Doric Nimrod Air Three Limited
Doric Nimrod Air Three Limited (the “Company”), is a Guernsey-domiciled closed-ended company, has 220,000,000 shares in issue following a placing of shares at 100 pence each. Nimrod Capital LLP acted as Placing Agent to the Company. The Shares of the Company were admitted to trading on the Specialist Fund Market of the London Stock Exchange plc on 2nd July 2013
The ISIN number is GG00B92LHN58 and the SEDOL code for the Shares is B92LHN5. The shares trade under the mnemonic DNA3.
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 seek to use the net proceeds of placings and other equity capital raisings, together with debt facilities (or instruments), to initially acquire four Airbus A380-800 aircraft (the “Assets”) which will be leased Emirates Airlines.
The Company will use the net proceeds of the Placing and debt financing, to fund the purchase of the Assets. The Company intends to initially lease the Assets to Emirates for 12 years.
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.
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 Assets have been acquired and leased, the Company will target a distribution to investors of 2.0625 pence per Share per quarter (amounting to a yearly distribution of 8.25 per cent. based on the initial placing price of 100 pence per Share). 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.