Avation plc
LSE : AVAP

January 20, 2012 05:26 ET

Notification of Major Interest in Shares

For filings with the FSA include the annex                     
For filings with issuer exclude the annex                      

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
                                                                                                                           
1. Identity of the issuer or the underlying issuer                                     AVATION PLC 
of existing shares to which voting rights are attached: ii                                     

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights                                                                          X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares          
already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
            
An event changing the breakdown of voting rights  
                                                                    
Other (please specify):    
                                                                                           
3. Full name of person(s) subject to the                                              OCEANWOOD CAPITAL MANAGEMENT LLP
notification obligation: iii

4. Full name of shareholder(s)                                              OCEANWOOD GLOBAL OPPORTUNITIES MASTER FUND
 (if different from 3.):iv

5. Date of the transaction and date on                                                               20th January 2012
which the threshold is crossed or
reached: v

6. Date on which issuer notified:                                                                     20th January 2012

7. Threshold(s) that is/are crossed or                                                                  Above 11% Threshold reached: vi, vii

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of              Situation previous        Resulting situation after the triggering transaction
shares                     to the triggering
                           transaction
if possible using
the ISIN CODE
                           Number       Number       Number        Number of voting           % of  voting rights x
                           of           of           of shares     rights
                           Shares       Voting
                                        Rights
                                                     Direct        Direct xi    Indirectxii    Direct       Indirect
                                                                                                   
Ord GBP Shares  ISIN:      2,725,682   2,725,682     4,373,463     4,373,463                   11.35%       
GB00B196F554
                                                                                                                            

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial                       Expiration     Exercise/                  Number of voting              % of voting
instrument                              date xiii      Conversion Period xiv      rights that may be            rights
                                                                                  acquired if the
                                                                                  instrument is
                                                                                  exercised/ converted.
                                                                                                                

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial           Exercise      Expiration    Exercise/       Number of voting rights    % of voting rights xix,
instrument                  price         date xvii     Conversion      instrument refers to            
                                                        period xviii    
                                                                                                                                                                                                                           Nominal       Delta
                                                                                                           
                                                                                                                            
                                                                                                              

Total (A+B+C)

Number of voting rights                                                 Percentage of voting rights
                                                            4,373,463   11.35%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi

                                                                                                                           

Proxy Voting:

10. Name of the proxy holder:    
                                                                                          
11. Number of voting rights proxy holder will cease                                                                        
to hold:

12. Date on which proxy holder will cease to hold                                                                          
voting rights:
                                                                                                                        
13. Additional information: 
                                                                                               
14. Contact name:          
                                                                                                
15. Contact telephone number:             
                                                                                 



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