- Global Eagle Acquisition Corp. is new major shareholder
- Transaction generates book profits for Advanced Inflight Alliance AG
- Chairman of the supervisory board resigns
The before mentioned transaction is closely connected with the merger between Global Eagle and Row44 Inc., Westlake Village, USA ("Row 44"). Advanced Inflight Alliance AG acquired a minority stake of 12.5 percent in Row 44 in June 2012 for USD 25 million in shares of Advanced Inflight Alliance AG (Capital Increase in Kind). Global Eagle has informed Advanced Inflight
Alliance AG that Global Eagle's shareholders' meeting also has finally approved
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www.advanced-inflight-alliance.com
the merger between Global Eagle and Row 44. Therefore, Advanced Inflight
Alliance AG in exchange for its interest in Row 44 will receive an estimated
3,053,634 shares of Global Eagle common stock with a present market value of approximately USD 30.4 million (approximately EUR 22,3 million). Based on Global Eagle this number of shares still represents a preliminary figure, as there might be changes in course of contractually agreed adjustment mechanisms following the closing. As far as the number of shares granted in connection with the exchange remains unchanged, Advanced Inflight Alliance AG expects to generate a book profit of approximately USD 5.4 million (approximately EUR 4 million) with this transaction.
Furthermore, Edward L. Shapiro has resigned from his office as member and Chairman of the Supervisory Board of Advanced Inflight Alliance AG with immediate effect. His resignation is related to the sale of the shares of Advanced Inflight Alliance AG from PAR to Global Eagle.
Advanced Inflight Alliance AG Board of Directors
Schellingstr. 35 | 80799 München | Pho: +49 89 613805-0 | Fax: +4989 613805-55 | info@aialliance.com |
www.advanced-inflight-alliance.com
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