Amedeo Air Four Plus has published its first set of accounts covering the period from incorporation to 31 March 2016. The Company’s shares were first listed on 13 May 2015 upon the admission of 202,000,000 redeemable ordinary shares (“Shares”) at an issue price of 100 pence per Share. On 15 December 2015, pursuant to an additional Placing Programme, the Company concluded a first placing, with the admission to trading of an additional 47,000,000 Shares at an issue price of 100 pence per Share. On 11 March 2016, the Company concluded a second placing, with the admission to trading of an additional 53,000,000 Shares at an issue price of 101 pence per Share. As at 24 June 2016 the Company’s total issued share capital consisted of 302,000,000 Shares and the Shares were trading at 100 pence per Share.
In accordance with the Distribution Policy, the Company declared three dividends of 2.0625 pence per Share during the period under review and one dividend of 2.0625 pence per Share was declared after the reporting period.
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 used the net proceeds of the IPO and the placings, together with financing arrangements (generally comprising senior and junior debt) to fund the purchase of six Airbus A380-861 aircraft and to lease them to Emirates.
The aircraft were acquired at a total net cost to the Company of US$1,627.6 million. The aircraft have each been leased to Emirates for an initial term of twelve years with fixed lease rentals for the duration. All payments by Emirates have been made in accordance with the terms of each lease. The lease payments received by the Company from Emirates cover repayment of the senior debt and payments of interest only on the junior debt, as well as income to pay dividends to Shareholders (the financing arrangements for the fifth Airbus A380 acquired by the Company use a slightly different structure, involving lease financing, however the economic effect is the same). The capital portion of the junior debt, amounting to between US$35 million and US$40 million per Asset, will be paid out of the disposal proceeds of the relevant aircraft once its lease to Emirates has expired. Emirates bear all costs (including maintenance, repair and insurance) relating to the aircraft during the lifetime of each lease.
AA4 : Amedeo’s first results published