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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Silverjet | LSE:SIL | London | Ordinary Share | GB00B1443S31 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3969T Silverjet PLC 30 April 2008 30 April 2008 Silverjet plc ("Silverjet" or the "Company") Working capital update Intended initial investment of US$25 million Silverjet, the British exclusively business class airline, today announces an update on its working capital position and that it has entered into a memorandum of understanding (the "MOU") with a UAE based investor (the "Investor"). Following recent material increases in fuel prices and tightening of credit conditions in the airline industry, Silverjet's working capital has deteriorated and its residual reserves are limited. The MOU entered into 29th April 2008 provides that approximately US$25.0 million (#12.7 million) will initially be invested directly in Silverjet by means of debt and equity. It is anticipated that the equity element will amount to approximately US$8.0 million (#4.1million) which will be subscribed at 17 pence per share; as a result the new ordinary shares will represent approximately 28 per cent of the enlarged share capital. It is expected that a debt facility will be made available to the Company imminently. The MOU also sets out the intent by the Investor to invest up to a further US$75 million (#38.1 million) in the ongoing development of Silverjet and to participate in the international rollout of the Silverjet brand and concept into new markets within the Middle East, the Far East and Africa. The Directors anticipate that Silverjet will enter into binding agreements in respect of this initial tranche of the investment imminently. It is anticipated that these agreements will be conditional, inter alia, upon Board, and, in the case of the equity subscription, Civil Aviation Authority and shareholder approval pursuant, inter alia, to Rule 21 of The City Code on Takeovers and Mergers (the "Code"). Completion of these agreements will secure the future of Silverjet and its long term development. In the unlikely event that these agreements are not completed, Silverjet will have to source alternative means of funding as a matter of urgency. Upon completing the investment, it is intended that the Investor will appoint two representatives to Silverjet's Board of Directors. Offer period On 10 April 2008, Silverjet announced that it was in discussions which may or may not lead to an offer for the issued share capital of the Company. Silverjet continues to be in an offer period, as defined in the Code, and accordingly no further information is available. A further announcement will be made as soon as practicable and Silverjet will publish its April monthly passenger statistics on Tuesday 6th May. Lawrence Hunt (Chief Executive of Silverjet) commented: "We are delighted to have entered into this memorandum of understanding with a long term strategic investor. "This investment places Silverjet in a strong position to further develop our brand and proposition. It is particularly encouraging to have secured this agreement in a challenging environment for all airlines. The support of this investor demonstrates the strength of Silverjet's exclusively business class model. "The Board believes that the combination of Silverjet's already strong brand and presence in the market with the support of a long term strategic investor will enable Silverjet to continue its growth and success achieved to date." - ends - For further information, please contact: Silverjet 020 7357 9477 Lawrence Hunt, Chief Executive Hogarth Partnership Limited 020 7357 9477 Fiona Noblet Sarah Richardson Arden Partners 020 7398 1638 Chris Fielding Tom Fyson Notes to Editors * Silverjet offers 6 foot 3 inch long inclined flat beds, high quality catering, personalised entertainment and reduced check-in times (30 minutes with only carry-on baggage) from London Luton to New York Newark and Dubai. * Incline flat bed at one third of the market price - #1,099 standard return fare compared with over #3,000 from competitors. * Daily London Luton to New York Newark flights (local time): > Departs LTN at 10.00 arrives 13.00 > Departs LTN at 18.00 arrives 21.00 > Departs EWR at 19.30 arrives 07.40 > Departs EWR at 22.30 arrives 10.40 * Daily flights London Luton to Dubai (local time): > Departs LTN at 21.55 arrives 08.30 > Departs DXB at 10.30 arrives 15.45 * The Silver Lounge is a private terminal at London Luton Airport, opposite the main terminal building, with dedicated security enabling customers with only carry-on baggage to arrive 30 minutes before departure (45 minutes for customers with baggage to check in). At New York Newark Airport, the unique Silver Lounge offering exclusive check in and lounge facilities is separate from the main terminal areas. Silverjet flies into Dubai's executive terminal. * Silverjet is the winner of the Sunday Times Award for Best Airline 2007, two Conde Nast Traveller Awards in 2007, one for Favourite Business Class Only Airline and one for Design and Innovation and Best Airline Website 2007 awarded by Travolution. This information is provided by RNS The company news service from the London Stock Exchange END MSCFKLLLVZBEBBX
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