Avation Post-Mortem with Jeremy Raper $AVAP

Summary

Jeremy Raper joins Andrew Walker for a postmortem of his activist investment in Avation (AVAP), a UK-listed, Singapore-based regional aircraft lessor. Raper bought a ~20% block at 79p versus tangible book of 140-145p, became largest shareholder, and pushed refinancing, asset sales, purchase-right monetization, and buybacks before exiting around 150p. He says the trade worked but a whole-company sale did not materialize, and current AVAP risk/reward is less attractive after aircraft values rose. The discussion also covers aircraft leasing sector dynamics and the difficulty of behind-the-scenes activism.

• Jeremy Raper discusses his AVAP investment from sourcing to exit.
• AVAP was a regional aircraft lessor trading at a deep discount to tangible book.
• Raper bought a ~20% block at 79p versus tangible book of 140-145p.
• He became largest shareholder and helped drive refinancing, asset sales, purchase-right monetization, and buybacks.
• Aircraft values rose about 25%; he exited around a 150p average.
• A whole-company sale did not close, and he views current risk/reward as less attractive.
• The episode highlights the operational difficulty and cost of activist campaigns.
• It also touches on aircraft leasing sector valuations and UK small-cap challenges.