20-Aug-2010 8:34 AM

Tiger Airways confirms substantial shareholders sell partial stakes

Tiger Airways announced (19-Aug-2010) it has been advised that two of the carrier's substantial shareholders, Indigo Singapore Partners LP and Ryanasia Limited, as well as President and CEO, Tony Davis, have sold part of their equity interests in the carrier. The carrier did not participate in the placement and has not raised any additional funds as a result of the transaction. Citigroup Global Markets Singapore Pte Ltd and Morgan Stanley Asia (Singapore) Pte jointly completed the placement of 65.8 million shares at SGD1.90 per share, to a broad base of institutional investors. The carrier noted that the placement was at a very small discount of just 4% to the prevailing market price, signalling investor's continued confidence in Tiger’s prospects. Furthermore, the increase in the free float will enhance the liquidity and widen the investment base for Tiger's shares. Indigo Partners and Ryanasia continue to be substantial shareholders, while Tony Davis continues to have a significant financial commitment to the company, retaining more than 4 million shares and fully vested share options in the carrier. [more]

Thai Airways' President, meanwhile, announced (19-Aug-2010) there is no effect to ThaiTiger Airways from the sale of Tiger's shares by Indigo Singapore Partners, Ryan Asia and Mr Davis and that both parties will continue to work on establishing the new LCC. [more]

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