Underwritten Open Offer - 160% Oversubscribed

(LSE: AVAP)

                                                AVATION PLC
                                              (the "Company")

                               Underwritten Open Offer - 160% Oversubscribed

Further  to  the  announcement made on 7 May 2013, the Company  reports that  70  per  cent  of  the  Basic
Entitlements  have been taken up under the Open Offer, amounting to 3,020,049 new ordinary  shares  in  the
capital of the Company (the "New Shares").

The  Company  has also received excess applications for a further 8,207,199 New Shares bringing  the  total
amount  applied  for under the Open Offer to 11,234,661 which is 259 per cent of the 4,337,987  New  Shares
available under the Open Offer.

Accordingly, the Board has agreed to allot and issue 4,337,987 New Shares pursuant to the Open  Offer.  The
allotment and issue of the Shares is conditional only on admission of the Shares to the Official  List  and
to  trading  on  the  London  Stock  Exchange's  main  market  for  listed  securities  becoming  effective
("Admission"). Excess applications will be scaled back pro-rata to the actual entitlement.

The  Shares  will  be  issued fully paid and rank pari passu in all respects with  the  Company's  existing
ordinary  shares in issue.  Following Admission the Company's total issued share capital will be 48,822,960
ordinary shares.

The  Shares will represent approximately 8.89 per cent of the enlarged issued share capital of the Company.
For the purposes of calculating Total Voting Rights shareholders may use the number 48,822,960 as the total
number of shares in issue from the date of Admission.

Application is to be arranged forthwith by the Company for the Shares to be listed on the standard  segment
of  the  Official List and to be admitted to trading on the London Stock Exchange's main market for  listed
securities.  It  is anticipated that Admission of the Shares will become effective and that  dealings  will
commence at 8:00 a.m. on 24 May 2013.

Executive  Chairman  Jeff  Chatfield said, "We were genuinely surprised  with  the  level  of  overwhelming
appetite  by shareholders for this Open Offer. At the last AGM the shareholders expressed their desire  for
the Company to conduct pro-rata offers and we are pleased to have successfully completed this.

"Equity  issuance  in the aircraft finance industry is essential in order to attempt to  maintain  sensible
gearing  levels. The Company has a pipeline of aircraft deliveries costing about US$220m : in  addition  to
debt funding a sensible level of equity should be maintained".

ENQUIRIES

Avation PLC:                                                                  
Jeff Chatfield (Executive Chairman)                                                            [phone]

Liberum Capital Limited:                                                                                    
Chris Bowman / Richard Bootle                                                               [phone]

W H Ireland Limited:                                                                                        
James Joyce                                                                                 [phone]

Blythe Weigh Communications                                                   
Tim Blythe, Rob Kellner, Eleanor Parry                                                      [phone]

Avation plc