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1time shares crash

Aug 22 2012 11:24
I-Net Bridge

Johannesburg - Shares in 1time Holdings [JSE:1TM] plunged over 42% to the lowest level since June 8 in early trade after the no-frills airline operator announced late on Tuesday it was applying for business rescue proceedings due to financial distress at its subsidiary companies.

The board said it was of the view that the company’s operating subsidiaries‚ 1time Airline Proprietary Ltd and Jetworx Aircraft Services Proprietary Ltd were financially distressed‚ as contemplated in Chapter 6 of the Companies Act‚ but that there appeared to be a reasonable prospect of rescuing these subsidiaries from their current difficulties and it was in the process of preparing a comprehensive business rescue plan.

At 9:39am‚ the share price was down six cents or 42.86%‚ to 8 cents.

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