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Alex Gale

Notice of Agent’s approval of waiver request from the Issuer

Nordic Trustee & Agency AB (publ), in its capacity as Agent, has agreed to approve a written request for waiver by West Atlantic AB (publ) relating to the dismantling of six under-used aircraft of the model Bae ATP, which are currently subject to Transaction Security.

The background to the request is the low probability of returning these aircraft into commercial service in the foreseeable future, consequently, the Group deems these assets more valuable as spare parts to support the existing operation. The waiver allows West Atlantic AB (publ) to dismantle six Bond-related Bae ATP aircraft if all criteria set out by the Terms and Conditions are met, except the Incurrence Test.

According to the Terms and Conditions, when dismantling a Bond-related Aircraft the corresponding amount of the fair market value shall be paid to the Deposit Account and pledged in favour of the Holders and the Agent. The funds standing on the Deposit Account shall, according to the Terms and Conditions, only be released by the Agent if used to (i) acquire an asset which can be provided as security to the Agent and the Holders (represented by the Agent) or (ii) pay for value-adding upgrades, improvements, repairs and reconfiguration of any Bond-related Aircraft that is part of the Transaction Security.

The waiver request is available upon request at the Agent’s office during business hours.

The waiver is effective on and from the date of this release.

 

Notice to the Holders of the Agent’s approval of waiver request is available here

Press Release

West Atlantic AB (publ) announces new, expanded contract with Royal Mail Group Plc

West Atlantic has been awarded a contract by Royal Mail Group (UK) to add additional aircraft to its network in 2017. The contract, which commences in January 2017, will run for a duration of five years and will consist of nine Boeing 737s and three British Aerospace ATP aircraft.

The award comes following a public procurement process during which Royal Mail conducted an extensive evaluation of solutions designed to support its domestic air network in the UK. West Atlantic was selected to be the sole provider of aircraft capable of carrying between 8-21 tonnes. Once fully implemented, the award will increase Group revenue by approximately 25% annually.

We are delighted with the results of this tender process” says West Atlantic CEO, Fredrik Groth, “This award represents a significant commitment from Royal Mail Group to implement an extremely high quality network of dedicated cargo aircraft to support its world class delivery service for the next five years.

  Final contract will be subject to Board approval and is expected to be completed in the upcoming weeks.

Press release

West Atlantic AB (publ) interest rate step up for corporate bond loan

As per the terms and conditions of the corporate bond loan (ISIN SE0007783840) the interest rate increases by 50 basis points, from but excluding the first Interest Payment Date up to and including the relevant redemption date. The new terms are fixed interest of 7.0 percent, per annum, paid semi-annually.

The step up in interest rate was conditioned against an equity contribution, meaning an injection of SEK 100,000,000 in the form of equity (unconditional shareholder contribution, share issue or otherwise) or Subordinated Loans.

“The board of directors have decided to postpone a potential equity injection following the decision to reduce growth targets for the year. All focus will instead be directed at increasing service quality, becoming more efficient and getting back to basics.” – says Göran Berglund, Chairman of the Board.

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 48

E-mail: Goran.Berglund@westatlantic.eu

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated air freight services to European NMO’s and air freight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates an aircraft fleet of 48 customised aircraft, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and per December 31 2015 West Atlantic had 511 employees. For 2015 West Atlantic reported revenues of MSEK 1,410 and EBITDA of MSEK 178.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu

Webpage: www.westatlantic.eu

West Atlantic discloses the information in this release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act

Press Release

West Atlantic AB (publ) announces appointment of new CEO

West Atlantic today announced that Fredrik Groth, currently interim CEO, has been appointed West Atlantic’s new Chief Executive Officer. Mr. Groth assumes his new role from the time of the 2016 Annual General Meeting which was held May 25. Mr. Groth joined West Atlantic in January 2016 with over 25 years’ accumulated experience in the aviation sector.

“I’m very happy to have been appointed CEO of West Atlantic and continue the work to support our customers with a reliable and efficient service for their outsourced air freight networks. During my time in this organsiation I have come to understand that we will face a transitional year in 2016 to return to profitable growth. But I have also seen the dedication and commitment in all employees to contribute to making this Group shine again. I am confident that we will stand much stronger in 2017 and beyond.”

Mr. Groth was appointed Interim CEO by the Board of Directors in January 2016 from his position as COO of MEGA Global Air Services with over 25 years’ experience in aviation. Previous positions include Executive Vice President of Pemco World Air Services, Managing Director of Swiftair Spain, Chief Executive Officer of Airworks India and Managing Director of Maldivian Air Taxi.

“The appointment of Mr. Groth has been just what West Atlantic needed, an increased focus on being customer centric and cost focused, while also ensuring that the organisation is right sized to take on future opportunities. We are lucky to have been able to add him to our team and look forward to the development over the upcoming years.” – said Göran Berglund, Chairman of the Board.

For further information, please contact:

Fredrik Groth, CEO                                                        Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 97 09                                 Telephone: +46 (0) 10 452 95 48

Email: Fredrik.Groth@westatlantic.eu                        E-mail: Goran.Berglund@westatlantic.eu

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated air freight services to European NMO’s and air freight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates an aircraft fleet of 48 customised aircraft, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and per December 31 2015 West Atlantic had 511 employees. For 2015 West Atlantic reported revenues of MSEK 1,410 and EBITDA of MSEK 178.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu

Webpage: www.westatlantic.eu

West Atlantic discloses the information in this release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act.  

Press release

West Atlantic AB (publ) announces Extraordinary General Meeting, change of Board of Directors and Chief Executive Officer

Following a decision to cancel the project to explore the possibility of a listing of the shares on Nasdaq Stockholm, an Extraordinary General Meeting was held where the shareholders of the company decided to change the composition of the Board. The aim was to increase shareholder presence and aviation experience amongst the Directors. Mr. Gustaf Thureborn, CEO and President will in connection with this change leave his position to transfer to an advisory position with the Group. Mr. Fredrik Groth has been appointed interim CEO until the time of the 2016 Annual General Meeting.

The decision for a change of CEO has been mutual and the Board wishes to extend its gratitude to Mr. Thureborn for his valuable contribution to the Group during his more than 20 years in office. Mr. Thureborn will until further remain in an advisory position with the Group.

In respect of Mr. Thureborn leaving his role as CEO, Mr. Fredrik Groth will assume the role as interim CEO until the time of the Annual General Meeting. Mr. Groth joined the company in January 2016 from his position as COO of MEGA Global Air Services with over 25 years’ experience in aviation. Previous positions include Executive Vice President of Pemco World Air Services, Managing Director of Swiftair Spain, Chief Executive Officer of Airworks India and Managing Director of Maldivian Air Taxi.

Following members have resigned from the Board:

  • Lars Lindgren, Chairman of the Board
  • Marianne Dicander Alexandersson, Member of the Board
  • Ingvar Nilsson, Member of the Board
  • Carsten Browall, Member of the Board
  • Gustaf Thureborn, Member of the Board & CEO

The Board of Directors also wishes to thank the Directors for their contribution.

Following members have been appointed to the Board:

  • Göran Berglund, Chairman of the Board
  • Tony Auld, Member of the Board
  • Russell Ladkin, Member of the Board
  • Fredrik Lindgren, Member of the Board

Mr. Joseph Payne was re-elected member of the board. All appointed members have previously held a Board of Directors’ position in the Company, whereof the Chairman has held this position between 1995-2015.

Press release

West Atlantic discloses the information in this release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act.