| Mon 19 Sep 2011, 16:31 | | 1TM - 1time Holdings Limited - Excalibur Aerospace acquires shares in 1TIME |
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1TM
1TM
1TM - 1time Holdings Limited - Excalibur Aerospace acquires shares in 1TIME
1time holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1999/017536/06)
JSE code: 1TM ISIN: ZAE000102026
("1time" or "the company" or "the group")
EXCALIBUR AEROSPACE ACQUIRES SHARES IN 1TIME
Shareholders are advised that certain 1time shareholders have entered into
agreement with Excalibur Aerospace (Proprietary) Limited ("Excalibur Aerospace")
whereby Excalibur Aerospace will acquire a 29,6% stake in 1time through the
purchase of 83 million shares, at 45 cents per share for R37,35 million.
"These shares will be acquired from the five original founding members of 1time
Airline; Rodney James, Michael Kaminski, Sven Petersen, Gavin Harrison and
myself," explains 1time Holding`s Group CEO, Glenn Orsmond.
The transfer of shares will be effected over a four month period and relevant
directors` dealings will be announced as and when transfers are completed.
Current directors James, Kaminski and Orsmond will continue to retain a
significant stake in the company. Furthermore, this acquisition does not affect
the management teams or operations of the two subsidiaries, with James remaining
as CEO of 1time Airline, Rinesh Ramkissoon, CEO of aircraft maintenance
business, Safair Technical, and Blacky Komani as Group CEO from 1 October 2011.
1time operates 1,300 flights a month, and proudly carries two million passengers
a year, which equates to about 15% of the domestic market. The airline has a
fleet of 12 MD80 aircraft, the group generates R1,3 billion turnover annually;
employing 1,100 staff countrywide. The airline is widely considered the fastest
growing low cost airline in the industry over its seven year track record.
1time`s capacity will be expanded further in the last quarter of this year with
the introduction of Lanseria air services and expansions on other domestic
routes.
"The acquisition is positive for 1time as it eliminates the overhang of shares
in the market, significantly strengthens the shareholder base, and gives the
group access to capital funding to fund future growth" concludes Orsmond.
Johannesburg
19 September 2011
Sponsor
Merchantec Capital
Date: 19/09/2011 16:31:03 Produced by the JSE SENS Department.
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