1time Holdings has confirmed that Excalibur Aerospace has acquired a 29,6 % stake in 1time Holdings through the purchase of 83 million shares, at 45 cents a share for R37,35m to be effected over a four month period.
“These shares will be acquired from the five original founding members of 1time Airline; Rodney James, Michael Kaminski, Sven Peterson, Gavin Harrison and myself,” explains 1time Holding’s Airline’s CEO, Glenn Orsmond.
Current directors James, Kaminski and Orsmond will continue to retain a significant stake in the company. Furthermore this acquisition does not affect the management teams or operations of the two subsidiaries, with James remaining as CEO of 1time Airline, Rinesh Ramkissoon, CEO of aircraft maintenance business, Safair Technical, and Blacky Komani as Group CEO from 1 October.
1time operates 1,300 flights a month, and proudly carries two million passengers a year, which equates to about 15% of the domestic market. The airline has a fleet of 12 MD80 aircraft; the Group generates a R1,3 billion turnover annually, employing 1,100 staff countrywide. The airline is widely considered the fastest growing low cost airline in the industry over its seven year track record. 1time’s capacity will be expanded further in the last quarter of this year with the introduction of Lanseria air services and expansions on other domestic routes.
“The deal is positive for 1time Holdings as it eliminates the overhang of shares in the market, significantly strengthens the shareholder base, and gives the Group access to capital funding to fund future growth,” concludes Orsmond.
Excalibur Aerospace also own Velvet Sky, which began operating in March this year and is in the throes of extending its operations from the golden triangle (Durban, Johannesburg, Cape Town) to provincial capitals such as Polokwane.
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