Category

Regulatory Releases

Working capital facility of MSEK 75 secured

West Atlantic AB (publ) has secured a new working capital facility of up to MSEK 75 in order to improve its financial position in support of continued growth.

Reference is made to West Atlantic AB (publ) (the “Issuer”) amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018 which permit any reputable bank, in their capacity as provider of the group’s working capital facility, to share the transaction security provided under the Issuer’s bond loan, where the bank will rank ahead in the waterfall up to a maximum amount of MSEK 75.

Revised terms and conditions are available on the Group’s home page, https://westatlantic.eu/category/corporate/

 

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-08-28, 15:30 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press Release

Amended corporate bond terms & conditions for West Atlantic AB (publ)

Reference is made to West Atlantic AB (publ) (the “Issuer”) amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018.

Bond Terms and Conditions, amended 27 August

 

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press release from 2018 Annual General Meeting

West Atlantic AB (publ) held its Annual General Meeting (AGM) on June 26 in Gothenburg. At the AGM, the income statements and balance sheets of the Parent Company and the Group for the financial year 2017 were adopted. The AGM also approved the Board’s proposed allocation of profits and losses, with no dividend paid. The Board and CEO were discharged from liability for the financial year 2017.

The AGM resolved that, until the next Annual General Meeting, the Board will comprise six members. Göran Berglund, Tony Auld, Joseph Payne, Russell Ladkin, Lars Jordahn and Anders Ehrling were elected board members. Göran Berglund was re-elected Chairman of the Board. The AGM further resolved to re-appoint Grant Thornton Sweden AB as auditors.

The AGM approved an annual board fee of SEK 200,000 for each board member independent of the shareholders. For shareholding board members, or board members representing shareholders, the AGM resolved that no remuneration will be paid.

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-06-29, 17.30 CET.

 

 About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press release

West Atlantic AB (publ) takes delivery of first B737-800BCF

West Atlantic, a European dedicated cargo airline specialised in mail and express logistics, has today taken delivery of the world’s first B737-800BCF Next Generation freighter. The aircraft is the first of four supplied by GE Capital Aviation Services (GECAS). Delivery was concluded with a handover ceremony by Boeing at East Midlands airport.

The aircraft will operate in the Group’s European network and will be placed on a long term contract during the third quarter of 2018. The aircraft offers significantly improved operating efficiency and environmental footprint through a 15% reduction in fuel burn compared to the B737 Classic and a 12% lower noise footprint. Payload is increased by an additional pallet position over the 737-400 and offers 23 tonnes of revenue generating capability.

“We’re excited to be the first operator of the 737-800BCF” stated West Atlantic’s Chief Executive, Fredrik Groth, adding: “The additional capacity and Next Generation efficiency offered by this new aircraft will deliver real benefit to our customers and we’re delighted to be at the forefront of deliveries of this new technology. This first of type, and the additional three aircraft being delivered to us within the next 11 months will all be operated for one of most recognized global integrators within their European Network.  With the 800 BCF, we expect to improve reliability, lower aircraft operating costs, and provide a better environmental footprint.”

Once all four aircraft are delivered, West Atlantic will be operating a fleet of 23 B737 aircraft.

For further information, please contact:

Fredrik Groth, CEO

Telephone: +46 (0) 10-452 97 09

E-mail: Fredrik.Groth@westatlantic.eu

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-04-19, 18.00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press Release

West Atlantic AB (publ) receives equity contribution to the value of MSEK 31.7

As communicated in the interim report for the last quarter of 2017, certain shareholders have contributed equity to the group (the “Equity Contribution”).

An extraordinary meeting has been held whereby shareholders resolved on a new share issue in West Atlantic AB (publ) (“West Atlantic”). The subscription period and registration of the new shares has now been finalised. 15,864,205 of preferred shares have been issued at a subscription price of SEK 2 per share. Through the new share issue, the preferred shares in West Atlantic increases by 15,864,205, from 0 to 15,864,205 and the share capital increases by SEK 15,864,205 from SEK 27,004,640 to SEK 42,868,845.

Due to the earlier communicated Equity Contribution now having been completed, the proposed amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018, which were subject to the completion of the Equity Contribution, will now become effective.

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-04-04, 08.00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press Release

West Atlantic AB (publ) announces sale of two ATP freighters

Generated by the decision in 2017 to start marketing spare BAE ATP-F aircraft for dry-leasing and sale West Atlantic can today announce that an agreement has been reached for the sale of two BAE ATP freighters to EnComm Ltd., based out of Nairobi, Kenya. The agreement also includes commitments for spares, engineering and training support to assist the assigned operator in setting up its operation.

As part of the transaction West Atlantic also brokered an additional two BAE ATP passenger aircraft, currently owned by one of the Group’s collaboration partners.

This transaction marks the first step in reallocating our ATP aircraft portfolio into markets and geographies that can capitalise in full on the benefits of this efficient turboprop”, stated West Atlantic’s VP Aircraft Management Robert Drews, adding “we are now dedicated to providing all necessary support to ensure that the operation is set up as efficiently as possible.”

Financially the transaction will generate a significant contribution to cash flow and net income for the first quarter of 2018, in line with provided guidance.

 

For further information, please contact:

Fredrik Groth, CEO

Telephone: +46 (0) 10-452 97 09

E-mail: Fredrik.Groth@westatlantic.eu

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-03-28, 17. CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press release

West Atlantic AB (publ) secures long term B737-800BCF contract

In 2017, West Atlantic committed to take four Boeing converted B737-800BCF, with first aircraft being scheduled for delivery in the second quarter of 2018.

West Atlantic can now announce that a long term agreement is in place to operate all committed aircraft on behalf of an express logistic provider in its current EU-network. The capacity will be phased in as the aircraft are being delivered, with the last aircraft entering service in the first quarter of 2019.

“We are delighted and proud to have secured a long term home for our Next Generation fleet in our core market” stated West Atlantic’s CEO Fredrik Groth, adding “we will now focus all efforts to leverage the NG’s technological advance and efficiency to deliver an excellent service. We are confident that West Atlantic is well positioned in the market going forward being in the forefront of the Next Generation programme.”

For further information, please contact:

Fredrik Groth, CEO

Telephone: +46 (0) 10-452 97 09

E-mail: Fredrik.Groth@westatlantic.eu

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-03-21, 08.00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

West Atlantic AB (publ) results from written procedure

On 15 January 2018, a notice of written procedure was sent to the bondholders, in which West Atlantic AB (publ) (the “Company”) requested that bondholders should approve to waive and amend certain provisions under the terms and conditions (and the other finance document, as applicable) of its outstanding bond loan, as further described in the notice of written procedure (the “Notice”). The voting period expired on 1 February 2018.

A sufficient number of votes was obtained in order to form a quorum and a requisite majority of the voting bondholders voted in favour of the requests.

The waivers and amendments will become effective as soon as the shareholder equity injection of MSEK 25 has been provided. Additional information about the equity injection and the effective date for the waivers and amendments will be communicated, when finalised, in a separate press release.

The Notice is available at the Company’s website (www.westatlantic.eu).

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-02-02, 16.15 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates an all-cargo fleet of more than 50 aircraft comprised of B767, B737, BAE ATP and CRJ-200. West Atlantic was founded in 1962, employs 477 staff is headquartered in Gothenburg, Sweden and has two operating airlines, with one AOC in the UK and one in Sweden. For FY 2016, West Atlantic reported revenues of MSEK 1,320 and EBITDA of MSEK 128.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu