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Johannesburg - South African aviation company 1time (1TM) said on Friday that unconditional approval had been received
from the Competition Commission for the acquisition of a 77.5% interest in Safair Technical.
Shareholders were referred to the cautionary announcement issued on December 23 2008 where it was announced that 1time had entered into Heads of Agreement with Solenta Investment Holdings and ACIA Aero Holdings in respect of a potential funding arrangement and the granting of an option to
subscribe for shares in 1time.
Shareholders were advised on Friday that negotiations with Solenta and ACIA have been terminated and caution is no longer required when dealing in securities of 1time.
The company also said it has entered into a zero cost collar to hedge approximately 30% of its fuel requirement for the 3 months April to June 2009 at current oil levels and a fixed rand rate.
- I-Net Bridge