Air Charter Service can confirm that the Group’s Chairman, Chris Leach, and the Chairman of Hangar 8 PLC, Nigel Payne, are in discussions regarding a proposed merger of the two companies.
“Chris Leach said of the talks: “As it stands the proposed deal would be a reverse takeover, as ACS is the larger entity. However, essentially what is being proposed is a merger that would create a new, larger aviation group funded by new investment.”
The structure of the proposed new company, including the name of the new organisation, is still being discussed. Therefore, any other rumours in the marketplace about the finer details of any transaction along with the organisation of the new group are at this stage purely speculation.
“It is early days at the moment, but what we can say is that the proposal as it stands is exciting and would be extremely beneficial for both companies”, concluded Leach.
The official press release by Hangar 8 Plc is as follows…
Hangar 8 plc (“Hangar8” or “the Company”)
Hangar 8, one of Europe’s largest operators of privately owned passenger jet aircraft, is pleased to announce that it is in advanced discussions with Air Charter Service Group plc (“ACS”), a privately owned air charter business, about a potential combination of the two businesses to form a significantly enlarged group on the AIM market.
Nigel Payne, Non-Executive Chairman, commenting on the proposed transaction: “We are very excited about the prospect of putting Hangar 8 and ACS together to strengthen our combined offering to the aviation industry. I believe that the combination of the two businesses provides for a compelling proposition for all of the stakeholders of both businesses.”
The proposed transaction would constitute a reverse takeover for the purposes of the AIM Rules and, accordingly, trading in the Company’s shares has been suspended pending the earlier of the cessation of discussions or the publication of a re-admission document (which will provide further detailed information on the proposed transaction), which will be posted to shareholders in due course.