..And it’s a 100th for Alpha Aviation Academy!

Celebrating a proud moment in its rich legacy, Alpha Aviation Academy recently announced that its pilot training center in Sharjah, UAE registered its hundredth cadet to have completed formal training under its wings. 

Established in the year 2008, Alpha Aviation Academy, a subsidiary of holding company C&C Alpha Group where Mr. Bhanu Choudhrie holds a directorship, provides a wide range of services and specialises in programmes aimed at cadet assessment and selection, type ratings and flagship ab initio training programs, all of which are tailored and optimised to meet the operational needs of its partner airlines. Since its inception 7 years ago, trainee pilots from more than 40 different nations around the world have successfully completed the Multi-Crew Pilot Licence (MPL) course, which prepares candidates to carve a niche for themselves in the world of commercial aviation. 

A joint venture between Alpha Aviation Group, which is a global aviation training provider, and Air Arabia, an emerging low-cost airline, Alpha Aviation Academy has state-of-the-art facilities at Sharjah International Airport, along with the most technically advanced aircraft simulators and team of highly experienced instructors.

The programme structured around five phases laid out in a competency based format ensures that each trainee acquires the required skills and behaviours before they move on to the next level. The ground level or the initial stage consist of theoretical knowledge needed to be a commercial pilot, from there they graduate to the next four levels eventually, which involves learning flying skills, culminating in Advanced Flying Skills and training on the Airbus A320. 

With a 100% placement track record for its graduates from the UAE and 97% from the Philippines, Alpha Aviation Academy is also the largest provider of First Officers via the MPL route in the Philippines and the UAE. 

Customers Bancorp to Price Public Offering of Preferred Stock

Customers Bancorp, of which Mr. Bhanu Choudhrie is a director, announced the pricing of its public offering of 2,000,000 shares of the Company’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, the “Series C Preferred Stock” at a price of $25.00 per share. The promoters have been given a 30-day option to purchase additional shares up to 300,000 of the Preferred Stock from the Company at the public offering price minus the underwriting discount. Dividends on the Series C Preferred Stock will accrue and be payable quarterly in deficits, at a fixed rate of 7.00% per annum from the original issue date to, excluding June 15, 2020, and thereafter at a floating rate per annum equal to three-month LIBOR on the related dividend determination date plus a spread of 5.30% per annum.

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With the offering expected to close on May 18, 2015, subject to customary closing conditions; the Company intends to receive net proceeds of $48,425,000 from the offering or even $55,688,750 (after deducting the underwriting discount) if the underwriters exercise their option and purchase the additional shares. According to plan, approximately one-half of the net proceeds will be contributed to Customers Bank and Customers Bancorp will retain half. The Company expects to use the net proceeds for general corporate purposes, which may include working capital and the funding of organic growth at Customers Bank.

The Company also intends to list the shares of this C Preferred Stock on the New York Stock Exchange under the symbol “CUBIPrC.” If approved for listing, trading of the Series C Preferred Stock on the New York Stock Exchange is expected to commence within 30 days after the shares are first issued.

Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint book-running managers for the offering. Janney Montgomery Scott LLC is acting as co-manager. A shelf registration statement on Form S-3 (File No. 333-188040) relating to the offering was filed previously with the Securities and Exchange Commission (“SEC”) and is effective. An introductory prospectus supplement related to the offering has also been filed with the SEC. Copies of the shelf registration statement (including the base prospectus), the introductory prospectus supplement and other documents that the Company has filed with the SEC and incorporated by reference into the registration statement are available at nil charges if you visit EDGAR on the SEC’s website located at www.sec.gov. A final prospectus supplement will be filed with the SEC and will be available on its website soon. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained, when available, by contacting: Morgan Stanley & Co. LLC (Tel: 866-718-1649) or UBS Securities LLC (Tel: 888-827-7275). This announcement further shall not constitute an offer to sell or the solicit an offer to buy any securities of the Company, nor shall there be any offer or sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.