To view the PDF file, sign up for a MySharenet subscription.

1TM - 1time Holdings Limited - Excalibur Aerospace acquires shares in 1TIME

Release Date: 19/09/2011 16:31
Code(s): 1TM
Wrap Text

1TM - 1time Holdings Limited - Excalibur Aerospace acquires shares in 1TIME 1time holdings Limited Incorporated in the Republic of South Africa (Registration number 1999/017536/06) JSE code: 1TM ISIN: ZAE000102026 ("1time" or "the company" or "the group") EXCALIBUR AEROSPACE ACQUIRES SHARES IN 1TIME Shareholders are advised that certain 1time shareholders have entered into agreement with Excalibur Aerospace (Proprietary) Limited ("Excalibur Aerospace") whereby Excalibur Aerospace will acquire a 29,6% stake in 1time through the purchase of 83 million shares, at 45 cents per share for R37,35 million. "These shares will be acquired from the five original founding members of 1time Airline; Rodney James, Michael Kaminski, Sven Petersen, Gavin Harrison and myself," explains 1time Holding`s Group CEO, Glenn Orsmond. The transfer of shares will be effected over a four month period and relevant directors` dealings will be announced as and when transfers are completed. Current directors James, Kaminski and Orsmond will continue to retain a significant stake in the company. Furthermore, this acquisition does not affect the management teams or operations of the two subsidiaries, with James remaining as CEO of 1time Airline, Rinesh Ramkissoon, CEO of aircraft maintenance business, Safair Technical, and Blacky Komani as Group CEO from 1 October 2011. 1time operates 1,300 flights a month, and proudly carries two million passengers a year, which equates to about 15% of the domestic market. The airline has a fleet of 12 MD80 aircraft, the group generates R1,3 billion turnover annually; employing 1,100 staff countrywide. The airline is widely considered the fastest growing low cost airline in the industry over its seven year track record. 1time`s capacity will be expanded further in the last quarter of this year with the introduction of Lanseria air services and expansions on other domestic routes. "The acquisition is positive for 1time as it eliminates the overhang of shares in the market, significantly strengthens the shareholder base, and gives the group access to capital funding to fund future growth" concludes Orsmond. Johannesburg 19 September 2011 Sponsor Merchantec Capital Date: 19/09/2011 16:31:03 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story