COMAIR LIMITED - Proposed Corrections and Revisions to the Published Business Rescue Plan

Proposed Corrections and Revisions 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”)

PROPOSED CORRECTIONS AND REVISIONS TO THE PUBLISHED BUSINESS
RESCUE PLAN


1.   The joint business rescue practitioners ("BRPs") of the Company wish to highlight
     herein certain clerical and technical errors that are contained in the published business
     rescue plan ("the Plan") and the annexures thereto, and which should be corrected by
     means of necessary amendments.

2.   The BRPs accordingly propose that the following amendments to Plan and the
     annexures thereto be made:

 PLAN                           ERROR                          CORRECTION
 7.2.11.1.1                     Incorrect date reference "31   Date reference "31 October
                                March 2021"                    2021"

 7.3.1.1                        Incorrect clause reference     Clause reference "7"
                                "7.3"

 Annexure B                     Various Creditor Claims        Annexure B replaced and
                                                               updated

 Annexure D                     Concurrent dividend            Concurrent dividend
                                calculation incorrect          calculation correct –
                                                               Annexure D replaced

 Annexure J (1.1.6.1)           Incorrect date reference "11   Date reference " Adoption of
                                September 2020"                the Business Rescue Plan" –
                                                               Annexure J replaced



3.   In addition, and as a consequence of further negotiations with the Investors,
     Annexures G and K to the Plan have been revised and have accordingly been
     replaced.

4.   All affected parties are directed to the website where the revised Annexures B, D, G, J
     and K will be located at https://www.comair.co.za/business-rescue/business-rescue-
     plan-and-meetings. The existing Plan should now be read in conjunction with this
     notice taking into account the items contained in 2 above.


5.   If these proposed corrections and revisions are approved in terms of section
     152(1)(d)(i) of the Companies Act 71 of 2008 ("Companies Act") at the meeting to be
     held tomorrow, 18 September 2020, the Plan will be amended accordingly.

18 September 2020

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: 18-09-2020 09:24:00
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