Equity Issue On Warrant Exercise Directors Dealing
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The Board of Avation PLC (LSE: AVAP), announces that on 11 March 2025, the Company allotted 278,371 fully paid new ordinary shares representing approximately 0.37 per cent of the enlarged capital of the Company pursuant to the exercise of staff share warrants as well as the exercise of the Company's listed warrants (LSE:AVAW).
Pursuant to the exercise of staff warrants as set out below, the Company allotted 264,867 fully paid new ordinary shares representing approximately 0.35 per cent of the enlarged capital of the Company:
- 216,867 series 2022 warrants at an exercise price of 102 pence per share
- 38,000 series 2023 warrants at an exercise price of 126 pence per share
- 5,000 series 2023 warrants at an exercise price of 125.5 pence per share
- 5,000 series 2024 warrants at an exercise price of 118 pence per share
Pursuant to the exercise of 13,504 listed warrants, the Company allotted a further 13,504 fully paid new ordinary shares representing approximately 0.02 per cent of the enlarged capital of the Company. The listed warrants have an exercise price of 114.5 pence per share.
The exercise of the staff and listed warrants provides the Company with £296,721.42 in proceeds which the Company will use for general corporate purposes.
The allotments of shares are conditional only on admission of the new shares to the Official List and to trading on the London Stock Exchange's main market for listed securities becoming effective ("Admission"). Application will be made for the new ordinary shares to be listed on the Official List of the UK Listing Authority and to be admitted to trading on the London Stock Exchange's main market for listed securities. It is expected that Admission will become effective and that dealings in the new ordinary shares will commence on or around 19 March 2025.
Following Admission, there will be a total of 74,950,257 ordinary shares in issue, with 8,130,000 shares held in treasury. Following Admission there will be 66,820,257 total voting rights for the purpose of calculating shareholders' percentage voting rights.
DIRECTORS' DEALING
Robert Jeffries Chatfield, a director, subscribed (via a company in which he is interested) for 100,999 ordinary shares as part of this allotment. In addition to this subscription, Mr Chatfield has advised the Company that the beneficial ownership of 50,000 ordinary shares in the Company has passed to him for nil consideration under the terms of a trust. Accordingly, his direct and indirect holdings in ordinary shares will be 12,381,000 on Admission becoming effective, which represents 18.53 per cent of the voting rights and 16.52 per cent of the enlarged share capital.
| 1. | Details of the PDMR / person closely associated | |||||
| a) | Name | Robert Jeffries Chatfield | ||||
| 2. | Reason for the notification | |||||
| a) | Position / status | Executive Chairman | ||||
| b) | Initial notification / amendment | Initial notification | ||||
| a) | Name | Avation PLC | ||||
| b) | LEI | 213800KA972GUP1B6I78 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.01 each GB00B196F554 (ISIN) | ||||
| b) | Nature of the transaction | Exercise of warrants to subscribe for ordinary shares | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information | See above | ||||
| - Aggregated volume | ||||||
| - Price | ||||||
| e) | Date of the transaction | 11 March 2025 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
| 1. | Details of the PDMR / person closely associated | |||||
| a) | Name | Robert Jeffries Chatfield | ||||
| 2. | Reason for the notification | |||||
| a) | Position / status | Executive Chairman | ||||
| b) | Initial notification / amendment | Initial notification | ||||
| a) | Name | Avation PLC | ||||
| b) | LEI | 213800KA972GUP1B6I78 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.01 each GB00B196F554 (ISIN) | ||||
| b) | Nature of the transaction | Transfer of beneficial ownership pursuant to the terms of a trust | ||||
| c) | Price(s) and volume(s) | Price(s) Volume(s) £NIL 50,000 | ||||
| d) | Aggregated information | See above | ||||
| - Aggregated volume | ||||||
| - Price | ||||||
| e) | Date of the transaction | 11 March 2025 | ||||
| f) | Place of the transaction | NA | ||||
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