Millar eyes London listing for new firm
Former Ryanair deputy chief Howard Millar’s new aircraft leasing company is planning to raise nearly €220m through floating on the London Stock Exchange before the end of the year.
Mr Millar, Ryanair’s former chief financial officer and deputy CEO, has resurfaced as chief executive of Guernsey-based Sirius Aircraft Leasing Fund. It plans to buy second-hand single-aisle aircraft to sell to short-haul, budget airlines.
Sirius will publish a detailed prospectus later this month and hopes its shares will begin trading in London in November. It is looking to raise around $250m (€218m) from the move.
“For lessees there can be significant cost savings in leasing used single-aisle aircraft compared to new aircraft,” Sirius said in a statement.
“The growing demand for used aircraft has contributed to a liquid secondary leasing market with large airline operators, such as IAG and Lufthansa, active operators of these older aircraft,” it said.
“The major publicly-quoted lessors have announced that they have sold in excess of 300 aircraft in 2017 for an aggregate value of around $8bn,” it said.
Mr Millar is joined in Sirius by, amongst others, chief commercial officer Edward Coughlan and chief investment officer Edward Hansom.
All three men left aviation leasing group Stellwagen just over 12 months ago. In addition, former KPMG tax partner Patrick O’Brien will join Sirius as non-executive chairman.
The company intends to pay dividends on a quarterly basis and is looking for an internal rate of return of 10% per annum.
