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Doric Nimrod Air Two - New rating
Doric Nimrod Air Two pays 18p dividend per annum (payable quarterly) and invests in seven Airbus A380 aircraft let to Emirates Airlines for 12-years. Each plane costs around U$220m. At the end of the lease period the fund sells the planes and proceeds will be returned to shareholders. The life of the fund is fixed until 2025.
This invests only in one aircraft type and only leases them to one airline so it lacks diversification but is straightforward and easy to understand. The risks should be fairly transparent. We believe that the A380 will prove to be safe, reliable, efficient, popular and successful. We also believe that Emirates Airlines is well run, profitable and growing. The 9% dividend yield (based on the launch price of 200p) is enticing and the possibility of capital return at the end of 12 years make this an attractive investment.
The 3-star rated C-shares converted into ordinary shares on 6th March 2013 and the rating has thus been transferred to these ordinary shares.
Note that this investment company is listed on the Specialist Fund Market (”SFM”) of the LSE and so is only suitable for expert investors and is not available on Select.
3 stars awarded.
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