MAXJ Maxjet

RNS Number:3382Y
MAXjet Airways Inc.
14 June 2007


 

14 June 2007

 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH
                                    AFRICA.                            

 

                              MAXJET AIRWAYS, INC                               

             FIRST DAY OF TRADING ON AIM & MAY PASSENGER STATISTICS             

 

MAXjet Airways, Inc ("MAXjet" or the "Company"), the first low-fare,
all-business class airline flying between the UK and US, today announces the
first day of trading of its Common Shares on AIM.

 

MAXjet also announces its passenger statistics for May 2007. The Company
achieved a systemwide load factor of 76.9%, representing an increase of 1.5
percentage points over the corresponding figure for April 2007. In May 2007 the
New York load factor was ahead of the airline's systemwide average. This
systemwide load factor exceeds the forecast load factor of 74.3% made by the
Company as of 30th April 2007 for the purposes of inclusion in its Pathfinder
AIM Admission Document.

 

The total number of revenue passengers in May was 6,636. Passenger traffic,
expressed in Revenue Passenger Kilometres (RPKs) reached 42.82m. The monthly
capacity for May, expressed in Available Seat Kilometres (ASKs), reached 55.67m.
Year to date, ASKs reached 240.75m and RPKs were 151.77m. This reflects all
scheduled service traffic marketed by MAXjet.

 

Expressed in Imperial units, MAXjet's Revenue Passenger Miles (RPMs) in May 2007
were 26.61m and cumulative RPMs for 2007 were 94.30m. MAXjet's Available Seat
Miles (ASMs) in May 2007 were 34.59m and cumulative ASMs for 2007 were 149.6m.

 

Summary of the Placing:

 

*         36.6 million Common Shares have been placed with investors at 138
          pence per share

*         Based on the Placing Price, the market capitalisation of the Company
          on Admission will be #96.1 million ($190.2 million)

*         The placing is intended to raise #47.3m ($93.7 million) net of
          expenses
 
*         The number of Common Shares in issue on Admission will be 69.6 million

*         MAXjet intends to use the proceeds raised from the placing to repay
          pre-IPO bridge loans and execute its expansion strategy

*         LSE ticker symbol MAXJ

 

Bill Stockbridge, CEO, MAXjet Airways, Inc commented,

 

"I am delighted that we have completed our Admission to AIM.  MAXjet pioneered
low-cost, all-business class travel between the UK and US having identified
exciting growth opportunities within this segment.  The start-up phase is
complete and, with this successful fundraising, we can invest in the next stage
of our development. 

 

The strong load factor for May underlines the strength of demand from passengers
who want to travel on our established, low-fare all-business class airline
between London and cities across the US."

 

 

For further information, please contact:

 
MAXjet Airways, Inc                                +1 703 574 6600                 
Bill Stockbridge, CEO                                                                        
John Severson, CFO                                                                                               
Josh Marks, EVP, Head of Strategy & Route                
Development                                                            
                                                                                            
                                                     
Panmure Gordon, Nominated Adviser and Broker       +44 207 459 3600                                                     
Grant Harrison                                                                                                 
Andrew Potts                                                                                                      
Chris Bucknall                                                         
                                                                       
                                                                               
FD                                                 +44 207 831 3113                                                    
Ben Foster                                                                                                         
Charlie Watenphul                                                      


                                      ENDS                                      

 

 

The contents of this announcement, which have been prepared by and are the sole
responsibility of MAXjet, have been approved by Panmure Gordon (UK) Limited
("Panmure Gordon"), of 155 Moorgate, London EC2M 6XB, solely for the purposes of
section 21(2)(b) of the Financial Services and Markets Act 2000.

 

Panmure Gordon is acting exclusively for MAXjet and no-one else in connection
with the offer and will not be responsible to anyone other than MAXjet for
providing the protections afforded to the clients of Panmure Gordon, nor for
providing advice in relation to the offer, the contents of this announcement or
any transaction, arrangement or other matter referred to herein.

 

This announcement does not constitute an offer of, or the solicitation of an
offer to buy or subscribe for, the securities referred to herein to any person
in any jurisdiction to whom or in which such offer or solicitation is unlawful
and, in particular, is not for release, publication or distribution in or into
the United States.

 

The securities referred to herein have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "US Securities Act"),
and may not be offered or sold within the US or for the account or benefit of a
US person except in certain transactions exempt from the registration
requirements of the US Securities Act.

 

The securities referred to herein have not been and will not be registered under
the applicable securities laws of any province or territory of Australia,
Canada, Japan, the Republic of Ireland or South Africa and may not be offered or
sold within Australia, Canada, Japan, the Republic of Ireland or South Africa or
to, or for the account or benefit of citizens or residents of Australia, Canada,
Japan, the Republic of Ireland or South Africa.

 

This announcement includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be identified
by the use of forward-looking terminology, including the terms "believes",
"estimates", "plans", "projects", "anticipates", "expects", "intends", "may",
"will", or "should" or, in each case, their negative or other variations or
comparable terminology. These forward-looking statements include matters that
are not historical facts and include statements regarding the Company's
intentions, beliefs or targets.

 

By their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances. A number of factors could cause
actual results and developments to differ materially from those expressed or
implied by the forward-looking statements. Forward-looking statements may and
often do differ materially from actual results. Any forward-looking statements
in this document reflect the Company's view with respect to future events as at
the date of this announcement and are subject to risks relating to future events
and other risks, uncertainties and assumptions relating to the Company's
operations, results of operations and growth strategy. Save as required by law
or any applicable rule or regulation, the Company undertakes no obligation
publicly to release the results of any revisions to any forward-looking
statements in this announcement that may occur due to any change in its
expectations or to reflect events or circumstances after the date of this
announcement.

 

This announcement does not constitute a recommendation concerning the proposed
admission to AIM or the offer. The value of shares can go down as well as up.
Past performance is not a guide to future performance. Potential investors
should consult a professional advisor as to the suitability of the offer for the
individual concerned.

 

 



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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