Air Global PLC Ordinary Shares

AIR Global PLC announced that shareholders at an extraordinary general meeting approved all proposals, including the repurchase of 5 million ordinary shares from Harraden Circle Investors at $10.49 per share, totaling $52.45 million. The repurchase is part of a prepaid share forward agreement entered into on May 11, 2026. Shareholders also granted the company general authorities for future off-market and open-market share repurchases, though no other buybacks are currently planned. Additionally, amendments to the company's articles of association were approved to allow notices of general meetings to be published on its website. The votes were overwhelmingly in favor, with over 92% of total issued share capital supporting the main proposals.

AIR Global PLC reported first-half 2026 revenue of $206.9 million, up 3.7% year over year, with adjusted EBITDA stable at $71.7 million despite a 9.0% decline in FSM shipment volumes caused by the Strait of Hormuz closure. The company said customer purchase orders remained intact and wholesaler inventories declined, confirming the shortfall reflected shipment availability rather than weaker end demand. Americas adjusted EBITDA rose 17.2% to $19.8 million, while MEAA adjusted EBITDA fell 4% to $59.7 million and Europe adjusted EBITDA dropped to $0.1 million from $1.8 million. Management guided to 2026 revenue growth of 4% to 6% and low-to-mid single-digit adjusted EBITDA growth, with 2H26 expected to pivot to volume-led growth as channel inventories normalize. AIR Global also highlighted its $20 million investment in Greentank and the Crown Switch next-generation product as the principal near-term catalyst, with a U.S. PMTA submission expected later in 2026.

AIR Global PLC will hold an Extraordinary General Meeting of shareholders on August 24, 2026, in London to vote on five proposals, including the previously announced repurchase of 5,000,000 ordinary shares from Harraden Circle Investors, LP and affiliated funds. The repurchase and the terms of a related prepaid share forward agreement require shareholder approval under Jersey law. Shareholders will also consider two standing authorizations allowing the Board to repurchase up to 20% of outstanding ordinary shares annually through 2031, either off-market or on the open market, though no other buybacks are currently planned. A fifth proposal seeks to amend the Articles of Association to permit future meeting notices via website posting only. The Board unanimously recommends a vote in favor of all proposals, with full details available in the shareholder circular dated August 5, 2026.