Gama Aviation Share Discussion Threads

[davebowler] 30/5/2024 07:34:43

Last day for dealing?

[1activeinvestor] 10/5/2024 18:22:05

Griffiths may be trying to block the transaction, which is possible, but he will never gain control as the CEO has 51%+ with his own holding and his backers.

[rivaldo] 10/5/2024 09:44:19

Agreed....and yet Richard Griffiths continue to buy with another 20k at 96p reported bought yesterday.

Why?!

[camerongd53] 09/5/2024 08:33:29

Having sold out at 95p I am not going to rush in and buy @96p to hold an unquoted share!!

[rivaldo] 09/5/2024 08:17:54

Griffiths has now bought another 434,000 shares at 96p, so he owns 1.17m now.

Hmmmm.

[rivaldo] 08/5/2024 09:03:42

Richard Griffiths, the well-known City boy and major player has bought another 251,466 GMAA shares at 96p and 95.9p. He now owns almost 733,000 shares.

Why would he be buying substantial shares at above the 95p tender offer price and just before the delisting on 30th May? Am I missing something, or is something afoot? Perhaps he wants to be part of the delisted entity and will wait for a re-listing at a much higher price in a couple of years?

[rivaldo] 01/5/2024 22:48:07

15k bought before the close at 99p, and after the close another 20k reported bought at 96p and 97p. Hmmmm.

[camerongd53] 01/5/2024 19:29:29

Sold out at95 subject to £4.95 broker charge
Very puzzled like rivaldo

[rivaldo] 01/5/2024 13:24:18

Intriguing to see a series of buys this morning at above the 95p tender offer, including buying just now at 97p.

Moves afoot?

[davebowler] 29/4/2024 16:12:17

European Union (Withdrawal) Act 2018.



Gama Aviation Plc (AIM: GMAA)

("Gama Aviation" or the "Company" or "Group")



Proposed return of up to £32.6 million to Shareholders by way of a tender offer,

Cancellation of admission of Ordinary Shares to trading on AIM

and

Notice of General Meeting


Introduction

Further to the Company's announcement on 1 March 2024, Gama Aviation is today announcing that a circular (the "Circular") will be sent to Shareholders later today detailing the following Resolutions to be considered at a General Meeting scheduled for 2.00 p.m. on 15 May 2024:

· by way of an ordinary resolution, the proposed return of up to £32.6 million to Shareholders by way of a tender offer at 95 pence per Ordinary Share capable of acceptance by all Eligible Shareholders in full; and

· by way of a special resolution, the cancellation of admission of Ordinary Shares to trading on AIM.

The Circular also contains details of how Eligible Shareholders can elect to tender some or all of their Ordinary Shares.

The Circular sets out the background and terms of the Tender Offer and incorporates a notice of a General Meeting. A Proxy Form and Tender Form for use by Shareholders who hold their Ordinary Shares in certificated form in connection with the General Meeting and Tender Offer, respectively, are also being despatched with the Circular. A copy of the Circular will be made available for inspection in the investor relations section of the Company's website: hxxps://www.gamaaviation.com/investors/.

Shareholders representing in aggregate 79.6 per cent. of the current issued share capital have given Irrevocable Undertakings to exercise the voting rights attaching to such Ordinary Shares in favour of the Resolutions as further detailed below. Accordingly, the Resolutions are expected to be passed at the General Meeting.

The last day of dealings in the Ordinary Shares on AIM is expected to be 30 May 2024.

[garbetklb] 04/4/2024 09:01:21

Still no more details of the tender. Am tempted to sell now at a small discount & redeploy funds into something with more of a future. Also, just in the unlikely event of something left field appearing.
The comment on 1 March concerning the Board debating which shareholders would approve the delisting struck me as a bit odd.
A bird in the hand, and all that.......

[rivaldo] 04/3/2024 12:31:05

So the Tender Offer at 95p has been increased such that if all the Tender shares were taken up, MK and Bermesico would own all the remaining shares.

And even if some shareholders don't accept, it's likely that there will be such a small rump of shares left that GMAA will delist. It's essentially a takeover by MK.

Looks like I'll be accepting then!

A better return than I expected a few months ago, but GMAA's been a serial disappointer, so perhaps it's for the best.

