Five Forty Aviation Response to FastJet Statement

  Five Forty Aviation Response to FastJet Statement

Business Wire

NAIROBI, Kenya -- February 7, 2013

Five Forty Aviation Limited (“Five Forty Aviation” or “the Company”) provides
the following update to correct the factual inaccuracies contained in the
statement issued by FastJet on 7 February 2013.

Rights to Fly540 brand

The Company asserts that licencing agreements exist between Five Forty
Aviation Limited and FastJet’s Africa Operations: Fly 540 Angola – Sociedade
de Aviação Civil SARL (“Fly540 Angola”), 540 Ghana Limited (“Fly540 Ghana”)
and Fly540 (T) Limited (“Fly540 Tanzania”), and that these agreements are in
writing and are evidenced in various confirmed financial statements. Lonrho
Aviation (BVI) Ltd cannot produce written proof that it has held the sole and
exclusive rights to the Fly540 brand, and its claim to have held these rights
“for a number of years” is a complete falsehood.

FastJet’s Africa Operations, previously Lonrho Aviation (BVI) Ltd, have been
licencing the Fly540 brand from Five Forty Aviation since 2008. FastJet’s
Africa Operations now fly three Fly540 branded planes in Angola and two in
Ghana. It flew two planes using the Fly540 brand in Tanzania until November

Control of Five Forty Aviation Limited

The latest returns from the Registrar of Companies in Nairobi, as supplied by
Anjarwalla and Khanna, the lawyers acting on behalf of FastJet, on 30 January
2013, show that the shareholders of Five Forty Aviation Limited comprise 530
Investments Ltd (the investment vehicle of Don E Smith), owning 1,999 shares
(representing 51% of the Company), and Lonrho Africa (holdings) Limited,
owning 1,923 shares (representing 49% of the Company).

FastJet’s statement is incorrect in claiming that it acquired Five Forty
Aviation through its acquisition of Lonrho Aviation (BVI) Ltd. Interested
parties are invited to read FastJet’s listing document (available from
FastJet’s website), which clearly states that it was to acquire only a 99%
economic interest in Five Forty Aviation. It was never to acquire control of
Five Forty Aviation.

As all the conditions of the acquisition were not met, FastJet did not gain a
99% economic interest in the Company. Five Forty Aviation remains majority
owned by 530 Investments Ltd and maintains its independence from FastJet.
Copies of all licence agreements and returns of the Registrar of Companies in
Nairobi are available on request.

About Five Forty Aviation

Five Forty Aviation Ltd is a low cost airline in Africa that, operating as
Fly540, offers flights to destinations in Kenya, Tanzania, Uganda and Sudan.
Headquartered in Nairobi, Kenya, Five Forty Aviation was established in 2005
and commenced operations in 2006. It is the first low cost airline in Africa
to provide intra-country flights, and domestic flights outside of South

For more information, please visit


Luther Pendragon
Harry Chathli
Claire Norbury
+44 (0)207 618 9100
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