Exemptions for Qualified Aircraft Leasing Activities which constitute notifiable transactions (19.33C-19.33D)
A Qualified Aircraft Leasing Activity is exempt from the announcement, circular and/or shareholders' approval requirements for notifiable transactions provided that:(1) it is undertaken by a Qualified Aircraft Lessor in its ordinary and usual course of business;(2) the Qualified Aircraft Lessor's board has confirmed that:(a) the transaction is entered into by the lessor in its ordinary and usual course of business and on normal commercial terms; and(b) the terms of transaction are fair and reasonable and in the interests of the lessor and its shareholders as a whole; and(3) the Qualified Aircraft Lessor complies with the disclosure requirements under rule 19.33D.
Where a Qualified Aircraft Leasing Activity is exempt from the announcement, circular and/or shareholders' approval requirements for notifiable transactions under rule 19.33C:(1) the Qualified Aircraft Lessor must publish an announcement as soon as possible after the terms of the transaction have been finalised. The announcement must contain:(a) the date of the transaction;(b) the identities and a description of the principal business activities of the parties to the transaction. The lessor must also confirm that the parties to the transaction and their ultimate beneficial owners are third parties independent of the lessor and its connected persons;(c) a description of the transaction and the aircraft which is the subject of the transaction (including the expected year of delivery of the aircraft in the case of an acquisition); and(2) the Qualified Aircraft Lessor must also disclose the following information in its next interim report (where applicable) and annual report:(a) the aggregate number of aircraft owned by the lessor as at the end of the reporting period with a breakdown by aircraft model, and the aggregate net book value of the aircraft;(b) the aggregate number of aircraft committed to purchase as at the end of the reporting period with a breakdown by aircraft model, and the commitment amounts for future commitments;(c) the aggregate number of aircraft sold for the reporting period;(d) the aggregate net book value and the aggregate net gain or loss on disposal of aircraft for the reporting period; and(e) the average lease rental yield of each of (i) the operating lease business and (ii) the finance lease business in relation to aircraft leasing for the reporting period.