Doric Nimrod Air Two issues £200m of shares

Nimrod Capital and Doric Asset Finance announced the successful listing of a further £200m of C shares on the London Stock Exchange. Doric Nimrod Air Two Limited (“DNA2”) aims to pay a quarterly dividend equivalent to 9% per annum (based on the issue price of 200 pence per share) following the purchase and leasing of a further four Airbus A380 planes to Emirates, in addition to the three it contracted to buy last year. The total market capitalisation of the company after this issue will be about £360m. DNA2 shares are now trading at 221 pence compared to the launch price of 200 pence.  DNA2 will altogether own seven Airbus A380s and will lease them to Emirates, each for a period of 12 years from the point of delivery, reflecting the development of a sizable aircraft financing platform. Upon leasing of the planes, DNA2 will aim to pay a dividend of 4.5p per quarter per 200 pence share. Under the terms of the lease, the airline is responsible for insurance and all other service, maintenance and repair costs.