Comair announces terms of renounceable rights offer to fund B737 acquistion

Comair announced (08-Apr-2010) the following details of its rights offer, aimed at raising USD17.2 million through the issue of 69.2 million new shares to upgrade a portion of its fleet to B737-800 aircraft. Comair has been able to secure "favourable pricing from Boeing for the acquisition of these aircraft", with intended delivery dates from 2011 to 2015. The capital raised through the rights offer will be utilised as the initial down payment to Boeing for the acquisition of the new fleet of aircraft. Rights offer shares will be offered for subscription to shareholders on the basis of 14 new rights offer shares for every 100 shares held, for subscription at ZAR180 cents per rights offer share. [more]