fastjet signs option agreement to buy South African low-cost airline 1time

19-Dec-2012 Following the recent announcement that fastjet was in talks to buy 1time, the South Africa low cost airline that went into liquidation last month, fastjet has agreed into an option agreement to buy the entire issued share capital of 1time Airline from its parent company, 1time Holdings Limited, for ZAR1 ($US 0.12). Should the option be exercised the agreement is subject to a number of conditions precedent, including UK and South African Regulatory approval and any necessary approval by the shareholders of fastjet's largest shareholder Lonrho plc , the approval of the 1time Holdings Limited shareholders and 1time Airline reaching a settlement with its creditors via a Court sanctioned scheme of arrangement.