8 March 2013
("fastjet" or the "Company")
Update on 1time negotiations
Further to the announcement of 19 December 2012 in relation to the option agreement over 1 Time Airline, the Company provides the following update.
The Chairman and Chief Executive of fastjet plc, the London-listed low-cost African airline, will be in South Africa next week to meet with 1Time's Provisional Liquidator and the authorities to continue discussions regarding the potential re-launch of 1Time.
fastjet has an option with the 1Time Liquidator to acquire what is left of the business, subject to a number of conditions.
fastjet has been working with a number of South African-based entities in recent weeks and believes it has now found a solution to secure acceptable partnership arrangements which ensure that any change of control of 1Time would comply with current South African laws on foreign ownership. fastjet is hopeful that a deal could be finalised and feels confident that an acceptable solution can now be put to the Liquidator so a meeting of creditors might be called.
fastjet Chairman David Lenigas said:
"We see a real opening in the Southern African marketplace for a true Low Cost Airline such as fastjet right now and although we have met with stiff opposition from other South African carriers, we feel that the South African flying public will be the true beneficiaries of the added seat capacity we intend to offer.
"Airfares in South Africa appear to have skyrocketed since 1time ceased flying at the end of last year, and many planes are operating full to capacity on the key Cape Town and Durban routes.
"We will also be seeking high-level meetings with the Aviation Authorities to allow Fly540 Tanzania to operate daily services from Dar es Salaam in Tanzania to Johannesburg."
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NOTES TO EDITORS
About fastjet plc
fastjet plc is quoted on the London Stock Exchange's AIM market.
For more information see www.fastjet.com
Posted on 8th March 2013