1Time Directors Resign
New SA Airline On its Way?
Two Directors of 1Time airlines have just resigned, namely Petersen and Harrison. The leaving was apparently not heated or bitter, as the current CEO explains, “there was no bitter boardroom battle… it was negotiated in a few days, we’ve been partners for six year so we shook hands… they’re pilots, they wanted to fly.” That is a strange term to use, that is, “they wanted to fly”. Does this mean that the two of them are planning on launching their own new low-cost airline in the South African market? The two men bought Aeronexus Corporate from 1Time, which for all intensive purposes is just a shell company, as the aircraft assets and charter contracts have been transferred to 1Time. For the sale, no physical cash changed hands, as the previous Directors were owed shareholder loans, canceling out the sale amount.
The two previous Directors have also agreed not to flood the market with 1Time shares that they still own. Interesting times ahead…