Airline Code [FJE]
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Tags :Continental Europe, Silverjet
Silverjet announced that on 02-May-08, it entered into both a Subscription Agreement and a Loan Facility Agreement with Viceroy Holdings LLC, which is affiliated with Viceroy Fund, an international development fund based in the USA and UAE, details of which are set out below.
On 30-Apr-08, Silverjet announced that it had entered into a Memorandum of Understanding (MoU) with an investor which provided that the investor would initially directly invest GBP12.6 million to assist in financing the ongoing development of Silverjet.
Under the Loan Facility Agreement, Silverjet Aviation, a wholly owned subsidiary of Silverjet, has been granted a facility to borrow up to approximately GBP8.4 million. Under the Subscription Agreement, which is conditional, upon Shareholder approval, Silverjet proposes to issue 25.1 million Subscription Shares at GBP17 pence per share to Viceroy, to raise gross proceeds of approximately GBP4.3 million.
Meanwhile, The MoU also sets out the intention of Viceroy to participate and to invest, either directly in Silverjet or otherwise, up to a further GBP38.0 million in the ongoing development of Silverjet and in the international rollout of the Silverjet brand and concept into new markets within the Middle East, the Far East and Africa, using the Middle East as a regional hub.
Negotiations concerning this further investment and the strategy for the rollout of the Silverjet brand and concept are continuing, details of which will be announced in due course. This announcement will also address how the rollout will be organised in conjunction with Silverjet’s own operations, and also Silverjet’s intentions concerning the two Boeing B767ER aircraft which it has agreed to acquire from ThomsonFly.
© Centre for Asia Pacific Aviation. Date posted: 07-May-08
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Silverjet enters Subscription Agreement and Loan Facility Agreement with Viceroy 
