• by  • July 15, 2022 • Doric I

    DORIC NIMROD AIR ONE LIMITED

    THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

    SALE OF ASSET

    Doric Nimrod Air One Limited (“the Company” or “the Lessor”) is a Guernsey investment company with its 42,450,000 ordinary preference shares admitted to trading on the Specialist Fund Segment (SFS) of the London Stock Exchange’s Main Market. The Company purchased one aircraft in December 2010, an Airbus A380-861 aircraft, manufacturer’s serial number (MSN) 016 (“the Asset”), which it leased for twelve years to Emirates (“Emirates” or “the Lessee”), the national carrier owned by The Investment Corporation of Dubai, based in Dubai, United Arab Emirates.

    The Company and Emirates have now reached agreement that at the lease end date (“Lease End Date”), currently expected to be 16th December 2022, the Company will sell the Asset to Emirates. The sale proceeds to be paid by Emirates to the Company are £25.30m. The Directors intend to distribute the sale proceeds to Shareholders, net of any liquidation and other costs and assuming successful completion and no further or unexpected costs or events, as soon as possible following the Lease End Date. It is currently anticipated that the process for liquidation of the Company will commence as soon as practicably possible thereafter, following payment of monies to Shareholders.

    Until the Lease End Date, the Company and the operating lease will continue as contracted.  The Directors therefore anticipate that between now and the Company’s liquidation (currently expected to be early in the first calendar quarter of 2023), subject to successful completion and no unexpected costs or events, to distribute to Shareholders, both in the form of quarterly dividends (including the dividend to be paid on or around 29th July 2022) and a capital return, a total of approximately 66 pence per share.

    The Board wishes to thank both its advisors, Doric and Nimrod, for their advice and assistance in achieving this settlement, and the Company’s Shareholders for their patience and constructive role throughout the Company’s life. The Board would also like to thank the Lessee. Emirates is not only an excellent airline, providing a professional and greatly valued service with its A380 fleet, but has also

    been an excellent tenant.

    Further announcements regarding the return of monies to Shareholders will be made nearer to the Lease End Date.

    For further information, please contact:

    For administrative and company information:

    JTC Fund Solutions (Guernsey) Limited

    +44 (0) 1481 702400

    Nimrod Capital LLP                                            

    Richard Bolchover and Marc Gordon

    +44 (0) 20 7382 4565 or info@nimrodcapital.com

    For media enquiries:

    Lansons

    Tony Langham +44 (0)7979 692287 or tonyl@lansons.com

    David Masters +44 (0)7825 427514 or davidm@lansons.com

     

    END OF ANNOUNCEMENT

    E&OE – in transmission.