Doric Nimrod Air Two strikes deal with Emirates for sale of two Airbus A380s

Doric Nimrod Air Two Limited, a renowned Guernsey investment entity trading on the Specialist Fund Segment of London Stock Exchange, has officially disclosed a significant asset sale deal. This sale involves two of its eminent Airbus A380-861 aircrafts to Emirates, the leading airline hailing from Dubai, UAE. This deal sheds light on Doric Nimrod’s pivotal business strategy and underlines its robust partnership with Emirates.

Quick Dive into the Asset Details

• The company initially acquired seven Airbus A380-861 aircraft starting October 2011. All these aircraft were leased for twelve years to Emirates.
• The duo set for sale is MSN 077 acquired in October 2011 and MSN 090 from December 2011.
• Both assets will be handed over to Emirates on their respective Lease End Dates, anticipated to be on 14 October 2023 for MSN 077 and 2 December 2023 for MSN 090.

Financial Highlights

• Emirates will remunerate Doric Nimrod with an impressive £28.9m for each aircraft, which translates to an aggregate amount of US$70m for both assets.
• Post this transaction, shareholders can anticipate a capital distribution in the first quarter of 2024. Projections suggest a redemption scheme of two ordinary preference shares for every seven at roughly 120 pence per share. However, this estimation remains contingent upon successful sales, unforeseen costs, and compliance with legalities.

What Lies Ahead for Doric Nimrod

Even post this transaction, Doric Nimrod remains a potent force in the aircraft leasing business with ownership of five Airbus A380s, with leases expiring between 1 October and 30 November 2024. These leases are anticipated to run as per the pre-set agreements until their culmination.