Files Letter of Intent With 1 Time Liquidator

RNS Number : 2005A

Fastjet PLC

18 March 2013

 



fastjet plc

("fastjet" or the "Company")

18 March 2013

fastjet Files Letter of Intent With 1 Time Liquidators

Further to the announcement of 8 March 2013 in relation to the option agreement over 1 Time airline, fastjet plc, the London-listed low-cost African airline, provides the following update.

fastjet has filed a letter of intent with the liquidators of 1 Time in Johannesburg, South Africa, to enable the liquidators to negotiate a compromise settlement with the creditors. This is a major step towards the acquisition of 1 Time and the launch of fastjet flights in South Africa.

fastjet Chief Executive Officer Ed Winter said: "fastjet is really excited about the opportunity to serve the South African air travel market and this is a very significant step towards making that a reality."

Whilst 1 Time remains firmly fastjet's preferred route, the low-cost carrier continues to explore alternative partnerships to launch fastjet in South Africa which will be available if a satisfactory compromise cannot be negotiated with the 1 Time creditors.

Ends.

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UK media - Citigate Dewe Rogerson                                                                Tel: [phone]

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Africa Media - Africa Practice                                                                            Tel: [phone]

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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

 

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