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LSE company dividends information has been updated. You can find this is in the menu on any Quote page. ADVFN team.
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AA4

Amedeo Air Four Plus Limited

46.50
0.00 (0.0%)
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Share Name Share Symbol Market Type Share ISIN Share Description
Amedeo Air Four Plus Limited LSE:AA4 London Ordinary Share GG00BNDVLS54 RED ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
Upgrade Icon
  0.00 0.0% 46.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
46.00 47.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equip Rental & Leasing, Nec 190.03 24.75 7.10 6.57 161.50
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 46.50 GBX
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Clarkson (CKN), Wincanton (WIN), Mercantile Ports & Logis... (MPL), Celsius Resources (CLA)

Amedeo Air Four Plus (AA4) Latest News

Amedeo Air Four Plus News

Date Time Source Headline
24/5/202318:03UKREGAmedeo Air Four Plus Limited Holding(s) in Company
03/5/202321:08ALNCNewsTRADING UPDATES: Trident Royalties notes "positive" quarter
03/5/202307:00UKREGAmedeo Air Four Plus Limited Factsheet
04/4/202307:00UKREGAmedeo Air Four Plus Limited Dividend Declaration
01/3/202307:00UKREGAmedeo Air Four Plus Limited Completion Partial Compulsory Redemption & TVR
22/2/202317:40ALNCNewsTRADING UPDATES: Shanta Gold hails new Kenya resource estimate
22/2/202309:05UKREGAmedeo Air Four Plus Limited Second Price Monitoring Extn
22/2/202309:00UKREGAmedeo Air Four Plus Limited Price Monitoring Extension
22/2/202307:01UKREGAmedeo Air Four Plus Limited Return of Capital and Increased Quarterly..
22/2/202307:00UKREGAmedeo Air Four Plus Limited Factsheet

Amedeo Air Four Plus (AA4) Discussions and Chat

Amedeo Air Four Plus Forums and Chat

Date Time Title Posts
29/5/202316:47AMEDEO AIR FOUR PLUS LIMITED435
17/4/202011:37Distributions 6

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Amedeo Air Four Plus (AA4) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-01 14:50:3246.5035,00016,274.97O
2023-06-01 14:40:0146.3210,7955,000.24O
2023-06-01 13:18:1746.32858397.43O
2023-06-01 11:56:0046.3115,2387,057.19O
2023-06-01 10:22:4046.317,7773,601.77O

Amedeo Air Four Plus (AA4) Top Chat Posts

Top Posts
Posted at 24/5/2023 11:21 by rimau1
Yep, thanks for posting. It tells us (1) that the current market price of an A380 is around USD125m (i had assumed USD100m) and (2) a new airline using A380’s will help suck the supply out of an already booming aviation market so hopefully future lease prices are sticky or on an upwards curve. AA4 remains a no brainer at these levels, the $1.1bn of debt is more than backed by the 12 aircraft marked to market leaving a lot of free cashflow underpinning a three figure NAV. All my own investment case/IMO of course, i can’t access the ST Alpha article and i expect he has also done the calcs and i am sonetimes wrong!
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Posted at 03/5/2023 07:13 by someuwin
3 May 2023

AMEDEO AIR FOUR PLUS LIMITED (the "Company")
(LSE: AA4, LEI: 21380056PDNOTWERG107)
Factsheet

The Company announces that its factsheet for the period to 31 March 2023 is now available on its website at http://www.aa4plus.com. An extract from the Chairman's statement within the factsheet is reproduced below.

The final quarter of our financial year was a watershed in some respects. Thai Airways, whilst still under court protection, switched from power by the hour (PBH) rent to the fixed monthly rentals agreed with the bankruptcy planners. The airline is operating our aircraft more and more as China and the rest of the Asia Pacific region continue to increase flight traffic.

This in turn meant that the Board was able to take a more confident view on the company's prospects, which resulted in the compulsory redemption returning £28m to shareholders. We also increased the regular quarterly dividend to 1.75p per share, being 7p per annum.

