Affan

@dothedilegence they will..They have employee warrants priced at 126p due to expire early May..not so much in the money right now.

@feynzz I have been surprised that they haven’t bought back any during this current weakness. Hoping they announce a large purchase soon!

#AVAP has one plane leased to Etihad, that's their total direct exposure to the Middle East and I consider the default risk on that airline to be 0 (state backed, Arabs won't ever let it go bust). No direct risk on any of the other planes/airlines. Some European/Asian airlines will actually be net beneficiaries and take more market share from the Middle Eastern giants (Emirates/Etihad/Qatar). ATR - the current oil price would do more to increase demand for regional fuel-efficient planes and I see no issues in the demand for these planes. Supply would still be an issue (maybe bigger) as supply chains get affected, would only increase secondary market prices. £300m bonds are deferred till 2031. In hindsight what great timing to do it last year. Overall, great opportunity for management to mop up more shares which I am sure they will and I think they are acting very strategically to mop them up lower (why not) as there would be many panic sellers in the current market. I talk my own book. DYOR.

[🔵Press release] ✈️@AVATION_PLC orders five brand-new ATR 72-600s The Singapore-based reinforces its 15-year partnership with ATR by exercising purchase rights for 5 ATR 72‑600s, reaching 54 net firm aircraft ordered to date. This renewed investment shows Avation's strong confidence in the long‑term performance, economics and low‑emission credentials of the ATR platform. Deliveries scheduled for 2028 and 2029. Read our press release to know more: atrnews.info/Avation

@EwanHibs1875 x.com/feynzz/status/…

@feynzz Are you still an investor in jadestone energy?

#AA4 gets acquired at a higher price than what I thought it was worth. Completely different to #AVAP with a bunch of A380s and reliant on just two customers. The scale of M&A in this sector has surprised me. Only a matter of time....

@EwanHibs1875 no

@one_foothurdle no way the equity was valued at that much, huge Emirates exposure and specially given the current situation even more so, not many takers of A380 globally, I think its a good outcome for the shareholders there. Just my view obv.

It is grossly undervalued and this is nothing less than a take under. Mgt touted for years its equity value of the A-350’s being $164m Emirates earnings on outstanding leases is $65m Equity value for all A-380’s based on all DNA deals and paying of outstanding debt is about $80m Cash on BS is about $45m

@NOC40 I am not excluding, but I have read other commentators excluding intangible purchase rights from their calculation so this is in response to that. For me NAV is understated, doesn't include uplift in market value and also includes Black Scholes nuance for options.

@feynzz surely NAV is NAV? by the same token the debt is intangible, so why not exclude that too?

#AVAP there has been a lot of focus on tangible NAV vs intangible NAV (purchase rights. By exercising 5 options earlier this week, #AVAP transferred c$18m to deposits (22p per share). Their tangible NAV is now close to 200p per share with another 82p of intangible. This excludes the c$1.4m gain per ATR they will recognise on delivery of the orderbook and also any market value uplift etc. A lot of folks have given up due to share price performance etc, I have been buying more. Two opposing views and different positions. That's what makes a market.

#AVAP there has been a lot of focus on tangible NAV vs intangible NAV (purchase rights. By exercising 5 options earlier this week, #AVAP transferred c$18m to deposits (22p per share). Their tangible NAV is now close to 200p per share with another 82p of intangible. This excludes the c$1.4m gain per ATR they will recognise on delivery of the orderbook and also any market value uplift etc. A lot of folks have given up due to share price performance etc, I have been buying more. Two opposing views and different positions. That's what makes a market.

#AVAP that's another 0.5% of share capital bought back. So far this year c500k shares bought back at a 50% discount to NAV (0.8% of share capital).

#AVAP exercises 5 of the 24 Purchase rights bringing order book to 14. Equity to be funded from organic cashflows. That's more like it. Well done @AVATION_PLC

and hence why #AVAP with it's current scale can't rub shoulders with the bigger players. It makes perfect sense for it to be acquired. The economies of scale are huge although it might not be a big enough for the larger players to be interested. With the speed at which these lessors are getting acquired, it could only be a matter of time..

@feynzz Nordic was the largest lessor of ATR's but in serious financial 💩when it was bought. If $MQG.AX and its partners PGGM and ART can't REALLY make it work, shows it is a gorilla's game.

bloomberg.com/news/articles/… Another lessor acquired by a bigger fish. M&A is rampant in the sector. Only a matter of time for #AVAP.

These two notes show you a different story, accounting vs reality. 9 more ATRs on order with 24 purchase rights...

#AVAP A lot to go through but few things that stand out for me: -The interim loss includes final amortisation of gain on 2021 debt modification of $4.1m and one-off loss recognised on redemption of bonds of $8.8m, that is c$13m one-off (16p per share p.a.) that won't continue. -They have recognised a $1.4m gain on delivery of the ATR 72-600 in December, that proves I was correct in my understanding that Black-Scholes is nuance, their deposits were valued at c$3m per aircraft but they make more on each delivery. 4 more due this year, expect similar uplifts for all 4 of them. This is despite them recognising another $5m Black-Scholes loss on ATR purchase rights, it shows accounting not following reality, more hidden value. -Shame about Air Braathens buts its only 2 ATRs and don't think would be an issue to re-lease or sell. -Shame also about the total loss on one A220-300 but insurance covers full book value of $33m so no real loss, cash could be used for new planes or more buybacks. -I see even more value, maybe its just me but I like being against the crowd

@Stemis3 yes I know but could you have seen the share price trading within a 20% discount to NAV range? None of the other fintech funds are there yet either.

@feynzz 31% discount to NAV

#AUGM takeover offet for 27% premium to closing price. I would take it in the current market environment.

Few of their holdings have struggled recently although still huge potential with Tide and Zopa. The share price hasn't done anything for over 3 years. Cash out to invest elsewhere.