Avation: Purchase of Minority Holding in CLA

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, has agreed to acquire 21,065,334 ordinary shares in aircraft lessor Capital Lease Aviation PLC (AIM: CLA) at a price of 20.5 pence per share in cash, increasing its holding of voting rights in CLA’s issued share capital to 90.59% (disregarding the shares CLA holds in treasury).

The transaction has been entered into with the second largest shareholder in CLA after the Company itself and is expected to complete on or before 18 November 2014.

Executive Chairman of the Company, Jeff Chatfield, commented by saying, “This further consolidates Avation’s holding in CLA. The transaction is net asset accretive. Avation has been growing its asset base and recently announced a broadening of its business activities with new aircraft lessees in Europe and Asia.”