Alliance shareholders back expansion plans with $92m placement
Alliance Aviation has raised $91.9 million in an institutional placement as it bids to grab opportunities that have sprung up in the wake of Virgin’s collapse.
Alliance said it had considerable interest from its existing shareholders and other institutional investors.
Alliance managing director Scott McMillan the overwhelming support for the placement demonstrated Alliance’s ability to succeed in challenging environments.
“More importantly, the support shown by our investors provides Alliance with the opportunity for continued growth and expansion,” McMillan said.
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The company has, up until now, had a role in flying between regional cities as well as carrier for mining companies transporting fly-in, fly-out workers around the country.
It recently announced four flights a week from Brisbane to Proserpine to get travellers to the Whitsundays.
Retail shareholders will have the right to take part in a share purchase plan to raise $30 million.
The funds will be used to buy about 20 planes to add to its existing fleet of 42.
