COMAIR LIMITED - Status Report and Amendments to the Published Business Rescue Plan

Status Report and Amendments to the Published Business Rescue Plan

Comair Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1967/006783/06)
ISIN: ZAE00002983
Share Code: COM
(“Comair” or “the Company”)

STATUS REPORT AND AMENDMENTS TO THE PUBLISHED BUSINESS RESCUE PLAN

1     In accordance with section 132(3)(a) and section 132(3)(b) of the Companies Act when
      the business rescue proceedings of a company have not concluded within 3 months of
      the date on which they started, a business rescue practitioner is required to:

1.1        prepare a report on the progress of the business rescue, and update it at the end
           of each subsequent month until the end of the business rescue proceedings; and

1.2        deliver the report and each update to each affected person and to the Companies
           and Intellectual Property Commission ("CIPC").

2     This requirement is applicable to the Company.

3     Accordingly, we hereby provide you with the fifth report on the status of the Company's
      business rescue proceedings.

4     Capitalised terms used but not defined in this notice, shall bear the meaning as defined
      in the Business Rescue Plan, as amended on 17 September 2020, and Adopted on
      18 September 2020, and amended thereafter as set out in the Status Report dated
      30 November 2020 ("the Plan").

5     The Company continues to operate whilst steady progress is being made in
      implementing paragraph 7.2A of the Plan and, since the last status report, the following
      significant milestones have been reached:

5.1        The greater number of PCF Creditors have been repaid and, where any PCF has
           not yet been repaid, steady progress is being made in resolving disputes with those
           PCF Creditors;

5.2        Engagements with Preferred Employees have commenced in order to arrange
           payment to them in due course and in terms of paragraph 7.2.24 of the Plan;

5.3        The BRPs continue to receive and evaluate Claims, with steady progress being
           made in resolving / adjudicating disputes.

6     All creditors are reminded that all notices and the Plan, as amended, may be viewed on
      Comair's website by following this link: https://www.comair.co.za/business-rescue.

5 February 2021

Sponsor
PSG Capital

IMPORTANT NOTICE TO FOREIGN SHAREHOLDERS AND PROSPECTIVE INVESTORS

FOREIGN SHAREHOLDERS AND PROSPECTIVE INVESTORS IN COMAIR LIMITED (“COMAIR”) SHOULD
NOTE THAT, IN ORDER TO ENABLE COMAIR (AS A LICENSED AIR SERVICES OPERATOR IN SOUTH
AFRICA) TO REMAIN COMPLIANT WITH THE FOREIGN OWNERSHIP RESTRICTION CONTAINED
SECTIONS 16(4)(c) AND 19(a) OF THE AIR SERVICES LICENSING ACT, NO. 115 OF 1990, THE VOTING
RIGHTS OF FOREIGN SHAREHOLDERS MAY BE DECREASED PROPORTIONATELY SUCH THAT THE
VOTING RIGHTS OF FOREIGN SHAREHOLDERS DO NOT, IN AGGREGATE, EXCEED 24.99%. FOREIGN
SHAREHOLDERS AND PROSPECTIVE INVESTORS ARE REFERRED TO THE COMAIR’S MEMORANDUM OF
INCORPORATION AND WEBSITE (www.comair.co.za) FOR FURTHER DETAILS. IF FOREIGN
SHAREHOLDERS OR PROSPECTIVE INVESTORS ARE IN ANY DOUBT AS TO WHAT ACTION TO TAKE THEY
SHOULD SEEK ADVICE FROM THEIR BROKER, ATTORNEY OR OTHER PROFESSIONAL ADVISER.

Date: 05-02-2021 03:55:00
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