COMAIR LIMITED - Conversion of A shares to ordinary shares

Conversion of “A” shares to ordinary shares

COMAIR LIMITED 
(Incorporated in the Republic of South Africa) 
(Registration number: 1967/006783/06) 
ISIN: ZAE000029823 
Share Code: COM 
("Comair" or "the Company") 
 
COMAIR LIMITED CONVERSION OF “A” SHARES TO ORDINARY SHARES 
 
Shareholders are advised in this voluntary announcement of the details relating to the compulsory 
conversion of the Company’s “A” shares in issue into ordinary shares to be listed on the JSE Limited 
(“JSE”), pursuant to the maturity of Comair’s 2006 Broad Based Black Economic Empowerment 
(“BEE”) transaction. 
 
In 2006, the Company entered into a BEE transaction pursuant to which  “A” shares equivalent to 
15% of the Company’s issued capital at the time were issued to Thelo Consortium (Proprietary) 
Limited (“Thelo”).  This was detailed in a circular to shareholders dated 23 August 2006 (“Circular”) 
and approved by shareholders in September 2006 by way of a special resolution. 
 
The BEE transaction involved the issue of 74,117,647 “A” shares at a par value of 1c each.  The BEE 
transaction commenced in 2006 and had a final date in 2014.  On or after the final date, the 
Company had a call option to reacquire a certain number of “A” shares based on certain hurdle 
balances that had to be met by Thelo and determined in accordance with the formula as set out in 
the Circular mentioned above. The Company exercised its call option, leaving Thelo with 
29,067,766 “A” shares which Thelo were entitled to convert to ordinary shares on a one to one 
basis and have such shares listed on the JSE.  Thelo had requested the Company to convert the “A” 
shares to ordinary shares and have them listed, which conversion and listing of the shares was 
approved by the JSE.  Ordinary shares amounting to 29,067,766 were issued to Thelo on 21 April 
2015, resulting in the issued share capital of the Company increasing from 440,263,099 ordinary 
shares to 469,330,865 ordinary shares. 
 
Bonaero Park  
22 April 2015 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 
 

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