| Thu 11 Nov 2010, 13:00 | | 1TM - 1time holdings Limited - 1Time secures R50 million standby equity facility |
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1TM
1TM
1TM - 1time holdings Limited - 1Time secures R50 million standby equity facility
1time holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1999/017536/06)
JSE code: 1TM ISIN: ZAE000102026
("1time" or "the company")
1TIME SECURES R50 MILLION STANDBY EQUITY FACILITY
In addition, and unrelated, to the potential BEE investment in 1time announced
on SENS on 29 October 2010 via cautionary announcement, 1time is pleased to
announce that it has successfully negotiated and signed a R50 million Standby
Equity Distribution Agreement ("SEDA") with UK based investment fund YA Global
Master SPV Limited ("Yorkville").
The SEDA, which is the third such agreement to be negotiated by Yorkville with a
South African company, will be in place for 32 months and provides 1time with
the flexibility to access significant liquidity from time to time through the
issue of new shares at its sole discretion.
In terms of the SEDA, 1time will be entitled to offer tranches of newly issued
1time shares up to a total value of R50 million to Yorkville, which Yorkville
will be obliged to subscribe for.
The 1time shares will be issued in limited tranches subject to the terms and
conditions of the SEDA. Yorkville`s subscription price will be calculated based
on the volume weighted average price of 1time`s shares on the JSE Limited
("JSE") before the date of the advance.
Any new 1time shares issued in terms of the facility will be issued in terms of
1time`s general authority to issue shares for cash in terms of the JSE Listings
Requirements approved by shareholders at the last Annual General Meeting on 4
June 2010. It will be subject to renewal of the general authority over the 32
month period.
Commenting on the agreement, Michael Snyman, Group Financial Director of 1time,
said: "We are very pleased to have secured this agreement with Yorkville at this
stage of the company`s lifecycle. This facility provides us with the flexibility
to raise capital in tranches as and when required and will assist in our
continued growth strategy."
Brian Kinane, Managing Director of Yorkville Advisors UK said: "We are excited
to be working with 1time as it offers multi-faceted exposure to African
aviation, 1time has a profitable business model, and clear competitive
advantage. The SEDA commitment of R50 million will enable 1time to grow into its
vision and enhance its ability to prudently manage financial risk."
Johannesburg
11 November 2010
Sponsor
Merchantec Capital
Originator and transaction adviser
Exchange Sponsors
Attorneys to 1time
Schindlers Attorneys, Conveyancers and Notaries
Legal advisers to Yorkville
Fasken Martineau DuMoulin (Proprietary) Limited
Date: 11/11/2010 13:00:53 Produced by the JSE SENS Department.
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