In The Works: Farnborough Aircraft F1 | Aviation International News

In The Works: Farnborough Aircraft F1

At an extraordinary general meeting on July 8, Farnborough-Aircraft.com Ltd.

By AIN Staff • AIN Staff

May 5, 2008

At an extraordinary general meeting on July 8, Farnborough-Aircraft.com Ltd. (FAC) shareholders, voting on two proposals relating to the future management and funding of the company, backed lead investor Geoffrey Galley instead of company founder Richard Noble. But Galley said, “I hope it will be possible for him [Noble] to play a part in the future development of this exciting British aircraft–a project he founded and which I know is close to his heart.”

Galley’s first item of business for the new Farnborough Aircraft Corporation Ltd. (FACL) is to present a business plan to professional investors in an effort to raise the additional £100 million ($155 million) needed to bring the F1 turboprop single to production. Galley has already pledged an additional £500,000 ($782,000) to keep the company afloat, and work has restarted on the aircraft. Estimated first flight and certification dates, however, were unavailable.

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