14-Sep-2011 Source: Pegasus Helicopter Group
Further to the delisting from the plus market on 17 June 2011, the board of Pegasus Helicopter Group PLC is pleased to announce the final closing and receipt of the committed $2 million investment from the Kuwaiti holding company “Thimar.” The investment is in the form of a note convertible into 28.6% of the shares outstanding after the transaction. The investment heralds the initiation of “Phase 1” of the company’s development and growth plans-to design, flight test and build 2 flight demonstrators and “kit” tooling. The demonstrators will be used for business development purposes and kit tooling to manufacture near term kits for the experimental helicopter market. This phase is expected to be completed within 12 months. The company will also invest time and effort in investigating the advantages of having a second production line or assembly facility within the U.K., with a view to taking advantage of new U.K. enterprise zones specifically designed for technology and aerospace development, on top of EU investments available for companies such as Pegasus. Phase 2, which the investor is keenly aware of, is contemplated to start after a successful Phase 1 and will include the design, development and building of a complete production line for FAA certified 4 – 6 seat helicopters for worldwide multi-mission applications. As a result of the company’s delisting from the PLUS market, the company is pleased to announce it has retained Brewin Dolphin who specialise in “matched bargain markets,” which create markets for unquoted companies.
Robert A. Zummo, CEO, stated this was an exciting time for the company in pursuing the goal of delivering its proven pressure jet technology to worldwide markets.