Air Charter Service AIMs to float

Air Charter Service AIMs to float Air Charter Service Plc, a London-based passenger and cargo air charter company, said today it is seeking admission of its shares to the Alternative Investment Market of the London Stock Exchange to raise about '4 million ($8.3 million) for expansion.
   Established in 1990 as a cargo-only charter business, ACS operates 2,700 cargo and passenger flights per year, from offices in the United Kingdom, Moscow, New York and Dubai. The company widened its portfolio to include passenger charters in 2002 and cargo now represents 56 percent of its annual revenue, which totaled '65.5 million ($129 million) in 2006.
   “The IPO and the new funds raised will provide us with the profile, ownership structure and working capital to allow us to accelerate our progress to date and to capitalize on the significant opportunities ahead of us,” said Chris Leach, the company’s founder and chairman.
   Daniel Stewart & Co. plc is the nominated adviser and broker to ACS.