LONDON, UK: Doric Nimrod Air Two Limited (“the Company” or “the Lessor”), a Guernsey investment company that owns seven Airbus A380 aircraft leased to Emirates, has announced an agreement to sell two of its aircraft to the Dubai-based airline at the end of their respective leases in October and December 2023. The sale proceeds will be £28.9m (US$35m) for each aircraft, totalling US$70m.

The Company intends to make a capital distribution to its shareholders as soon as possible after the sale of the two aircraft, expected to be in early 2024. The distribution will be by way of a redemption of two ordinary preference shares for every seven ordinary preference shares in the Company, at approximately 120 pence per share.

The Company will continue to own five Airbus A380 aircraft whose leases expire between October and November 2024. The Company aims to maintain its current dividend policy barring unforeseen circumstances.

The Board thanked its advisors, Doric and Nimrod, for their advice and assistance in the transaction, and the Company’s shareholders for their patience and constructive role. The Board also thanked Emirates for the past twelve years of cooperation.

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