• Doric Nimrod Air Two Limited (the “Company”), a Guernsey-domiciled company announced the admission of the 100,250,000 C Shares of the Company at a price of 200p per C Share to trading on the Specialist Fund Market of the London Stock Exchange plc . Nimrod Capital LLP acted as Placing Agent to the Company. The Shares of the Company were admitted to trading on 27 March 2012. The Placing follows the Company’s successful admission of 72,500,000 Ordinary Shares at an issue price of 200p per Share on 14 July 2011.

    The ISIN number for the C Shares is GG00B7MBJP78 and the SEDOL code for the C Shares is B5SMNN6 (XLON – SEDOL)

    Investment objective and policy

    The Company’s investment objective is to obtain income returns and a capital return for its Shareholders by acquiring, leasing and then selling aircraft.

    The Company will use the net proceeds of the Placing and appropriate debt financing to fund the purchase of the New Assets (comprising four Airbus A380 aircraft). The New Assets are expected to be acquired between September 2012 and November 2012. The Company intends initially to lease the New Assets to Emirates Airlines for 12 years.

    Distribution Policy

    The Company aims to provide Shareholders with an attractive total return comprising income, from distributions through the period of the Company’s ownership of the Assets, and capital, upon the sale of the Assets.

    Income distributions

    The Company will receive income from the Lease Rentals paid by Emirates pursuant to the Leases. It is anticipated that income distributions will be made quarterly, subject to compliance with applicable laws and regulations.

    Once the four additional aircraft have been acquired it is anticipated that the Company will continue to target a distribution of 4.5 pence per Share per quarter, equating to 9 per cent per annum on the issue price of the C Shares.

    There can be no guarantee that dividends will be paid to Shareholders and, if dividends are paid, as to the timing and amount of any such dividend.

    Return of capital
    The Company intends to return to Shareholders net capital proceeds if and when the Company is wound-up (pursuant to a Shareholder resolution, including the Liquidation Resolution), subject to compliance with the Articles and the Companies Laws (including any applicable requirements of the solvency test contained therein).
    For illustrative purposes only, based on information available as at the date of this document, at the end of each New Lease, if the proceeds from the sale of the corresponding New Asset was US$125 million (being the average market value of the New Asset as forecast by three independent aircraft value appraisal firms as at the end of the term of each relevant New Lease), and assuming US Dollar/Sterling exchange rates remain the same and the Company has not incurred any unexpected costs, Shareholders would get a capital return of 162 per cent. on the value of the Placing Proceeds.
    There is, however, no guarantee that the New Assets will be sold at such sale price or that such capital return would be generated.
    Asset Manager
    The Company has agreements pursuant to which companies within the Doric Group have been appointed by the Company to provide various asset management and debt arrangement services to the Company. The Doric Group is a leading provider of products and services for investors in the fields of aviation, shipping, renewable energy and real estate. The Doric Group has an international presence, with offices in Germany, the United States and the United Kingdom, and a multinational team which offers access to extensive relationship networks and expert asset knowledge.