Air Charter Service broker seeks listing on Londons junior board

INTERNATIONAL air charter broker, Air Charter Service Plc, has announced that it is seeking to list on the Alternative Investment Market (AIM) of the London Stock Exchange, in a bid to raise GBP4 million (US$8.3 million) to accelerate the company's growth.

The company said in a statement that it would use the capital from the share sale to establish overseas offices. This move is intended to speed up the company's growth in the international air charter broking market for both passenger and cargo aircraft.

Its admission to AIM is also expected to strengthen ACS's balance sheet to enable the group to bid for large contracts with governments and large blue-chip organisations which require credit terms of up to 90 days. AIM admission would also enhance its company profile and help ACS retain staff through the provision of share options.

Chris Leach, ACS founder and chairman, said: "The IPO and the new funds raised will provide us with the profile, ownership structure and working capital to allow us to accelerate progress to date and to capitalise on the significant opportunities ahead of us."

Established in 1990 as a cargo charter business, cargo now represents 56 per cent of ACS's revenues. Its passenger aircraft charter business, established in 2002, now accounts for 44 per cent of revenue, the company added.