We remain aware that some shareholders want us to sell these aircraft as they currently do not contribute to dividend income. The Board continues to assess the variables that affect these aircraft to identify when it is best to realise their value for shareholders. The original leases were due to expire in 2029/30 and the original loan financing for the first 3 aircraft also expires at the same time. The leases having been extended by 6 years to 2035/2036, with the rent payable for the extension to be set by an appraisal process. Amedeo is confident that the package of aircraft and long leases has substantial value in excess of loan exposure and the funds diverted previously from shareholders to keep lenders current during the period when the airline was not paying rent due to its entering court protection.

We welcomed Tom Sharp onto the board on 19 January 2023. Tom is a director of Metage Capital and his experience in maximising shareholder value will prove invaluable. We have now refreshed the composition of the Board by introducing 3 new directors in the past 18 months who bring in a range of skills and fresh perspectives

Finally, you may have noticed that this factsheet has what we hope will be a much more useful and user-friendly layout. We also intend to launch a new website shortly. Amedeo has worked with Liberum to deliver this and we thank them for their help.
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Posted at 05/3/2023 09:41 by glenbo1
This year will be the first year airlines declare profits since 2019.In my opinion AA4 will continue to buy back shares and increase dividends.The P/E ratio here is very attractive and the share price should tick along nicely.
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Posted at 02/3/2023 11:52 by mrscruff
I too have just bought back the shares I gave up (7,371 shares). I have not had a chance to do my full DD as I do want to focus on the debt and spend time looking into it. But seeing everyone buy back the shares has given me FOMO and what with everyone adding ahead of 14th you lot (and institutions) could drive the share price up!

Any member here have a view on debt? (Edit: Perhaps this request is a bit cheeky - I had a really busy week at work and a really nice day outside. I will look into this myself over the weekend)
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Posted at 28/2/2023 19:05 by mrscruff
It will be interesting but we all know there is no such thing as free money so if you invested £1000 today you will probably have £1000 worth of cash and shares tomorrow. But it's the growth for the rest of the year I am interested in. What's a good yield for this. Surely dividends can't rise again. China does not expect to open up properly until Q4 of this year so what does that mean to our share price next year when the planes are full of Chinese pent up demand ? Is the NAV realistic or actually undervalued? Is this the most undervalued investment ever or a big scam based on a poor NAV estimate.

If the share price stays the same tomorrow morning I am buying a ticket to Sri Lanka via Emirates for few weeks and then to Tieland. But I can also wait until the end of the year.
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Posted at 27/2/2023 19:24 by pigeonfeeder
Sate I do not see how this is unfair.

Those who purchased their shares at higher than the redemption price will incur a loss. However the redemption price is higher than the current market price - you were already sitting on an unrealised loss. If I am understanding you correctly you don’t want to be forced into realising ‘a loss’ and you are hoping for share price recovery to a level higher than the redemption price?

Well after the compulsory redemption you will still own the same proportion of the company as you did before, so if the shares do go up in value you will still gain the same amount as you would have without the redemption.

If you owned 1% of the company before the redemption you will still own 1% of the same company afterwards. The only difference is the company will have £28m less cash in its bank account, but then you personally will have received 1% of that £28m.
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Posted at 22/2/2023 10:38 by sate_uk
I must be missing something here. Why is everyone apparently so happy that they are again compulsory purchasing shares at 64.5p and previously at 34.55p (Dec 2021) and 46p (Sep 2020), as many as I quickly found, when they have placed the shares between May 2015 and Jan 2017 between 100p and 104p. The increase in the dividend will not cover the capital loss for at least several years, if ever, considering even just low inflation on top. I have never come across this way of a return of capital before where a company compulsory buys back shares rather than making an offer for them instead. Those who have bought in the market in the last few years can choose to sell and those long term holders, who actually funded the company entirely from the placings would hope to recover their losses from the increase in both the share price and increased dividends, retaining their original holdings.
Sate
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Posted at 22/2/2023 10:26 by langland
I bought a few more this AM. The amount will go towards the replacement of the shares which will get repurchased. Once the dust settles after the capital reduction, the share price say at 50p will still give a forward yield of 14% and be at a 20% discount to the NAV. Admittedly, the NAV is rather subjective but the management has successfully got shareholders through the last few years.
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Posted at 29/7/2022 10:26 by davebowler
Liberum;
Amedeo Air Four Plus

