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06/02/2009 - Important Announcement from LCAL
LCAL has reached an agreement with Boeing on the cancellation of 16 of its 21 ordered aircraft. Whilst the economic down turn has been unhelpful there are other factors affecting LCAL's business model, including the postponement of the originally-anticipated revenue streams from the projected operating lease activities. As a result LCAL's shareholders are rethinking their investment strategy and there are now plans to redirect capital into different sectors.
LCAL continues to believe in the performance of the Boeing 787 and work with Boeing towards the delivery of the remaining aircraft. There is no doubt that if LCAL's investors were to consider future capital deployment in the aviation sector, it would follow the same business model, dedicated to the Boeing 787 - which LCAL still consider to be the best new technology aircraft available for the foreseeable future.
LCAL is a aircraft leasing company that has been set up by independent European and Middle-Eastern, entrepreneurial capital with the specific aim to acquire and lease 787 aircraft. LCAL was the first leasing company to place an order for the 787 Dreamliner with Boeing, being one of its launch customers for both the –8 and –9 variants.
LCAL has the Al-Jomaih Group of Saudi Arabia as one of its main shareholders and obtained financial support from the Arab Banking Corporation (ABC) in Bahrain. Given the growth of the regional aviation sector, resulting in the need for middle-range aircraft in the Middle-East, Indian subcontinent and Far-East, the Company has decided to seek to operate out of the Dubai (DIFC).
