In this bonus episode Nick talks to Jeff Chatfield.

Jeff serves as the Executive Chairman of Avation PLC and played a pivotal role in its founding and development. Throughout his career, he has held management and directorial positions in various companies across sectors such as the airline industry, data distribution, electronics, investment, broadcasting, and manufacturing. He holds both a Bachelor of Engineering and a Master of Engineering Science from the University of Western Australia. Additionally, he is a graduate member of the Australian Institute of Company Directors and a Fellow of the Singapore Institute of Directors. 

Nick and Jeff discus the company’s recent half-year results and market position. Jeff highlights Avation’s strong financial performance, including increased revenue and reduced net debt. He also discusses the company’s aircraft leasing portfolio, noting a recent acquisition of an Etihad-operated Airbus A320. Despite these positive results, Avation's share price remains undervalued at 50% of net asset value (NAV), which Jeff attributes to investor unfamiliarity with the aircraft leasing sector and the company’s London Stock Exchange listing. He suggests that moving to a higher-tier market segment could help attract more investors.

The conversation also touches on Avation’s debt structure and potential refinancing opportunities. Jeff explains that a $330 million bond maturing in 2026 could be refinanced as early as 2025, potentially lowering interest costs and improving cash flow. He emphasizes the importance of dividends to investors and notes strong shareholder support for past dividend payouts. Looking ahead, Avation aims to continue growing its fleet and improving shareholder value, with strategies such as increasing investor engagement and possibly integrating with a larger leasing business for better financing terms.

Jeff's Book choice was:
The Proof of My Innocence by Jonathan Coe
https://www.waterstones.com/book/9780241678411

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