Hangar8 plc has achieved its target of raising £2 million by way of placement on AIM, the London stock exchange's international market for smaller growing companies (EBAN November 2010).

Dustin Dryden, ceo says: "The placing of 1,333,334 new ordinary shares represents 21.05 per cent of the enlarged share capital of the company at admission. The market capitalisation of the company at the placing price of £1.50 per ordinary share is £9.5 million."

He adds: "We are pursuing plans to grow Hangar8 into the largest charter operator in Europe, Middle East, Russia and Africa."

Hangar8 is understood to be adding new aircraft to its fleet. Dryden says: "The very fragmented charter market is growing, with business aircraft traffic forecast to grow by five per cent per annum from 2011. Hangar8 is perfectly positioned to take full advantage to act as a consolidator of smaller operations. We are looking forward to meeting the challenges of our next phase of growth."