FEBRUARY 7TH, 2013
Five Forty Aviation Response to FastJet Statement
NAIROBI, Kenya—(BUSINESS WIRE)—Five Forty Aviation Limited (“Five Forty Aviation” or “the Company”) provides the following update to correct the factual inaccuracies contained in the statement issued by FastJet on 7 February 2013.
Rights to Fly540 brand
The Company asserts that licencing agreements exist between Five Forty Aviation Limited and FastJet’s Africa Operations: Fly 540 Angola – Sociedade de Aviação Civil SARL (“Fly540 Angola”), 540 Ghana Limited (“Fly540 Ghana”) and Fly540 (T) Limited (“Fly540 Tanzania”), and that these agreements are in writing and are evidenced in various confirmed financial statements. Lonrho Aviation (BVI) Ltd cannot produce written proof that it has held the sole and exclusive rights to the Fly540 brand, and its claim to have held these rights “for a number of years” is a complete falsehood.
FastJet’s Africa Operations, previously Lonrho Aviation (BVI) Ltd, have been licencing the Fly540 brand from Five Forty Aviation since 2008. FastJet’s Africa Operations now fly three Fly540 branded planes in Angola and two in Ghana. It flew two planes using the Fly540 brand in Tanzania until November 2012.
Control of Five Forty Aviation Limited
The latest returns from the Registrar of Companies in Nairobi, as supplied by Anjarwalla and Khanna, the lawyers acting on behalf of FastJet, on 30 January 2013, show that the shareholders of Five Forty Aviation Limited comprise 530 Investments Ltd (the investment vehicle of Don E Smith), owning 1,999 shares (representing 51% of the Company), and Lonrho Africa (holdings) Limited, owning 1,923 shares (representing 49% of the Company).
FastJet’s statement is incorrect in claiming that it acquired Five Forty Aviation through its acquisition of Lonrho Aviation (BVI) Ltd. Interested parties are invited to read FastJet’s listing document (available from FastJet’s website), which clearly states that it was to acquire only a 99% economic interest in Five Forty Aviation. It was never to acquire control of Five Forty Aviation.
As all the conditions of the acquisition were not met, FastJet did not gain a 99% economic interest in the Company. Five Forty Aviation remains majority owned by 530 Investments Ltd and maintains its independence from FastJet. Copies of all licence agreements and returns of the Registrar of Companies in Nairobi are available on request.