• Doric Nimrod Air One Limited

    Website: www.dnairone.com

    Doric Nimrod Air One Limited (the “Company”), a Guernsey-domiciled closed-ended company, raised £39,650,000 pursuant to the Company’s Placing of new Shares at an issue price of 100 pence each.

    Nimrod Capital LLP acted as Placing Agent to the Company. Trading in the Shares of the Company

    on the Specialist Fund Market of the London Stock Exchange plc and on the Channel Islands Stock Exchange commenced on 13th December 2010.

    The ISIN number is GG00B4MF3899 and the SEDOL code for the Shares is B4MF389. The shares trade under the mnemonic DNA.

    Investment objective

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

    Investment policy

    The Company has purchased one Airbus A380-861 aircraft, manufacturer’s serial number 016 (the “Asset”), which it has leased to Emirates Airlines (“Emirates”), the national carrier owned by the Investment Corporation of Dubai based in Dubai, United Arab Emirates.

    The Company will seek to provide investors with income and capital returns through investment in the Asset.

    Initial Investment process

    At Admission, the Company used the proceeds of the Placing to part fund the purchase of the Asset. A senior secured financing facility in the amount of US$122 million provided the remaining monies needed for the acquisition of the Asset. Upon purchase of the Asset, the Company entered into a lease with Emirates for an initial term of 12 years, with fixed lease rentals for the duration. The debt portion of the funding will fully amortise over the 12 year term of the Lease, leaving the aircraft unencumbered at the conclusion of the Lease.

    Distribution policy

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

    Income distributions

    The Company will receive income from the Lease Rental made pursuant to the Lease. The Directors intend to target a gross distribution to Shareholders of 2.25 pence per Share per quarter (after costs and payment of any fees) subject to compliance with applicable laws and regulations. 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

    If and when the Company is wound-up (pursuant to a Shareholder resolution, including the Liquidation Resolution which the Directors must table six months prior to the expiry of the Lease to propose an orderly wind-up ) the Company intends to return to Shareholders the net capital proceeds upon the eventual sale of the Asset subject to compliance with the Companies Laws (including any applicable requirements of the solvency test contained therein).

    Asset Manager

    Doric Asset Finance Limited (“Doric”) has been appointed by the Company to provide asset management services to the Company.

    The Doric team has a long track record of offering investment opportunities with positive long-term performance.