[davebowler] 25/2/2024 14:46:35

hTTps://www.msn.com/en-GB/finance/other/mi-aircraft-company-files-notice-to-appoint-administrators/ar-BB1iQYHf?ocid=sapphireappshare

[rivaldo] 22/2/2024 14:30:58

An innovative new service from GMAA subsidiary Flyertech, no doubt hoping to get in on the ground floor with new clients:

[rivaldo] 19/2/2024 08:19:40

Harry, my post 1572 sums it up I think (the 55p special divi has been superceded by a more "phased" return of capital, the tender offer being the first stage).

There's some really interesting coverage of the latest Air Ambulance acquisition here - and the closing comments imply more acquisitions are in view:



Extracts:

"It was a race against time. Gama Aviation had more than 60 separate transaction documents to finalise with a host of stakeholders in just a few hours. All part of its bid to acquire UK air ambulance provider Specialist Aviation Services before the business would be forced to cease operations.

At risk were life-saving air ambulance services over London and the southeast of England. Without a last-minute deal, the emergency medical service (EMS) ambulance helicopters could have been grounded for weeks if not months"

"The acquisition is designed to accelerate the growth of Gama’s Special Mission strategic business unit (SBU) and complements other recent contract wins, including the Welsh Air Ambulance contract. Gama also recently opened new international operations in the Middle East to augment its fixed-wing aircraft management and MRO services in the region."

"“Long-term contracts that give you regular income and regular cash flow for a long time is very welcome,” he said. “Obviously, that’s provided by government work and special missions work as opposed to the ad hoc nature of the rest of business aviation.”

"Netted about $100m

So, what next for Gama Aviation? The company is always open to promising business opportunities, according to Khalek. And, after the sale last autumn of its US MRO business Jet East, it has the means to invest. Gama acquired the business for about $12m and injected up to $20m of debt. It sold the business for $131m and, after costs, netted about $100m.

While non-compete clauses limit Gama’s short-term acquisition strategy in the US, the company remains hungry for new opportunities. “Debt markets are pretty horrible at the moment and pricing is not very nice,” Khalek told our CJI London conference. “So, we’ve taken the opportunity to use our funding to influence budgets more and look to other financing down the line.”

It remains to be seen what, where and when Gama Aviation will be tempted to make its next acquisition."

[harry the haddock] 18/2/2024 16:09:30

Can someone explain to me in simple English what is happening - are we still getting the 55p a share special dividend for example?

[davebowler] 14/2/2024 17:15:18

$82m cash.....

[rivaldo] 06/2/2024 12:22:39

Lots to think about after yesterday's update:

- £16.5m tender offer to buy in shares at 95p worth 27% of the shares in issue
- historic EBIT broadly in line (no idea what expectations are though)
- £82m of net cash at the end of December
- and "a further return to be made when the appropriate debt facilities are secured", so more dosh for shareholders at some point

[oldtimer169] 02/2/2024 10:11:51

Nice to be part of that story!

[rivaldo] 01/2/2024 07:43:34

Big news late last night - GMAA are scaling up their helicopter special mission division.

They've paid just £280k to administrators for a forecast £27m of turnover in acquiring Specialist Aviation:



Of course there are added wrinkles. Transaction costs etc will take the total cost to £3m, and there are lease obligations on helicopters and property to take on.

Nevertheless, this could be an absolute bargain price given the likely synergies and cost savings etc, with H2'24 and onwards likely benefiting nicely.

[1activeinvestor] 12/1/2024 14:14:58

The challenge with Gama is that the company is controlled by the CEO (more than 50% between himself and his friends) and he has a tendency to run the business as if it was his own private company. You can see evidence of this in the frequent churn of CFOs, who try to bring discipline but end up leaving when they fail. Gama could be a great business but it needs a more focus, more financial discipline and an acceptance that it lacks scale to be global.

[rivaldo] 12/1/2024 13:54:12

Their track record is, erm, mixed at best! But recent moves in terms of the fantastic result from the sale of the US MRO business and the large and long-term contract wins in Air Ambulance/helicopters have been stellar.

With a minimum return to shareholders of 55p per share coming our way, the current share price is probably underpinned.

There hasn't been an updated broker forecast for some time (typical WH Ireland). This will be key as they'll likely be guided by the company as to forecasts for 2024 and beyond, but we may have to wait for the 2023 prelims for those.

With a much more simplified business one might hope that management's attention will turn to fixing those margins and achieving decent profitability.