Business Irish

Wednesday 20 September 2017

AerCap boss Kelly in $5m share sale bonanza

Aengus Kelly, chief executive officer of AerCap. Photo: © 2016 Bloomberg Finance LP
Aengus Kelly, chief executive officer of AerCap. Photo: © 2016 Bloomberg Finance LP
John Mulligan

John Mulligan

The CEO of Dublin-based aircraft leasing firm AerCap, Aengus Kelly, has filed to sell almost $5m (€4.2m) worth of shares in the company after exercising share options he received in 2014.

The sale comes the day after the company issued strong second-quarter results. A filing with the US Securities and Exchange Commission shows that Mr Kelly proposed to sell 100,000 shares for a total of just under $4.9m.

They are part of a batch of 400,000 share options he received for free in 2014. At the end of last December, Mr Kelly owned 691,000 unrestricted shares in AerCap, and an additional 1.64m restricted shares.

Most of those shares vest next year if specific performance targets are met.

The unrestricted shares are currently worth $34.1m (€28.7m), while the restricted shares have a face value of $81m (€68.2m) based on AerCap's current share price.

AerCap's shares rose more than 1pc on Thursday in New York to $49.45 after it said its second-quarter net income jumped 22.6pc to $282.9m (€238.1m) as it made bigger than anticipated gains from jet sales.

The lessor also said that it has authorised an additional $250m share repurchase programme that will run to the end of the year.

Over the past two years, AerCap has spent more than $2bn buying back almost a quarter of its own shares.

AerCap's share price has risen 38pc in the past year.

Mr Kelly is one of the considerable number of senior Irish global aviation executives who once worked for Tony Ryan's Guinness Peat Aviation aircraft leasing company.

Irish Independent

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