Bird & Bird has advised Hangar 8, one of the largest operators of private jets in Europe, on its admission to AIM. It is anticipated that the ordinary shares of Hangar 8 will be admitted to AIM for trading on or about 10 November 2010. Based on the placing price, Hangar 8 will have a market capitalisation of circa £9.5 million. Daniel Stewart & Company plc was the nominated adviser and broker.
Hangar 8 currently manages a fleet of 19 jets for their owners, providing a bespoke service to both owners and third party charter customers. Hangar 8 will concentrate on building its fleet with the intention of having aircraft strategically located for its clients across the UK, Europe, the former Soviet Union countries, and the Middle East. This will enable many efficiencies of scale and a waiting time of less than three hours for a confirmed booking.
The Bird & Bird team was led by Corporate Partner Matt Dennis with associates Mark Rundall and Matilda Walker, and with Senior European Counsel William Morton and Partner Robin Springthorpe from the Aviation Group.
Nigel Payne, Chairman, Hangar 8, commented: “We were impressed by the Bird & Bird team’s pragmatic and commercially astute approach. Their growing reputation for corporate work is well deserved.”
Matt Dennis, Partner, Bird & Bird, London, commented: “We are delighted to have worked with Hangar 8 on their admission to AIM. This is an exciting time in Hangar 8’s development and we look forward to assisting them with their future growth.”