Avation Dividends - AVAP

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Stock Name	Stock Symbol	Market	Stock Type	Stock ISIN	Stock Description
Avation Plc	AVAP	London	Ordinary Share	GB00B196F554	ORD 1P

	Price Change	Price Change %	Stock Price	Last Trade
	0.00	0.0%	111.50	08:00:10

Open Price	Low Price	High Price	Close Price	Previous Close
111.50	109.50	111.50	111.50	111.50

more quote information »

Industry Sector
INDUSTRIAL TRANSPORTATION

Avation AVAP Dividends History

Announcement Date	Type	Currency	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
21/11/2019	Interim	USX	2	30/06/2019	30/06/2020	19/12/2019	20/12/2019	09/01/2020	0
05/09/2019	Interim	USX	8.5	30/06/2018	30/06/2019	03/10/2019	04/10/2019	18/10/2019	10.5
15/11/2018	Interim	USX	2	30/06/2018	30/06/2019	13/12/2018	14/12/2018	21/12/2018	0
06/09/2018	Interim	USX	7.25	30/06/2017	30/06/2018	04/10/2018	05/10/2018	18/10/2018	7.25
05/07/2017	Interim	USX	6	30/06/2016	30/06/2017	20/07/2017	21/07/2017	10/08/2017	6
08/09/2016	Final	USX	3.25	30/06/2015	30/06/2016	29/09/2016	30/09/2016	13/10/2016	3.25
07/09/2015	Final	USX	3	30/06/2014	30/06/2015	17/09/2015	18/09/2015	28/09/2015	3
04/09/2014	Final	USX	2.01	30/06/2013	30/06/2014	04/12/2014	05/12/2014	12/01/2015	2.01
04/11/2013	Final	USX	1.78	30/06/2012	30/06/2013	13/11/2013	15/11/2013	18/11/2013	1.78

Top Dividend Posts

Date	Subject
02/3/2021 07:21	russman: AVAP has a $1bn fleet so the impairment % should have been nearer the current industry average. I have excluded the purchase / lease "options" assets from my company ratios. Read Full Thread Follow Reply
28/2/2021 20:32	russman: Not unexpected but there will be more impairments / credit losses. Cannot see any growth in the short term. Bond yields have turned up, AVAP could still get squeezed in the middle. Read Full Thread Follow Reply
15/2/2021 18:40	fastbuck: Significantly higher volume today, including 175,000 shares at 122p worth noting.AVAP maybe being pulled along and up with other travel stocks today, helped by the positive piece from Simon Thompson. Read Full Thread Follow Reply
15/2/2021 11:55	harrogate: Avap was tipped by ST yesterday. Think that accounts for today's move Read Full Thread Follow Reply
15/2/2021 09:52	wigwammer: Or perhaps the entity that approached AVAP with a view takeover in Jan 2020 is back in the picture... or both :) Read Full Thread Follow Reply
01/2/2021 09:44	russman: AVAP is in the middle. It is not in a good negotiating position. Cashflow is suffering by supporting its customers. Have to give a warrant kicker to the bondholders. But how big? Read Full Thread Follow Reply
31/1/2021 12:06	wigwammer: Thanks Donogh. You make some good points. I would add that the company has bought back both equity and debt over the last year, with the latter bought as recently as November. Perhaps the company is better positioned than outsiders to determine the appropriate value of these instruments. To repeat - the required yield is based on a perception that can change rapidly. Otherwise - it is tail wag dog. This time last year AVAP was approached. The shares were trading at around 300p at the time. In the event that interested party returns - at perhaps a discounted valuation - we will rapidly see the dog wagging its tail again. Why would they be interested? For the same reasons I previously outlined. Nobody has provided any decent reasons why this business - given a modest amount of time - cannot return to generating previous levels of operating cash flow. ATB Read Full Thread Follow Reply
31/1/2021 09:07	cc2014: I think you guys may be misunderstanding the situation. We are not in the position were the bonds were issued at 6.5%, the company has had a bit of a rough time and currently trading at 10% and therefore there is some negotiation going on as to whether they are refinanced at a price close to 10%. These bonds are trading at 125%, yes 125%. And I do mean 125% not 25% as I've demonstrated in the two posts above. Nothing that is trading at 125% is going to get refied at 11%. Or rather if it gets refied at 11%, the bondholders are going to want something like a 90%+ equity holding for free because they are going to have to put in more equity capital to make the numbers add up. Finally I have an additional question. If the bonds are refied at 11%, does AVAP generate enough cash to pay the interest and principle? or is the model broken? Read Full Thread Follow Reply
29/1/2021 13:00	cc2014: "The current yield you describe reflects a perception of a company’s ability to generate cash to cover bond payments" No, the yield describes what borrowers are prepared to lend at. If I felt the yield at 125% was good value I would go and buy some in the market, the bond price would rise slightly and the yield dropping to 120% or whatever. But, no-one wants to buy those bonds, even at 125%. It's telling us something. Now consider the following. AVAP has to pay back $300m in May. If it had cash or access to cash it could buy these back itself for $225m right now at 75c on the dollar. But it can't because it isn't generating cash and no-one wants to lend it any cash. Sure, you are right and perceptions may change but AVAP are still stuck with the problem that even if all cash-flows immediately started tomorrow on all planes, in the current climate lenders now want a higher interest rate than pre-Covid. Effectively the margin AVAP were making in the middle no longer exists. Read Full Thread Follow Reply
29/1/2021 08:26	russman: It is a small leasing company; AVAP needs cheap debt finance to grow. Their business model is broken if the bonds cannot be refinanced at a cheaper rate than AVAP lease their fleet out. Read Full Thread Follow Reply

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