b3e0a412-ae0d-45fd-a95e-a78b6f3871c5.pdf


Doric Nimrod Air One Limited‌‌

Half-yearly Financial Report

From 1 April 2015 to

30 September 2015 (Unaudited)

Page


  1. Summary Information


  2. Company Overview


04 Chairman's Statement


06 Asset Manager's Report


10 Interim Management Report and Responsibility Statement


  1. Directors


  2. Unaudited Financial Statements


17 Notes to Financial Statements


37 Key Advisers and Contact Information SUMMARY INFORMATION


Company Facts


Listing

Specialist Fund Market of London Stock Exchange

Ticker

DNA

Share Price

105.25p (as at 30 September 2015)

107.00p (as at 18 November 2015)

Market Capitalisation

GBP 44.6786 million (as at 30 September 2015)

Aircraft Registration Number

A6-EDC

Current/Future Anticipated Dividend

Future dividends are expected to be 2.25p per quarter per share (9p per annum) until the aircraft lease terminates.

Dividend Payment Dates

April, July, October, January

Currency

Sterling

Launch Date/Price

13 December 2010 / 100p

Incorporation

Guernsey

Asset Manager

Doric GmbH

Corp & Shareholder Advisor

Nimrod Capital LLP

Administrator

JTC (Guernsey) Limited

Auditor

Deloitte LLP

Market Makers

Shore Capital Ltd Winterflood Securities Ltd Jefferies International Ltd Numis Securities Ltd

SEDOL, ISIN

B4MF389, GG00B4MF3899

Year End

31 March

Stocks & Shares ISA

Eligible

Website

www.dnairone.com



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COMPANY OVERVIEW


Doric Nimrod Air One Limited


Doric Nimrod Air One Limited (LSE Ticker: DNA) ('DNA' or the 'Company') is a Guernsey company incorporated on 8 October 2010 that was admitted to the Official List of the Channel Islands Securities Exchange Authority Limited ('CISEA') and to trading on the Specialist Fund Market of the London Stock Exchange ('SFM') on 13 December 2010. At the date of admission the SFM was not a recognised exchange for ISA investors and therefore to enable ISA investors to invest, the Company sought a dual listing on the CISEA, being a recognised exchange for ISA investors at that time. In March 2014 the Individual Savings Account Regulations 1998 were amended and ISA investors can now invest in shares listed on the SFM, therefore a dual listing was no longer required by the Company and the Company delisted from CISEA on 5 September 2014.


The Company's total issued share capital currently consists of 42,450,000 Ordinary Preference Shares (the 'Shares') which were admitted to trading at an issue price of 100 pence per share. As at 18November 2015, the latest practicable date prior to publication of this report, the Shares are trading at 107pence per Share.

Investment Objectives and Policy


The Company's investment objective is to obtain income returns and a capital return for its shareholders (the 'Shareholders') by acquiring, leasing and then remarketing a single aircraft. The Company purchased one Airbus A380-861 Aircraft, manufacturers' serial number 016 (the 'Asset') in December 2010, which it leased (the 'Lease') to Emirates Airlines ('Emirates'), the national carrier owned by The Investment Corporation of Dubai based in Dubai, United Arab Emirates. A general meeting will be convened six months prior to the end term of the Lease where it will be proposed by an ordinary resolution that the Company proceed to an orderly wind-up at the end of the term of the Lease. In the event that such resolution does not pass, the Directors of the Company shall consider alternatives for the Company which will be proposed to Shareholders at a general meeting.

Distribution Policy


The Company aims to provide its Shareholders with an attractive total return comprising income, from distributions through the period of the Company's ownership of the Asset, and capital, upon the sale of the Asset.


The Company receives income from the lease rentals paid by Emirates pursuant to the Lease. It is anticipated that income distributions will be made quarterly, subject to compliance with applicable laws and regulations. The Company currently targets a distribution of 2.25 pence per Share per quarter. Emirates bears all costs (including maintenance, repair and insurance) relating to the aircraft during the lifetime of the lease.


There can be no guarantee that dividends will be paid to Shareholders and, if dividends are paid, as to the timing and amount of any such dividend. There can also be no guarantee that the Company will, at all times, satisfy the solvency test required to be satisfied pursuant to section 304 of the Companies (Guernsey) Law 2008 (the 'Guernsey Law') enabling the Directors to effect the payment of dividends.


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