Return of Capital and Increased Quarterly Dividend

RNS Number : 6294Q

Amedeo Air Four Plus Limited

22 February 2023

 

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.

22 February 2023

AMEDEO AIR FOUR PLUS LIMITED (the "Company")
(LSE: AA4, LEI: 21380056PDNOTWERG107)

Return of Capital by a Partial Compulsory Redemption of Shares and Increased Quarterly Dividend

The Board is pleased to announce a return of capital by way of a partial compulsory redemption of shares and an increase in the Company's quarterly dividend.

Under the terms of the restructured leases with Thai Airways agreed in December 2021, from January 2023 the Company receives fixed monthly rent rather than power by the hour rental receipts. As a result of this and the commercial circumstances facing the Company, whilst also maintaining a prudent approach to liquidity, the Board has approved the distribution to shareholders of an aggregate amount of £28 million by way of a compulsory redemption (as described below).

Additionally, the Company's dividend will be increased to 1.75 pence per share (from 1.5 pence per share) per quarter from the next quarter with the next dividend to be declared in April 2023.

Partial Compulsory Redemption of Shares

The Company intends to return to shareholders an aggregate amount of £28 million on 1 March 2023 (the "Redemption Date") for shareholders on the register of members as at close of business on 28 February 2023 ("Record Date"), by way of a partial compulsory redemption (the "Redemption") of the ordinary shares ("Shares") in the capital of the Company.

Pursuant to the Redemption, the Company will redeem one Share for every eight existing Shares of Shareholders on the register of members as at close of business on the Record Date, resulting in the redemption of approximately 43,414,185 Shares in aggregate. Consequently, the Redemption will be effected at 64.50 pence per Share. No fractions of Shares will be redeemed and the number of Shares to be redeemed for each Shareholder will be rounded down to the nearest whole number of Shares, as appropriate.

All redemption proceeds are expected to be paid in pounds sterling through CREST.  Where Shares are held in certificated form, payment will be made by cheque posted to the address of the registered holder.

Any share certificates for the balance of holdings of Shares will also be despatched to shareholders on or around 14 March 2023. The Company currently has 347,313,483 Shares in issue (none of which are held in treasury). All of the Shares redeemed on the Redemption Date will be cancelled. Accordingly, once redeemed, such Shares will be incapable of transfer.

The Shares will be disabled in CREST on the Record Date and the existing ISIN number GG00BMZQ5R81 will expire. A new ISIN number GG00BNDVLS54 (the "New ISIN") in respect of the remaining Shares which have not been redeemed will be enabled and available for transactions on 1 March 2023. Any Shares which have traded on or before the Record Date, but have not settled, will be included in the Redemption. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISIN.

Shareholders should note that the Board retains absolute discretion as to the execution, extent and timing of any further returns of capital.

Expected timetable:

Redemption Record Date	28 February 2023
Redemption Date and new ISIN enabled	1 March 2023
Redemption Ex-date	1 March 2023
Redemption Payment Date (on or around)	14 March 2023

For further information, please contact:

Link Group

[phone]

JTC Fund Solutions (Guernsey) Limited

[phone]

Liberum Capital Limited

Chris Clarke / Darren Vickers / Owen Matthews

[phone]

About the Company

The Company is a Guernsey-domiciled company, with shares admitted to trading on the Specialist Fund Segment of the London Stock Exchange's Main Market (LSE: AA4).

The Company's investment objective is to obtain income returns and a capital return for its Shareholders by acquiring, leasing and then selling aircraft.

 

END

 

 

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