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Doric Nimrod Air Two Limited's wholly-owned subsidiaries received notice from Emirates that Emirates is exercising an option to redeliver three Airbus A380-861 aircraft (MSN105, MSN106, MSN107) in "half-life" condition. This arrangement includes a payment of USD 12,000,000 per aircraft, in addition to normal monetary compensation, on or prior to the lease expiry dates of 1 October 2024 for MSN105 and MSN106, and 12 October 2024 for MSN107.
| Date | 16 Feb 2023 |
| Time | 14:11:13 |
| Category | Miscellaneous |
| ID | 1928Q |
16 February 2023
DORIC NIMROD AIR TWO LIMITED
(the "Company")
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
ASSET UPDATE: REDELIVERY CONDITION SIDE LETTERS
Overview
Doric Nimrod Air Two Limited (LSE:DNA2, LEI: 213800ENH57LLS7MEM48) (the "Company") is a Guernsey domiciled company with shares admitted to trading on the Specialist Fund Segment of the London Stock Exchange's Main Market.
MSN105, MSN106 and MSN107 Redelivery Condition Side Letters
The Company, via its wholly owned subsidiaries MSN105 Limited, MSN106 Limited and MSN107 Limited has received notice from Emirates that the lessee is exercising the option to enable it to redeliver the Airbus A380-861 aircraft bearing manufacturer's serial numbers 105 (registration A6-EDX), 106 (registration A6-EDY) and 107 (registration A6-EDZ) respectively, in the minimum condition equivalent to "half-life" together with a cash sum, as opposed to delivery in full-life condition. In the event that an aircraft is returned to the lessor, Emirates will pay the sum of USD12,000,000 in relation to that aircraft to the respective subsidiary of the Company, in addition to the normal monetary compensation arrangements (per aircraft), on or prior to the lease expiry date for that aircraft. The lease expiry date for the aircraft bearing manufacturer's serial numbers 105 (registration A6-EDX) and 106 (registration A6-EDY) is 1 October 2024. The lease expiry date for the aircraft bearing manufacturer's serial number 107 (registration A6-EDZ) is 12 October 2024.
The Board notes that the above does not preclude the Company from considering lease extensions, sales or re-lease options for the aircraft with Emirates or other counterparties.
This announcement has been released by JTC Fund Solutions (Guernsey) Limited, Company Secretary on behalf of the Company.
For further information, please contact:
For administrative and company information:
JTC Fund Solutions (Guernsey) Limited
+44 (0) 1481 702400
For shareholder information:
Nimrod Capital LLP
+44 (0) 20 7382 4565
END OF ANNOUNCEMENT
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