Key Points:

  • Doric Nimrod Air Two Limited acquired seven Airbus A380-861 aircraft from October 2011, all leased to Emirates for 12 years.

  • An agreement is in place to sell two aircraft back to Emirates at the end of their lease periods in October and December 2023 for a total of US$70m.

  • The company plans to distribute capital to its shareholders following these sales, expected early in the first quarter of 2024.

Sale of Aircraft to Emirates

DUBAI — Doric Nimrod Air Two Limited, after purchasing seven Airbus A380-861 aircraft beginning October 2011, had leased them for a dozen years to Emirates - Dubai's national airline owned by The Investment Corporation of Dubai. The initial two acquisitions by the company, MSN 077 and MSN 090, were made in October and December of 2011 respectively. These aircraft, termed "the Assets," are scheduled to be sold back to Emirates at the conclusion of their respective leases, which are expected to end on 14 October 2023 and 2 December 2023. The sale price has been agreed upon: £28.9m (approximately US$35m) for each aircraft, aggregating to US$70m for the pair.

Anticipated Shareholder Distribution

Post the completion of these sales, Doric Nimrod Air Two Limited aims to distribute capital to its shareholders. It is anticipated that this distribution will take place early in 2024's first calendar quarter. The planned method for it is through the redemption of two ordinary preference shares for every seven held, projected to be around 120 pence per share. This estimation, along with the distribution's timing, relies on successful sales, unexpected costs absence, and the company meeting all pertinent solvency standards, regulations, and laws. Detailed information will be disclosed in the near future. The company's current dividend policy is expected to remain consistent, unless unforeseen challenges arise.

Status of Remaining Fleet and Acknowledgements

Post the aforementioned sales, Doric Nimrod Air Two Limited will retain ownership of five Airbus A380 aircraft. The leases for these planes are set to expire between 1 October 2024 and 30 November 2024. Until these lease periods conclude, the prevailing operating lease agreements are predicted to persist as initially contracted between Doric Nimrod and Emirates.

In concluding remarks, the Board expressed gratitude. They acknowledged the pivotal roles of their advisors, Doric and Nimrod, for their insightful counsel related to the transaction. Shareholders were also thanked for their enduring patience and constructive contributions throughout the company's journey. Additionally, the Board recognized and appreciated Emirates for its cooperation over the past twelve years.