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Publish Date : 01-Nov-2012

Skywest has announced that it has received an offer from Virgin Australia to acquire its entire issued share capital.

Virgin Australia proposes to offer Skywest shareholders AUS$0.225 cash and 0.530 Virgin Australia shares for every one Skywest share.

The proposal should receive approval from the Securities Industry Council of Singapore (SIC) to the terms of the scheme of arrangement, along with the approval of the Australian Competition and Consumer Commission, the Australian Foreign Investment Review Board and the Singapore High Court.

An extraordinary general meeting is to be held to seek approval of Skywest shareholders.

Jeff Chatfield, Executive Chairman stated that, “Skywest is pleased to have received a proposal from Virgin Australia. The proposal, if approved by Skywest\'s shareholders, represents a substantial premium to Skywest\'s recent trading price and confirms the fundamental value of the Skywest business.”

Chatfield added, “The proposal will only proceed in the absence of a superior offer. Skywest will be appointing a Singaporean independent expert to advise the board on the value of the proposed consideration. Shareholders should be cautious in their dealings in Skywest shares and if in doubt consult their stockbroker. Based on our advice it is likely that this proposal will take some months to fully play out.”

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