AVAP), announces that on 23 March 2017, the Company allotted 1,816,000 fully paid new ordinary shares representing 2.97 per cent of the enlarged capital of the Company pursuant to the exercise of 748,500 (2013 series) and 1,067,500 (2014 series) share warrants at a price of 110 pence and 153 pence per share respectively, conditional only on admission of the new shares to the Official List and to trading on the London Stock Exchange's main market for listed securities becoming effective ('Admission'). The exercise of these warrants provides the Company with 2,456,625 in subscription proceeds which the Company will use for general corporate purposes.

Application will be made for the new ordinary shares to be listed on the standard segment of the Official List of the UK Listing Authority and to be admitted to trading on the London Stock Exchange's main market for listed securities. It is expected that Admission will become effective and that dealings in the new ordinary shares will commence on 30 March 2017.

The new ordinary shares will, when issued, rank pari passu in all respects with the existing ordinary shares including the right to receive dividends and other distributions declared following Admission.

Roderick Mahoney, an executive director, exercised 300,000 (2013 series) warrants through Douglas Aviation Pte Ltd, a company in which he has an interest, and 267,000 (2014 series) warrants in his own name. The Company has been notified that Mr Mahoney has agreed to sell 567,000 New Shares on Admission at a price of 205 pence per share. Following this sale, the interests of Roderick Mahoney in the Company will be 300,000 ordinary shares representing 0.49 per cent of the enlarged capital of the Company.

Following Admission, there will be a total of 61,071,246 ordinary shares in issue. For the purposes of calculating Total Voting Rights shareholders may use the number 61,071,246 as the total number of shares from the date of Admission.

Attachments

avap_rns_exercise of warrants_1816000_24mar17_final.pdf
Total size =73K