Doric Nimrod Air Two Limited, an investment company based in Guernsey, has reached an agreement with Emirates to sell the remaining five Airbus A380-861 aircraft it owns. The sale, which is expected to conclude between October 1, 2024, and November 30, 2024, will see the aircraft sold for £30.71 million each, totaling £153.53 million for all five assets. This follows the earlier sale of two aircraft in 2023, which generated £59.229 million for shareholders.

Details of the Transaction

The company, which had previously purchased a total of seven Airbus A380-861 aircraft between October and December 2011, leased each aircraft to Emirates for a period of twelve years. The aircraft, identified by manufacturer’s serial numbers (MSNs) 105, 106, 107, 109, and 110, will be sold to Emirates at the conclusion of their respective leases. The agreement specifies that Emirates will pay £30.71 million per aircraft, equivalent to US$40 million each, bringing the aggregate sale price to US$200 million.

Implications for Shareholders

Doric Nimrod Air Two’s Board of Directors has indicated that the proceeds from the sale, along with the remaining cash holdings, will be distributed to shareholders following the completion of the leases and subject to liquidation and other costs. The distribution is anticipated to occur in the first calendar quarter of 2025, after the final lease concludes and relevant solvency tests, laws, and regulations are met.

Additionally, Doric Nimrod Air Two has announced plans to declare its last interim dividend in October 2024, marking the final dividend distribution before liquidation proceedings commence.

Future of Doric Nimrod Air Two

Following the distribution of sale proceeds, Doric Nimrod Air Two is expected to begin the process of liquidation as soon as possible. The final amounts and distribution timetable will be communicated to shareholders in due course.

Acknowledgments

The Board expressed gratitude to its advisers, Doric and Nimrod, for their support throughout the process and acknowledged the patience and constructive involvement of shareholders during Doric Nimrod Air Two’s lifespan. They also extended thanks to Emirates for its cooperation over the past twelve years.

This transaction marks a significant milestone in the winding down of Doric Nimrod Air Two Limited, concluding its role as lessor to one of the world’s leading airlines.

  Airbus A380-861, aircraft leasing, Doric Nimrod Air Two Limited, Emirates, Guernsey Investment Company, Liquidation, London Stock Exchange, Shareholder Distribution, Specialist Fund Segment