SIL Silverjet

RNS Number:6809N
Silverjet PLC
11 February 2008



11 February 2008


                          Silverjet plc ("Silverjet")


           TFB Mortgages Limited ("TFB") �10 million convertible loan


As part of its �22 million fundraising in November 2007, Silverjet, the British,
exclusively business class, long haul airline, secured a convertible loan of �10
million from TFB.


Silverjet today announces that TFB will not be converting its �10 million
convertible loan into new Silverjet ordinary shares at 60 pence per share.


As a result, TFB forgoes its conversion rights whilst Silverjet still benefits
from the �10 million loan on highly attractive terms of LIBOR plus 200bps until
it is repayable on 17 December 2009.


TFB said:


"Because of recent market conditions, we have decided not to exercise our right
to convert our loan to Silverjet into equity. Instead we will continue to work
with the company and monitor its performance going forward. We continue to
believe the company has a sound business model and excellent prospects for the
future to become a major player in the global aviation business."


Lawrence Hunt, Chief Executive of Silverjet, commented:


"We have a strong relationship with the Reuben brothers with whom we structured
a loan of �10 million, at highly attractive rates which are highly beneficial to
our business; and we are also working together on a number of joint projects
relating to the future development of Silverjet.


"As ever, our primary focus is to continue driving passenger numbers and yields,
thereby restoring shareholder value. Based on bookings made to date, we are
highly confident that our February load factor will exceed 60% at an increased
yield. Forward bookings beyond February continue to be strong."


                                    - ends -


For further information, please contact:

Silverjet                                              020 7357 9477
Lawrence Hunt, Chief Executive

Hogarth Partnership Limited                            020 7357 9477
Fiona Noblet

Arden Partners                                         020 7398 1638
Chris Fielding
Tom Fyson





Notes to Editors


*   Silverjet offers 6 foot 3 inch long inclined flat beds, high quality 
    catering, personalised entertainment and reduced check-in times (30
    minutes with only carry-on baggage) from London Luton to New York Newark and
    Dubai.


*   Inclines flat bed at one third of the market price - �1,099 standard return 
    fare compared with over �3,000 from competitors.


*   Daily London Luton to New York Newark flights (local time):

     .  Departs LTN at 10.00 arrives 13.00
     .  Departs LTN at 16.45 arrives 19.45
     .  Departs EWR at 19.30 arrives 07.20
     .  Departs EWR at 21.45 arrives 09.45


*    Daily flights London Luton to Dubai (local time):

     .  Departs LTN at 21.00 arrives 08.30
     .  Departs DXB at 10.30 arrives 14.45


*    The Silver Lounge is a private terminal at London Luton Airport,
     opposite the main terminal building, with dedicated security enabling 
     customers with only carry-on baggage to arrive 30 minutes before departure 
     (45 minutes for customers with baggage to check in). At New York Newark 
     Airport, the unique Silver Lounge offering exclusive check in and lounge 
     facilities is separate from the main terminal areas. Silverjet flies into 
     Dubai's executive terminal.


*    Silverjet's standard London New York and Dubai return fare is �1,099.


*    Silverjet is the winner of the Sunday Times Award for Best Airline 2007, 
     two Conde Nast Traveller Awards in 2007, one for Favourite Business Class
     Only Airline and one for Design and Innovation and Best Airline Website 
     2007 awarded by Travolution.







                      This information is provided by RNS
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