Avation enters preliminary agreements to transition, sell aircraft


Avation PLC (LSE:AVAP) announced it has entered two letters of intent as mentioned in response to analyst questions at an investor update call on Thursday.

The commercial passenger aircraft leasing company said one of the letters is to transition an Airbus A320 from Air France to another European airline at the conclusion of its current lease during October.

READ: Avation says cash situation improving as air travel recovers

The other one is to sell three of the remaining Virgin Australia (ASX:VAH) ATR72-600 aircraft to another European airline for cash, which is expected to close during the fourth quarter of calendar year 2021.

The group stressed both of these transactions are subject to definitive documentation and typical closing mechanics, so it will announce further developments when appropriate.


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