Debt-to-equity conversion – satisfied through issue of new shares – takes Qatari’s firm’s holding in UK jet developer to 24.9%.
UK trainer aircraft developer Aeralis has confirmed the share increase granted to existing Qatari investor Barzan Holdings as part of a debt-to-equity conversion.
Aeralis disclosed in January, in accounts for the year ending 31 December 2024, that Barzan had exercised its option to convert part of the outstanding balance from an earlier £5 million ($6.8 million) loan into equity.
This would raise its stake to 24.9% from 17.4% previously, the accounts stated.
To achieve this goal, Aeralis issued additional shares, an increase of a little under 10%, which were then allocated to Al Shamal 5 – a firm in which Barzan is the principal shareholder – UK Companies House documents show.
Barzan, through its Al Shamal 5 entity, now holds 212,457 shares, a 77,565-unit rise on the 134,892 it owned a year ago.
With no change to the number of shares he holds, founder and chief executive Tristan Crawford has seen his stake diluted to 46.8%, down from 51.5% in April 2025.
But as the earlier accounts noted, should Barzan opt to convert the remainder of the loan balance – representing another 25.2% – it would give the Qatari firm a total 50.1% shareholding.
Aeralis has previously stated that Barzan would not “invoke rights”, such as taking majority ownership, that could jeopardise the firm’s prospects when bidding for UK defence contracts.
Notably, it is proposing its modular light jet design as a suitable replacement for the Royal Air Force’s BAE Systems Hawk trainers. If successful, it has pledged to build the jets at a new factory at Glasgow Prestwick airport.
Barzan Holdings, the strategic investment arm of Qatar’s defence ministry, first invested in Aeralis in 2021 when it injected £10.5 million into the company.
It advanced the £5 million loan in 2023, which then became convertible in January 2024.
Last September, Omar Fahad Alqadi – Barzan Holdings’ chief commercial officer – was appointed as a director of Aeralis. However, he left that post on 28 April, company filings show.
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