Improving outlook

Mkt Cap £113m | Share price 32.5p | Prem/(disc) -64.0% | Div yield 15.4%

Event

AA4's full year results have demonstrated a significant improvement in its position. The agreement of the lease amendment with Thai Airways was pivotal in enabling a £30m capital return and the resumption of quarterly distributions. Lease income from Emirates underpins the current 5p distribution. The board has stated that it expects to be able to maintain the distribution at this level for the foreseeable future.


Estimated residual values reduced by 16% in the year. The portfolio comprised 12 aircraft at 31 March 2022 - six A380s (leased to Emirates), two B777s (leased to Emirates) and four A350s (leased to Thai Airways). The majority of the impairment related to the A380 and B777 aircraft.


The situation with Thai Airways has improved steadily since the restructuring completed in December 2021. The airline is making power by the hour (PBH) payments in 2022 before switching to a fixed payment from January 2023. During Q1 2022, flight hours for the four A350 aircraft were equivalent to 60% of pre-pandemic hours. The PBH payments have been sufficient to cover the quarterly interest and expense.

AA4 has also provided additional disclosure on the lease terms. The fixed lease rent from 1 January 2023 is 45% below the previously agreed rent. Thai Airways' rehabilitation plan provides for $6.7m of pre-petition unpaid rent to be payable to AA4 in instalments starting in 2024. This will be used to repay debt. The lease has also been extended by six years, with future rents to be determined by market rates. Thai Airways has announced plans to exit bankruptcy in 2024 and is seeking to strengthen its balance sheet with new equity and debt-for-equity swaps. AA4 has reiterated its view that it does not expect to receive any income from the Thai aircraft after expenses and debt service costs, but there is scope for the recovery of equity value.

Liberum view

AA4's 15% dividend yield is covered by income from Emirates. We believe there is potential for an increase in distributions over time as we estimate recurring earnings of £26m (vs. £17m of annualised distributions). We believe AA4 is gradually building up cash reserves within the A380 SPVs, to ensure there is enough capital to meet obligations on the junior debt. In this regard, the recent sale by Doric Nimrod Air One of its A380 to Emirates for $30m was encouraging. In relation to AA4's A380 aircraft, the lease return compensation and redelivery costs are much lower than $30m. The first of AA4's A380 lease expires in 2026 and it is still unclear what will happen with the aircraft at the end of the lease. Emirates is experiencing capacity issues, in part due to problems with the delivery of Boeing's 777X programme. The first delivery of 777X aircraft is expected to occur in 2025. The success or otherwise of the 777X programme will play a determining role in the residual value of AA4’s A380s. Even on relatively conservative assumptions (no equity value for A380 and $12.5m for A350), we estimate an IRR of 14% from the current share price.
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Posted at 18/7/2022 19:17 by bedbel
From WINV annual report today:

The Company's portfolio has remained quite fully invested during the reporting period. This includes a previously undisclosed holding of some 3.7% of Net Assets in Amedeo Air Four Plus Limited ('AA4'). AA4 is a Guernsey company, whose shares are listed on the Specialist Fund Segment of the London Stock Exchange's Main Market. AA4 has a market capitalisation of £109.4 million and owns via its subsidiaries an aircraft fleet of six A380s and two B777-300ERs leased to Emirates Airlines ('Emirates') and four A350-900s leased to Thai Airways ('Thai Air'). As at 30 September 2021, the AA4 group held cash, net of provisions for maintenance, of slightly less than £84 million, which has subsequently been reduced by a £30 million pro rata capital redemption. In addition, unencumbered gross lease payments contracted to be paid to AA4 by Emirates as at 31 March 2022 were some £194 million. Once Thai Air trading has normalised, there is scope to return by way of capital return the £15 million held by AA4 as a capital buffer, and to increase very substantially the annual dividend of five pence per share, which is presently constrained by the AA4 board's prudent approach to Thai Air's current trading.
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