Tuesday, November 14, 2006
Norse Air to list on AIM, CEO says
Norse Air, the private South Africa-based airline operator, is due to list on London’s Alternative Investment Market (AIM), according to CEO Dave Avnit.
Avnit speaking during a telephone interview said that the initial intention was to list Norse Air before the end of 2006. However, Norse Air recently sold a controlling stake of the business to UK-based Lonrho for GBP 3.15m, which reduced the necessity of going to the market for the time being, Avnit explained. Avnit mentioned that the finer details are yet to be discussed, but it is the intention to float Norse Air on AIM during mid to late 2007.
Avnit declared that he is not sure when exactly the timing of the float will be, as Lonrho’s position is yet to be finalised. Avnit did mention that, ideally, he personally would anticipate the second quarter of 2007 as a good time to float. However, he acknowledged that the aviation market in Africa “is not great just after May, so maybe third quarter would be better”.
Dave and his wife Nadja (who holds the position of managing director at the firm) collectively own a 57% stake in Norse Air, and have 12 years experience within the airline industry. Avnit said that it is unclear how much of the business will be floated, but it is the intention to retain a substantial holding for him and his wife and stay with the business for the foreseeable future. The CEO declared that Norse Air is fairly early in terms of its longer-term growth strategy, and the intention is to grow it with his wife and with the financial backing from Lonrho.
Avnit claimed that a large portion of the funding obtained through the listing would be used to acquire new aircraft to add to Norse Air’s existing fleet. “We want to increase the number of aircraft we have, and we want to increase our routes too,” the CEO explained.
It is understood that Norse Air has a turnover of USD 30m (GBP 15.8m). Norse Air is a private aviation business whose activities include Charter and freight services, leasing, sales and maintenance
Avnit speaking during a telephone interview said that the initial intention was to list Norse Air before the end of 2006. However, Norse Air recently sold a controlling stake of the business to UK-based Lonrho for GBP 3.15m, which reduced the necessity of going to the market for the time being, Avnit explained. Avnit mentioned that the finer details are yet to be discussed, but it is the intention to float Norse Air on AIM during mid to late 2007.
Avnit declared that he is not sure when exactly the timing of the float will be, as Lonrho’s position is yet to be finalised. Avnit did mention that, ideally, he personally would anticipate the second quarter of 2007 as a good time to float. However, he acknowledged that the aviation market in Africa “is not great just after May, so maybe third quarter would be better”.
Dave and his wife Nadja (who holds the position of managing director at the firm) collectively own a 57% stake in Norse Air, and have 12 years experience within the airline industry. Avnit said that it is unclear how much of the business will be floated, but it is the intention to retain a substantial holding for him and his wife and stay with the business for the foreseeable future. The CEO declared that Norse Air is fairly early in terms of its longer-term growth strategy, and the intention is to grow it with his wife and with the financial backing from Lonrho.
Avnit claimed that a large portion of the funding obtained through the listing would be used to acquire new aircraft to add to Norse Air’s existing fleet. “We want to increase the number of aircraft we have, and we want to increase our routes too,” the CEO explained.
It is understood that Norse Air has a turnover of USD 30m (GBP 15.8m). Norse Air is a private aviation business whose activities include Charter and freight services, leasing, sales and maintenance
