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03 Oct 2018 | 10:02

Avation enters into agreement to sell commercial aircraft to Asian buyer

Avation said Wednesday it had entered into a conditional sale and purchase agreement for the sale of one 23-month old A321-200 aircraft to an Asian buyer.

The transaction was expected to close in October 2018 and the sale was at approximate current market value for an aircraft of this type and age, Avation said.

'We are selling this aircraft purely for risk management and portfolio diversification reasons. The sale is in order to reduce financial exposure to one operator and jurisdiction,' said Jeff Chatfield, Executive Chairman.

'The sale is being conducted in line with market conditions, at a price around CMV, albeit that Avation's book value for the aircraft is materially lower than CMV due to an advantageous initial purchase.' At 10:02am: (LON:AVAP) Avation Plc share price was +2.5p at 253p

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