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COMAIR LIMITED - Settlement In Respect Of SAAs Anti-Competitive Travel Agent Incentive Schemes

Release Date: 15/02/2019 15:26
Code(s): COM     PDF:  
 
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Settlement In Respect Of SAA’s Anti-Competitive Travel Agent Incentive Schemes

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

SETTLEMENT IN RESPECT OF SAA’S ANTI-COMPETITIVE TRAVEL AGENT
INCENTIVE SCHEMES

Shareholders are referred to the announcement released on SENS on 15 February 2017
wherein the Company advised shareholders that the South Gauteng High Court has handed
down judgement in respect of Comair’s case initiated against South African Airways SOC
Limited (“SAA”) 14 years ago in respect of its anti-competitive travel agent incentive schemes.

The Company is pleased to advise shareholders that it has entered into a full and final
settlement agreement with SAA (“Settlement Agreement”) which Settlement Agreement was
made an order of court by the Supreme Court of Appeal (“SCA”)

In terms of the Settlement Agreement, SAA will pay Comair a settlement amount of R1 108
040 000 plus interest (“Settlement Amount”). The Settlement Amount will be made in
accordance with a payment schedule commencing on 28 February 2019 and terminating on
28 July 2022, or earlier should SAA elect to elect to make payments earlier than agreed.
In additional, SAA will pay Comair’s taxed legal costs incurred to date.
Both Comair and SAA will withdraw the appeal and cross-appeal currently pending before the
SCA.

Bonaero Park
15 February 2019

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: 15/02/2019 03:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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