BBA Aviation PLC Result of Meeting (4160K)

TIDMBBA

RNS Number : 4160K

BBA Aviation PLC

28 August 2019

28 August 2019

BBA Aviation plc (the "Company")

Proposed sale of Ontic to CVC Fund Vll (the "Transaction")

Following the general meeting held earlier today regarding the Transaction the Company confirms that the required resolution was passed with over 99.9% of shareholders voting in favour of the resolution at the general meeting. Details of the resolution were set out in the Company's circular to shareholders, dated 9 August 2019 (the "Circular").

As previously announced, the completion of the Transaction remains subject to the satisfaction or waiver of the conditions summarised in the Circular. The Transaction is expected to complete during the final quarter of 2019.

The detailed voting figures are shown in the table below:

 
 
 Resolution                             For (including     %      Against     %      Withheld 
                                         discretionary 
                                            votes) 
                                       ---------------  -------  --------  ------  ----------- 
 
     To approve the sale of the Ontic 
      business and to authorise the 
      directors to do anything to 
 1    give effect to the resolution.       844,434,692   99.998    19,429   0.002      377,878 
    ---------------------------------  ---------------  -------  --------  ------  ----------- 
 Notes: 
  The full text of the resolution is set out in the notice of meeting. 
 
  A vote withheld is not a vote in law and accordingly these votes 
  are excluded from the calculation of the percentage of votes 
  for and against the resolution. 
 
 

A copy of this announcement confirming the voting figures will be displayed shortly on the Company's website at www.bbaaviation.com.

A copy of the resolution has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm.

Enquiries:

BBA Aviation plc

Mark Johnstone, Group Chief Executive

David Crook, Group Finance Director

Kate Moy, Head of Investor Relations and Communications

[phone]

Lazard & Co. (Lead Financial Advisor)

Richard Shaw

Stephen Henry

[phone]

J.P. Morgan Cazenove (Financial Advisor and Joint Corporate Broker)

Robert Constant

Michael Wentworth-Stanley

Richard Perelman

[phone]

Tulchan Communications (Public Relations Advisor)

David Allchurch

[phone]

Information on BBA Aviation plc

BBA Aviation plc is a market leading, global aviation support and aftermarket services provider, primarily focused on servicing the Business and General Aviation (B&GA) market. We support our customers through three principal businesses: Signature Flight Support, Ontic and Global Engine Services/Engine Repair and Overhaul (ERO).

Signature, including Signature TECHNICAir(TM) and EPIC Fuels, provides premium, full service flight and home base support including refueling, ground handling and MRO services through the world's largest fixed base operation (FBO) network for B&GA users with around 200 locations covering key destinations in North America, Europe, South America, Caribbean, Africa and Asia. EPIC Fuels is a provider of aviation fuels, supplies and services operating at more than 200 locations.

Ontic is a leading provider of high-quality equipment and cost-effective solutions for the continuing support of maturing and legacy aerospace platforms with locations in the USA, Europe and Asia. ERO is a leading independent engine service provider to global B&GA operators, the rotorcraft market and regional airline fleets with locations in the USA, Europe, South America, Asia and the Middle East.

On 1 March 2018 BBA Aviation announced that it was conducting a strategic review of the ERO business and, at the end of May 2018, management committed to a plan to sell substantially all of the business and the relevant assets and liabilities were classified as held for sale. The sale process is ongoing.

On 30 July 2019, BBA Aviation announced the proposed sale of Ontic to CVC Fund VII, subject to shareholder and regulatory approvals. Subject to approvals the sale is expected to close in Q4 2019.

For more information, please visit www.bbaaviation.com

Cautionary statement

This announcement is not intended to, and does not constitute, or form part of, any offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction. The information contained in this announcement is not for release, publication or distribution in any jurisdiction where to do so might constitute a violation of local securities laws or regulations.

Important information relating to financial advisors

Lazard & Co., Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for BBA Aviation plc and for no one else in connection with the Transaction and will not be responsible to anyone other than BBA Aviation plc for providing the protections afforded to its clients or for providing advice in connection with the Transaction, the contents of this announcement or any other matter referenced above. Neither Lazard & Co., Limited nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, tort or otherwise) to any person who is not a client of Lazard & Co., Limited in connection with the Transaction, any statement contained herein or otherwise.

J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove"), which is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the Financial Conduct Authority, is acting exclusively as financial advisor to BBA Aviation plc and for no one else in connection with the Transaction and will not be responsible to anyone other than BBA Aviation plc for providing the protections afforded to clients of J.P. Morgan Cazenove or for providing advice in relation to the Transaction, the contents of this announcement or any transaction, arrangement or other matter referred to in this announcement.

Incorporation by reference

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 28, 2019 06:16 ET (10:16 GMT)