Request for Creditors' Consent in Terms of Section 150(5) of the Companies Act
(Incorporated in the Republic of South Africa)
(Registration Number: 1967/006783/06)
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
The Company commenced voluntary business rescue proceedings on 5 May 2020, and
Messrs. Shaun Collyer and Richard Ferguson (“the Practitioners”) were appointed by Comair
in accordance with section 129(3)(b) of the Companies Act 71 of 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 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 30 June 2020.
On Sunday evening, 21 June 2020, the Practitioners received a non-binding expression of
interest from an interested group, which the Practitioners continue to explore and progress.
The Practitioners, together with this group, are in the process of considering certain legal
complexities necessary to progress this expression of interest and to ensure greater certainty
in respect of the outcome of the plan. Until such time as these legal complexities are clarified
and resolved with the interested group, the Practitioners are unable to publish a business
rescue plan that will contain all the information reasonably required to facilitate affected
persons deciding whether or not to accept or reject a plan.
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 28 July 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 12h00 noon
(South African Standard Time) on 30 June 2020 to firstname.lastname@example.org.
Please note that, if in respect of any creditor, we do not receive a written objection to this
requested extension by not later than 12h00 noon (South African Standard Time) on 30 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.
30 June 2020
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: 30-06-2020 09:25:00
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