ADVENT APPOINTS DIRECTOR TO SKYWEST
The Board of Advent Air announces today that Mr Tony Davis has been appointed a
director to two of its wholly owned subsidiaries: Skywest Airlines Pty Ltd and
Skywest Airlines (S) Pte Ltd.
In addition to the new appointment, Mr Davis currently holds the positions of
both President and Chief Executive Officer of Tiger Airways Pte Ltd a leading
Singapore based low cost airline. Tiger Airways Pte Ltd is an operator of
several Airbus A320 aircraft.
Mr Davis is a highly qualified airline executive with more than 20 years
aviation experience and has had a variety of operating positions in addition to
the Tiger Airways Pte Ltd roles, these included management positions at British
Midland Airways, Gulf Air Company GSC and British Airways PLC. Mr Davis was the
Managing Director of the British airline "bmibaby".
Advent Air Chairman Mr Jeff Chatfield said "I have nominated Mr Davis to the
airline operational board of Skywest with the dual objective to successfully
develop certain new commercial operations and also to continue to assist in the
development of the overall culture of our airline group. Mr Davis, with his
industry experience and in holding his current positions at Tiger Airways, is
ideally placed to assist the Company to continue to grow. Advent Air's group
revenues, passenger numbers and profits have dramatically increased in the last
3 years and to continue this growth we are developing world class aviation
resources and seek to continue to attract and retain professionals to the
Company's boards."
Airline Business Model
The airline business of the Company is based around servicing the needs of
business travellers within its operating sphere. The Company has no intention of
transferring airline operations to a typical low cost airline model, however, it
does see the value of applying proven techniques adopted by the most successful
low cost carriers. The combination of Skywest's demonstrable revenue earning
potential and improving track record with appropriate cost realignment is
designed to ensure continued positive profitable financial performance.
A Performance Warrant
The agreed remuneration for Mr Davis is almost entirely comprised of a new
warrant to subscribe for up to 2,000,000 ordinary shares in Advent Air Ltd with
terms including a subscription price being the average of the closing mid-price
for Advent Air shares on the 10 day period to the 24th of October 2006, with a
12 month time to expiry and the vesting of the warrant being company performance
based outcomes that are aligned with selected success milestones. Mr Davis has
provided an undertaking that none of the warrants may be exercised prior to the
publication of the June 2006 audited accounts for Advent Air.
ENDS
cheers
dijin moutard
