Avation issues $2.6m open offer to fund ATR 72 PDPs

On 7 May 2013, Avation announced that was raising approximately £2.6m by way of an underwritten open offer. Click here for the Underwritten Open Offer Circular 2013. Avation is offering up to 4,337,987 New Ordinary Shares at an issue price of 60 pence per share in a bid to net £2,486,733.43 to help fund its on-going Pre-Delivery Payments programme in relation to its delivery of 10 ATR72-600s in from May 2013 to December 2014. Avation has secured a binding letter of offer from Export Development Canada, which is the export credit agency for Canada for the next four ATR 72s