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NEW YORK and LONDON, April 28 - Silverjet, the
award-winning, British exclusively business class
airline, has achieved new heights as 2008's most
punctual carrier on the New York &endash; London
route. According to analysis of the latest Civil
Aviation Authority Economic Regulation Group Data,
Silverjet continues to be the top ranked airline on
the transatlantic route with its high on-time
performance marks and minimal average delays.
New CAA reports show the airline had an 85.66%
on-time performance in February in addition to an
average delay of just over nine minutes.[i]
[ii] Silverjet beat out a long list of both legacy
and category competition, including British
Airways, Virgin Atlantic, Delta Airlines, American
Airlines, Continental and Eos. With one out
of every four Silverjet passengers a repeat flyer,
the airline has gained quick loyalty with both the
business and premium leisure traveler communities.
In addition, Silverjet continues to be the most
punctual airline on the London &endash; Dubai
route, besting a list of competition that includes
Emirates, British Airways and Virgin Atlantic. With twice daily service from New York to London
and daily service from London to Dubai, Silverjet
has quickly become a preferred traveler for
business and premium leisure travelers. On the
ground, Silverjet features private terminals and
exclusive lounge facilities with a full selection
of food and beverages, Wi-Fi and fast-track
security. Silverjet's cabins are truly a
sanctuary in the air with just 100 6'3'' flat beds,
multi-course gourmet meal selections from Le
Caprice, multimedia in-flight entertainment systems
and more. With a crew to passenger ratio of
one to ten, customers enjoy a personal and 'very
sivilised' experience that is tailored to the
individual. Learn more at www.flysilverjet.com/ebrochure. Greg Maliczyszyn Silverjet
Working capital
update. Intended
initial investment of US$25 million Silverjet, the British
exclusively business class airline, today announces
an update on its working capital position and that
it has entered into a memorandum of understanding
(the "MOU") with a UAE based investor (the
"Investor"). Following recent material
increases in fuel prices and tightening of credit
conditions in the airline industry, Silverjet's
working capital has deteriorated and its residual
reserves are limited. The MOU entered into April 29,
2008 provides that approximately US $25.0 million
(£12.7 million) will initially be invested
directly in Silverjet by means of debt and equity.
It is anticipated that the equity element will
amount to approximately US $8.0 million
(£4.1million) which will be subscribed at 17
pence per share; as a result the new ordinary
shares will represent approximately 28 per cent of
the enlarged share capital. It is expected that a
debt facility will be made available to the Company
imminently. The MOU also sets out the intent
by the Investor to invest up to a further US $75
million (£38.1 million) in the ongoing
development of Silverjet and to participate in the
international rollout of the Silverjet brand and
concept into new markets within the Middle East,
the Far East and Africa. The Directors anticipate that
Silverjet will enter into binding agreements in
respect of this initial tranche of the investment
imminently. It is anticipated that these agreements
will be conditional, inter alia, upon Board, and,
in the case of the equity subscription, Civil
Aviation Authority and shareholder approval
pursuant, inter alia, to Rule 21 of The City Code
on Takeovers and Mergers (the "Code"). Completion
of these agreements will secure the future of
Silverjet and its long term development. In the
unlikely event that these agreements are not
completed, Silverjet will have to source
alternative means of funding as a matter of
urgency. Upon completing the investment,
it is intended that the Investor will appoint two
representatives to Silverjet's Board of
Directors. Offer period On April 10, 2008, Silverjet
announced that it was in discussions which may or
may not lead to an offer for the issued share
capital of the Company. Silverjet continues to be in an
offer period, as defined in the Code, and
accordingly no further information is
available. A further announcement will be
made as soon as practicable and Silverjet will
publish its April monthly passenger statistics on
Tuesday May 6, 2008. Lawrence Hunt (Chief Executive
of Silverjet) commented: "We are delighted to have
entered into this memorandum of understanding with
a long term strategic investor. "This investment places
Silverjet in a strong position to further develop
our brand and proposition. It is particularly
encouraging to have secured this agreement in a
challenging environment for all airlines. The
support of this investor demonstrates the strength
of Silverjet's exclusively business class model.
"The Board believes that the
combination of Silverjet's already strong brand and
presence in the market with the support of a long
term strategic investor will enable Silverjet to
continue its growth and success achieved to
date." Media
Contact:
Greg
Maliczyszyn
Samantha Freeman
Silverjet
Kwittken & Company
(646)
761-1061
(646)
747-7147
gregmaliczyszyn@flysilverjet.com •
Silverjet offers 6 foot 3 inch long inclined flat
beds, high quality catering, personalised
entertainment and reduced check-in times (30
minutes with only carry-on baggage) from London
Luton to New York Newark and Dubai. •
Incline flat bed at
one third of the market price - £1,099
standard return fare compared with over
£3,000 from competitors. •
Daily London
Luton to New York Newark flights (local
time): •
Departs LTN at 10.00
arrives 13.00 •
Departs LTN at
18.00 arrives 21.00 •
Departs EWR at 19.30
arrives 07.40 •
Departs EWR at 22.30
arrives 10.40 •
Daily flights
London Luton to Dubai (local time): •
Departs LTN at
21.55 arrives 08.30 •
Departs DXB at
10.30 arrives 15.45 • The
Silver Lounge is a private terminal at London Luton
Airport, opposite the main terminal building, with
dedicated security enabling customers with only
carry-on baggage to arrive 30 minutes before
departure (45 minutes for customers with baggage to
check in). At New York Newark Airport, the
unique Silver Lounge offering exclusive check in
and lounge facilities is separate from the main
terminal areas. Silverjet flies into Dubai's
executive terminal. • Silverjet is the winner
of the Sunday Times Award for Best Airline 2007,
two Conde Nast Traveller Awards in 2007, one for
Favourite Business Class Only Airline and one for
Design and Innovation and Best Airline Website 2007
awarded by Travolution. Elisa Munda Associate Account
Executive Kwittken &
Company 360 Lexington Avenue, 15th
Floor New York, NY
10017 646-747-7149 (T) 513-702-5358 (C) 646-658-0880 (F) |
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"Silverjet
is extremely proud to be recognized as the most
punctual carrier between New York and London, one
of the busiest airline routes in the world," said
Silverjet CEO Lawrence Hunt. "This
achievement is a true testament to our ground
experience that allows customers to arrive just 30
minutes before departure, along with our seamless
check-in right from the comfort of one's lounge
seat. Business and leisure travelers alike
continue to rave about Silverjet's private terminal
at London Luton Airport, with its hassle-free
atmosphere and quick convenience to the center of
London by car or train."