Doric Nimrod Air Two: Guernsey-based fund makes £153m plane sale to Emirates

Doric Nimrod Air Two has sold off five more planes to Emirates for £30.7m per plane after it sold two other plans to the company last year.

The Guernsey closed-end fund will cash out of its five Airbus A380-861 that it bought in 2011, the fund said in a stock exchange announcement today.

Over the last 12 years, the planes have been leased to Emirates, and Doric Nimrod said that the two companies had reached an agreement to sell the planes to Emirates when the leasing period ended.

It did this with two of the same aircraft last year, leading to £59.2m being distributed to shareholders in late 2023.

Payment of shareholders is expected to come in the first quarter of next year, as the planes are set to be sold to Emirates between 1 October and 30 November.

“It is currently anticipated that the process for liquidation of the company will commence as soon as practicably possible thereafter,” it added.

This is set to leave the fund’s regular quarterly dividend in October as the last interim dividend declared by the company.

Managed by Nimrod Capital, the fund is currently valued at £155.5m, according to the London Stock Exchange, slightly above the £153.3m which the planes are being sold for.