Doric Nimrod Air One : Annual Financial Report and Notice of AGM

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Go to market news section Doric Nimrod Air One Limited - DNA

Annual Financial Report and Notice of AGM Released 16:11 10-Jul-2017

RNS Number : 6157K

Doric Nimrod Air One Limited 10 July 2017

DORIC NIMROD AIR ONE LIMITED (THE "COMPANY") ANNUAL FINANCIAL REPORT

The Board of the Company is pleased to announce its results for the year ended 31 March, 2017

To view the Company's Annual Financial Report please follow the link below: http://www.rns-pdf.londonstockexchange.com/rns/6157K_-2017-7-10.pdf

In addition, to comply with DTR 4.1 please find below the full text of the annual financial report. The report will also shortly be available on the Company's website, https://www.dnairone,comand on the National Storage Mechanism, which is situated at www.morningstar.co.uk/uk/nsm.

Annual General Meeting

The Annual General Meeting of the shareholders of the Company will be held at Ground Floor, Dorey Court, Admiral Park, St Peter Port, Guernsey on Friday 15 September at 10.30 a.m.

For further information about this announcement contact:

JTC Fund Solutions (Guernsey) Limited, Secretary

Tel: [phone]

Doric Nimrod Air One Limited

Annual Financial Report

From 1 April 2016 to

31 March 2017

SUMMARY INFORMATION

Listing

Specialist Fund Segment of the London Stock Exchange's Main Market

Ticker DNA

Share Price 117.00p (as at 31 March 2017) 117.50p (as at 5 July 2017)

Market Capitalisation GBP 49.7 million (as at 31 March 2017)

Aircraft Registration Number A6-EDC

Current/Future Anticipated Dividend Current dividends are 2.25p per quarter per share (9p per

annum) and it is anticipated this will continue until the aircraft lease terminates in 2022.

Dividend Payment Dates April, July, October, January

Currency Sterling

Launch Date/Price 13 December 2010 / 100p

Incorporation and Domicile Guernsey

Asset Manager Doric GmbH

Corporate and Shareholder Advisor Nimrod Capital LLP

Administrator JTC Fund Solutions (Guernsey) Limited

Auditor Deloitte LLP

Market Makers Shore Capital Limited Winterflood Securities Limited Jefferies International Limited Numis Securities Limited Canaccord Genuity Limited

SEDOL, ISIN B4MF389, GG00B4MF3899

Year End 31 March

Stocks & Shares ISA Eligible

Website www.dnairone.com

COMPANY OVERVIEW

Doric Nimrod Air One Limited (LSE Ticker: DNA) ("DNA" or the "Company") is a Guernsey company incorporated on 8 October 2010. It's shares were admitted to trading on the Specialist Fund Segment ("SFS") of the London Stock Exchange's Main Market ("LSE") on 13 December 2010.

The Company's total issued share capital currently consists of 42,450,000 Ordinary Preference Shares (the "Shares") which were admitted to trading at an issue price of 100 pence per Share. As at 5 July 2017, the latest practicable date prior to publication of this report, the Shares are trading at 117.50 pence per Share.

Investment Objectives and Policy

The Company's investment objective is to obtain income returns and a capital return for its shareholders (the "Shareholders") by acquiring, leasing and then selling a single aircraft. The Company purchased one Airbus A380-861 aircraft, manufacturers' serial number 016 (the "Asset" or the "Aircraft") in December 2010 for USD 179m, which it leased (the "Lease") for twelve years to Emirates Airline ("Emirates"), the national carrier owned by The Investment Corporation of Dubai based in Dubai, United Arab Emirates.

Distribution Policy

The Company aims to provide its Shareholders with an attractive total return comprising income, from distributions through the period of the Company's ownership of the Asset, and capital, upon the sale of the Asset.

The Company receives income from the lease rentals paid by Emirates pursuant to the Lease. It is anticipated that income distributions will be made quarterly, subject to compliance with applicable laws and regulations. The Company currently targets a distribution of 2.25 pence per Share per quarter. Emirates bears all costs (including maintenance, repair and insurance) relating to the Aircraft during the lifetime of the Lease.

There can be no guarantee that dividends will be paid to Shareholders and, if dividends are paid, as to the timing and amount of any such dividend. There can also be no guarantee that the Company will, at all times, satisfy the solvency test required to be satisfied pursuant to section 304 of the Companies (Guernsey) Law, 2008 (the "Law") enabling the Directors to effect the payment of dividends.

Performance Overview

All payments by Emirates, have to date been made in accordance with the terms of the Lease.

During the year under review (the "Period") and in accordance with the Distribution Policy the Company declared four interim dividends of 2.25 pence per Share. Two interim dividends of 2.25 pence per Share were declared after the reporting period. Further details of these dividend payments can be found on page 19.

Return of Capital

If and when the Company is wound up (pursuant to a shareholder resolution, including the liquidation resolution) the Company intends to return to Shareholders the net capital proceeds upon the eventual sale of the Asset subject to compliance with the Company's Articles of Incorporation (the "Articles") and the applicable laws (including any applicable requirements of the solvency test contained therein).

Liquidation Resolution

Although the Company does not have a fixed life, the Articles require that the Directors convene a General Meeting of the Company six months before the end of the term of the Lease where an ordinary resolution will be proposed that the Company proceed to an orderly wind-up at the end of the term of the Lease and the Directors will consider (and if necessary, propose to Shareholders) alternatives for the future of the Company, including re-leasing the Asset, or selling the Asset and reinvesting the capital received from the sale of the Asset in another aircraft.