Fleet expansion
28 Septembre 2007 - 9:03AM
UK Regulatory
RNS Number:6743E
Advent Air Limited
28 September 2007
For immediate release 28 September 2007
ADVENT AIR LTD
("Advent Air" or the "Company")
Fleet expansion to 11 Aircraft
The Board of Advent Air is pleased to announce that its wholly-owned subsidiary company Skywest Airlines ("Skywest") has
signed an agreement to lease a further Fokker 100 jet bringing its total fleet of aircraft to eleven. The aircraft is
required to ensure delivery of services to resource sector clients of Skywest and will also be used on the new
commercial routes offered by the airline.
HIGHLIGHTS
* The lease agreement is with a subsidiary of Avation PLC (AVAP.PZ);
* The lease rate is approximately USD $1.18m per year plus maintenance
reserves;
* The term of the lease is 60 months; and
* On termination of the lease, Skywest is obliged to ensure in the handback
process that the aircraft will possess a certificate of airworthiness that
is valid for at least 3,000 flight hours.
The new lease by Skywest of the Fokker 100 aircraft is being treated as a
related party transaction under the AIM Rules. The independent directors of
Advent, comprising the non-executive directors being John Jost and Seah Kian
Peng having consulted the Company's Nominated Adviser, have considered the new
lease of the Fokker 100 aircraft from the Avation subsidiary (the "Transaction
"), and consider that the terms of the Transaction are fair and reasonable
insofar as the shareholders of Advent Air are concerned.
Skywest recently announced growth in passenger numbers over the year to August
2007 of 14.6% and new passenger routes to Port Hedland and Melbourne.
Advent Air's Chairman, Jeff Chatfield said: "With this expansion to our aircraft
fleet, Skywest remains well positioned to exploit the continued growth dynamic
in the Western Australia market, which is underpinned by growing passenger
numbers and the opening up of new routes. Skywest is seeking resource sector
charters as well as provision for the growth associated with the new services
such as those offered to Port Hedland and Melbourne."
The directors take responsibility for the contents of this announcement.
ENQUIRES:
Advent Air Ltd 07783 942 553
Jeff Chatfield, Chairman
Nominated Advisor 0207 220 1666
James Joyce/David Porter, W H Ireland Limited
Stockbroker
W H Ireland Limited 0207 220 1690
Financial Public Relations
Bishopsgate Communications 0207 562 3350
Maxine Barnes
Nick Rome
Websites:
www.advent.com.sg
www.skywest.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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