South African-based aviation group Pegasus Universal Aerospace has announced that it has launched a new shares sale to raise capital for the next developmental stage of its ground-breaking Vertical Business Jet (VBJ) project.
Aimed at raising a minimum of R200,000 in funding, the sale will remain open for three months until 21 August 2023.
The company has made some six million Class A, seven-year preference shares available at an issue price of R2,900 per share, offering a fixed interest rate of 10% per annum. With a minimum transaction requirement of four shares per investor, this means that South Africans can play a role in accelerating the development of the project for just R11,600.
Utilising a range of novel and cutting-edge technologies, the VBJ project hopes to revolutionise air travel with an aircraft that blends the luxury, speed, and range of jets with the convenience and enhanced landing capability of helicopters.
The Pegasus VBJ will be capable of a seamless vertical lift-off from virtually anywhere, including uneven and moving sites, with up to four times the range and speed of helicopters.
Spearheaded by company founder and chairman Dr Reza Mia, the project represents a milestone for innovation in aviation technology, underpinned by a new partnership with leading multinational engineering, manufacturing, and automation firm.
“The Pegasus Vertical Business Jet will be capable of runway take-offs as well as rapid vertical lift-off from any solid surface.
This includes helipads, grass, wooden decks, and even moving surfaces such as yachts, transitioning air travel to door to door rather than airport to airport. This will completely transform the transportation landscape, with unprecedented time-saving advantages – especially for longer distances,” explains Dr Reza.
“But what truly sets this project apart from its contemporaries is that while companies such as Uber are developing air taxis with shorter ranges, the Vertical Business Jet will be the first long-range business jet with vertical lift-off and landing capabilities, and a range of roughly 4,400km from a runway take-off, or 2,100km from a vertical lift-off.”
The Pegasus VBJ holds diverse potential for a range of needs from a versatile luxury aircraft for high-net-worth individuals, celebrities, and politicians, to an emergency vehicle for policing, border control, search and rescue, and medivac operations, or even military applications.
Furthermore, the VBJ not only offers substantial financial benefits for investors, but also addresses environmental concerns through its lightweight construction and advanced propulsion systems, resulting in reduced fuel consumption and emissions.
To date, the company has conducted several successful tests with two quarter-scale and one one-eighth-scale prototypes. Through its partnership with an existing engineering company, it now hopes to streamline the jet’s production and assembly stages, enhancing its commercial availability.
At an optimistic forecast, Pegasus estimates that it will sell close to 4,500 airplanes over a 15-year period resulting in income generation of up to nearly R90 billion.
However, it notes that the preference shares are unlisted, and investors should consider them as a risk-capital investment. Pegasus secured the underlying assets of the company against investments in preference shares.”