July 2, 2013
Doric Nimrod Air Three lists with Market Capitalisation of £220m
Nimrod Capital and Doric Lease announced the successful listing of a new investment company on the London Stock Exchange (LSE). Doric Nimrod Air Three Ltd. (“DNA3”) aims to pay a quarterly dividend equivalent to 8.25% annum (based on the issue price of 100 pence per share) following the purchase and leasing of four Airbus A380 planes to Emirates. DNA3 continues an investment model that has been proven highly successful for UK investors as it has been for many years in Europe, and follows the launch of two previous successful offerings by Nimrod Capital. The Doric Lease Corp team, the lease asset manager, has a long and successful history in managing these types of aircraft investments. DNA3’s investment strategy is the purchase of four A380 aircraft, scheduled for delivery from September to November 2013, and leasing them to Emirates, each for a period of up to 12 years. DNA3 will aim to pay a dividend of 2.0625 pence per share per quarter, equivalent to an annual dividend of 8.25% per 100 pence share. Under the terms of the lease, the airline is responsible for insurance and all other service, maintenance and repair costs. In addition to the regular yield of 8.25 per cent, once the lease has expired, the aircraft are likely to be sold and investors paid out from the residual value.