RNS Number : 0162G

Gama Aviation PLC

21 July 2021

21 July 2021

Gama Aviation Plc (AIM: GMAA)

("Gama Aviation" or the "Company")

Prepayment of Promissory Note

On 2(nd) March 2020, Gama Aviation announced the sale of its US Air associate, Gama Aviation LLC (doing business as Gama Aviation Signature) to Wheels Up Partners Holdings LLC ("Wheels Up") ("Transaction"). The consideration for the sale was $33m, of which $13m was paid in cash at closing of the Transaction, with the remaining $20m issued as a promissory note by Wheels Up also at closing of the Transaction ("Note"). The Note was to be settled in cash, with interest, in eight equal six-month instalments over the following four years.

On 14(th) July 2021, Wheels Up listed on the New York Stock Exchange triggering a mandatory prepayment provision under the terms of the Note.

On 20(th) July 2021, the Company received $15.2m in cash from Wheels Up, representing the full prepayment amount due to the Company under the Note.

The $15.2m cash received will be used to settle the residual corporation tax liabilities associated with the Transaction, to support the on-going organic investment needs of the Company, and to supplement the Company's working capital reserves.


For more information contact:

Gama Aviation Plc +44 (0) 1252 553000

Marwan Khalek, Chief Executive Officer

Daniel Ruback, Chief Financial Officer

Camarco +44 (0) 20 3757 4992

Ginny Pulbrook

Geoffrey Pelham-Lane

WH Ireland +44 (0) 207 220 1666

James Joyce

James Sinclair-Ford

Gama Aviation - Notes to Editors

Founded in 1983 on the simple purpose of providing aviation services that equip its customers with decisive advantage, Gama Aviation Plc (LSE AIM: GMAA) is a highly valued global partner to blue chip corporations, government agencies, healthcare trusts and private individuals.

The Group has three global divisions: Business Aviation (Aircraft Management, Charter, FBO & Maintenance), Special Mission (Air Ambulance & Rescue, National Security & Policing, Infrastructure & Survey, Energy & Offshore); and Technology & Outsourcing (Flight Operations, FBO, CAM software, Flight Planning, CAM & ARC services)

More details can be found at: http://www.gamaaviation.com/

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(END) Dow Jones Newswires

July 21, 2021 08:43 ET (12:43 GMT)

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