JETSCAPE AND M1 MERGER COMPLETED

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By TESTCustomwebLP TESTCustomwebLP January 25, 2011 15:08

JETSCAPE AND M1 MERGER COMPLETED

Jetscape Aviation Group has announced the completion of the merger and restructuring transaction with M1 Commercial Jets which was previously owned by M1 Leasing, a subsidiary of the private investment holding – M1 Group. M1 have established a new holding company, Jetscape Aviation Group Ltd (JAG Ltd) based in the British Virgin Islands. JAG Ltd is now 57% owned by M1 Leasing, while Jetscape’s original shareholders maintain 43% of the holding. The shareholders have collectively subscribed to USD37 million in new equity capital.

The newly formed group will be run by Jetscape’s existing management team, lead by John Evans as Chairman and CEO, and will trade under the Jetscape brand. The JAG Ltd Board of Directors will comprise four prior Jetscape directors along with five directors appointed by M1.

The combined group’s balance sheet will have approximately USD560 million in total assets, USD405 million in total liabilities and USD155 million in shareholders’ equity.

JAG Ltd owns and manages 35 aircraft on lease to 18 airline operators in 15 countries, including the ownership of 18 Embraer E-Jets on lease to 9 operators in 9 countries with a total average fleet age of less than 3 years. The group has a remaining firm order backlog with Embraer for four E-Jets, up to 10 purchase options and up to 10 purchase rights. All, but one, of the firmly contracted deliveries is committed for lease.

John Evans, Jetscape’s chairman and CEO, stated: “We are thrilled to welcome M1 Leasing as our new partner. M1 is a respected and successful global investor that brings a wealth of knowledge, experience and considerable capital resources to Jetscape. The diversity of our shareholding group, which now includes our management team and high net worth investors from three continents, reflects the international market that we serve and remains a differentiating factor for Jetscape.”

Evans added, “In addition to their many investments, M1 is the largest private shareholder of Royal Jordanian Airlines (a Jetscape customer), thus a major contributor to Jetscape’s future success in the rapidly developing Middle Eastern and African aviation markets”.

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By TESTCustomwebLP TESTCustomwebLP January 25, 2011 15:08
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