Millionair Charter Limited - Further Cautionary Announcement
Release Date: 03/03/2004 09:34:54 Code(s): MLL
MILLIONAIR CHARTER LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT
MILLIONAIR CHARTER LIMITED
(Registration number 1993/000092/06)
Incorporated in the Republic of South Africa
("Millionair" or "the Company")
Share Code: MLL ISIN Number: ZAE000017810
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the Trading Statement and Cautionary Announcement
published on SENS on 9 February 2004, where, inter alia, it was advised that the
company had entered into an agreement with Sun Air 2001 (Pty) Ltd ("Sun Air") to
assist in the management of Sun Air. It was also advised that certain
outstanding funds payable by Sun Air to Millionair had arisen. It has now
become apparent that despite the co-management of Sun Air, Sun Air will not be
able to repay these outstanding funds of approximately R4.5 million ("the
outstanding funds"). It may be necessary to write off the outstanding funds.
Shareholders will be kept appraised of the financial status of the company in
this regard.
The directors of the Company have also taken possession of the two McDonnell
Douglas DC-9 aircraft that were on lease to Sun Air. Millionair has signed a
lease for one of the aircraft with new airline 1Time and expects this lease to
be operational shortly. Two of Millionair"s other aircraft are currently on
lease with 1Time. Millionair will therefore have three aircraft on lease with
1Time. The second of the two aircraft previously leased to Sun Air will be put
onto the charter market. Millionair will then have two aircraft on the charter
market.
Shareholders are advised to continue exercising caution when dealing in their
Millionair shares until a more detailed announcement is made.
Johannesburg
3 March 2004
Sponsor
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
