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COMAIR LIMITED - Request for Creditors' Consent for Extension

Release Date: 23/06/2020 09:50
Code(s): COM     PDF:  
 
Wrap Text
Request for Creditors' Consent for Extension

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

REQUEST FOR CREDITORS' CONSENT IN TERMS OF SECTION 150(5) OF THE
COMPANIES ACT 71 OF 2008 FOR EXTENSION OF THE PUBLICATION OF THE
BUSINESS RESCUE PLAN

BACKGROUND

The Company commenced voluntary business rescue proceedings on 5 May 2020.

Messrs. Shaun Collyer and Richard Ferguson (“the Practitioners”) were appointed by Comair
Limited ("the Company") in accordance with section 129(3)(b) of the Companies Act, 2008
(“Companies Act”) as the business rescue practitioners for the Company.

Section 150(5) of the Companies Act requires that the business rescue plan for the Company
must be published ("Publication Date") within 25 business days after the date on which the
Practitioners were appointed, or such longer time as may be allowed by the holders of a
majority of the creditors’ voting interests. In this regard, the Publication Date has previously
been extended from 9 June 2020 to 23 June 2020.

On Sunday evening, 21 June 2020, the Practitioners received a non-binding expression of
interest for cash funding in the form of debt, equity and post-commencement funding, from an
interested group, which the Practitioners are exploring, and which is subject to a due diligence
investigation and further negotiations. The Practitioners require that this interested group
make a binding offer, that can be set out with reasonably sufficient detail in the business
rescue plan, and therefore require a further extension of the Publication Date by a week to
30 June 2020.

CONSENT

In light of the above, the Practitioners are seeking the consent of a majority of the creditors to
extend the Publication Date in terms of section 150(5)(b) of the Companies Act (“Consent”) to
30 June 2020.

In this regard, insofar as any creditor may have an objection to this request for an extension,
that creditor is kindly required to note such objection in writing by not later than 14h00 noon
(South African time) on 23 June 2020 to creditorclaims@comair.co.za.

Please note that, if in respect of any creditor, we do not receive a written objection to this
requested extension by not later than 14h00 noon (South African time) on 23 June 2020, then
such failure to so object in writing will be construed as a vote by that creditor in favour of our
request for an extension and that creditor will be deemed to have approved our request for an
extension.

Bonaero Park
23 June 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: 23-06-2020 09:50:00
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