Thursday 17 August 2017

Slattery free to sell part of $25m stake

Citigroup
Citigroup
Gavin McLoughlin

Gavin McLoughlin

Avolon chief executive Domhnal Slattery will shortly be free to offload some of his $25m stake in the $1.9bn aircraft leasing company.

A "lock-up agreement" that prohibited pre-IPO shareholders in Avolon from selling their stock is due to expire on Tuesday evening

The move allows Slattery, chief commercial officer John Higgins, chief financial officer Andy Cronin, and chief operating officer Tom Ashe to cash in - should they wish to.

Higgins' stake is worth $11.5m, Cronin's is worth $5.3m and Ashe's is worth $5.4m.

Goldman Sachs and private equity company CVC are among the other pre-IPO shareholders in Avolon. Citigroup reiterated a 'buy' rating on Avolon stock on May 11.

The fact that management will soon be able to sell their shares doesn't mean that they will. A spokesman for Avolon declined to comment on the matter.

Slattery has emerged as a backer of well-known hotelier Michael Lynch, who is understood to have taken over the lease of the Kilkee Bay Hotel in Co Clare.

The Irish Independent reported on Friday that Slattery has provided €100,000 in funding under an employment and investment incentive scheme for a new vehicle established by Lynch.

Slattery, who as a child delivered fruit and vegetables to the kitchens at Shannon Airport with his father, sold his aircraft advisory and investment banking services company, International Aviation Management Group, to RBS for €45m in 2001.

He later became managing director of RBS's structured asset finance business.

Sunday Indo Business

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