Amedeo Air Four Plus Limited Factsheet & Dividend Update (5321X)
05 May 2021 - 4:00PM
UK Regulatory
TIDMAA4
RNS Number : 5321X
Amedeo Air Four Plus Limited
05 May 2021
5 May 2021
AMEDEO AIR FOUR PLUS LIMITED (the "Company")
(LSE: AA4, LEI: 21380056PDNOTWERG107)
Factsheet & Dividend Update
The Company announces that its quarterly factsheet for the
period to 31 March 2021 is now available on its website at
http://www.aa4plus.com . An extract from the Chairman's statement
within the factsheet is reproduced below.
"The past year has been the most difficult in aviation outside
wartime. We have had to take decisions and actions based in part on
governmental actions and predictions which have proved to be either
wrong or misleading, such as the prediction that, after a short
sharp downturn in Q2 and Q3, there would be a resurgence in Q4 when
vaccines would hopefully restore international travel. In fact, Q1
2021 was worse than Q4 2020 and the more cautious predictions that
such travel would take at least until 2023 to achieve historic
growth levels seem more likely.
The process of rehabilitation of Thai Airways continues and our
assumption that it would be the end of Q2 2021 before resolution
was achieved remains the most likely outcome. The Rehabilitation
Plan was presented to the Official Receiver on 2 March 2021 and it
is expected that the Official Receiver will approve the Plan with
creditor groups on 12 May 2021, following which the Board intends
to make a further announcement to update shareholders. Subject to
the timely approval of the Plan, the Board anticipates that the
Company's new arrangements with Thai Airways and, crucially, the
restructuring of debt with its lenders, will be documented and
effective in June / July 2021.
Although unpopular, the Board's decision that preservation of
liquidity was crucial to the Company's task of seeing out the Covid
crisis has proven to be the correct one. The Board has also taken
the decision to suspend quarterly dividends until the
rehabilitation of Thai Airways and agreement with the Company's
lenders are complete which, as set out above, is currently expected
in June/July 2021. The Board is committed to reinstating a
sustainable dividend policy as soon as is practicable.
Shareholders will be aware that we have maintained interest
payments to our Thai lenders, having entered into forbearance
agreements with these banks, as we believe that the eventual
resumption of payments from Thai Airways and an agreement on long
term debt restructuring will result in the Company being in a far
stronger position than allowing the debt to default and resulting
in the repossession of the Thai aircraft.
On a brighter note, Emirates has faithfully performed its
obligations, has identified three out of our six A380 aircraft for
upgrade to Premium Economy seating and has re-affirmed its support
for the hub and spoke model and for the A380 within its fleet even
whilst around 100 of their A380 aircraft remain grounded. This is
without, it must be said, specifying actual fleet numbers and
whilst at the same time appearing to see an equally positive
business case for twin widebody operations on routes which cannot
support A380 or indeed 777X operation. Their enthusiastic adoption
of a fast vaccination programme in the UAE, trialling of the IATA
Travel Pass initiative and fast testing and immigration procedures
seems to be the way that, slowly but surely, and only when domestic
travel has first restored itself, international travel will
return.
Finally, the Company announces that a formal search for a new
independent non-executive director has commenced and a further
announcement will be made in due course."
For further information, please contact:
JTC Fund Solutions (Guernsey) Limited
+44 (0) 1481 702 400
Liberum Capital Limited
Chris Clarke / Darren Vickers / Owen Matthews
+44 (0) 20 3100 2000
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.
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END
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