1time Holdings transfers to main board

July 06, 2010


 

Monday, 5 July 2010: Aviation group, 1time holdings Limited, is today transferring its listing from AltX to the Johannesburg Stock Exchange’s Main Board Travel and Leisure sector. The group originally listed on AltX on 14 August 2007.

Russell Loubser, JSE CEO comments that, “The transfer of 1time to the JSE Main Board is another indication that AltX is fulfilling what it was created for - a board where smaller companies are given an opportunity to grow and a feeder for our Main Board. We congratulate 1time on its achievement to date and we look forward to many more successful listings on AltX.”

Group CEO Glenn Orsmond, one of the five original founders of 1time believes that, “the listing transfer will enable the group to be measured against airline competitors and to attract greater shareholder interest, particularly from institutional investors.”
Orsmond says the group is planning to operate from Lanseria Airport in Johannesburg when that airport’s five year exclusive use agreement with kulula.com ends in March 2011, and the maintenance company, Safair Technical t/a Jetworx, is looking to exploit growth opportunities.

1time holdings is a diversified aviation group with three operating business segments: 1time airline that operates in SA and regionally in Zanzibar, Zambia and Mozambique; Safair Technical t/a Jetworx, a premier aircraft maintenance facility and 1time charters.

Orsmond says the group has come a long way since it first opened for business. “In January 2004 we opened ticket sales for flights between Johannesburg and Cape Town, operating one aircraft and since then, we have grown our fleet to 12 aircraft, operating over 1200 flights a month, and expect to carry close to 2 million passengers this year. We are proud of being the fastest growing airline in South Africa over the past six years winning the most awards for service excellence.”

The 1time group was one of the AltX top performers in 2009 with its headline earnings growing from 1 cent per share to 39.35 cents per share additionally 1time group revenue increased by 19% to R1,251 billion (2008: R1,049 billion).
At the end of June 2010, 1time had a market capitalisation of R225m with a share price that increased by 138% in the one-year period.

Orsmond concludes: “This is an important milestone, not only for the group, but also as another step towards achieving 1time’s vision to become the leader in its sectors of the aviation industry.”

For further information, interviews or photographs, please contact:
Glenn Orsmond, 1time holdings Limited, C 083 648 1988 glenn@1time.co.za Or
Michelle K Blumenau, Turquoise PR & Marketing Communications T 011 728 5004 C 083 273 9891 michelle@turquoisepr.co.