Millionair

[Cleric]

SUSPENSION OF TRADING IN MILLIONAIR SHARES ON THE JSE SECURITIES EXCHANGE SOUTH
AFRICA
Shareholders are referred to the announcement published on SENS on 3 March 2004,
where it was advised that despite the agreement with Sun Air 2001 (Pty) Ltd
("Sun Air") to assist in the management of Sun Air, Sun Air will not be able to
repay outstanding funds of approximately R4.5 million ("the outstanding funds").
It is now advised that the outstanding funds will have to be written off.
Shareholders are also referred to the annual report for the year-end 28 February
2003. In the emphasis of matter paragraph in the audit opinion contained
therein, attention was, inter alia, drawn to the fact that the financial
statements had been prepared on the basis of accounting practices applicable to
a going concern. This basis presumed that funds would be available to finance
future operations and that the realisation of assets and settlement of
liabilities, contingent obligations and commitments would occur in the ordinary
course of business. The ability of the company to continue as a going concern
was dependent on a number of factors, the most significant being the
continuation of financial support by the company"s controlling shareholders and
the ability to continue profitable operations.
The controlling shareholders have now advised the company that they will no
longer continue to financially support Millionair.
The directors of Millionair ("the board") having considered the impact of the
write off of the outstanding funds on the company and the withdrawal of
financial support are of the opinion that the company can, despite the
contracts entered into as detailed in the announcement of 3 March 2004, no
longer continue as a going concern.
The board has therefore decided to apply for the provisional liquidation of the
company.
The board has also requested a suspension of trading in its securities on the
JSE Securities Exchange South Africa ("the JSE"). The JSE has agreed to this and
trading has been suspended with effect from commencement of trading on
Wednesday, 10 March 2004.
Shareholders will be kept appraised of the status of the company in this regard.

[Wizard]

Million Air Charter Ltd - the public company is in liquidation, however, apparently the private company of the two main shareholders of the public company, Million Air Aviation, is not in liquidation. It seems that the private company which has a couple of the DC9's along with debt to the banks (that is personally guaranteed by the two main shareholders) may continue to trade.

[Gunship]

I really wish them well that they can get out of the clampers as they saved my skin quite a few times on the West Africa - Ghana route.

[orgasmotron]

Will be good if they survive. Heard their management made promises to crew and assured them that all will be ok after demise of Sunair, since most of crew were busy finding other employment. Came to big suprise to crew when they were told that Millionair Charter is being liquidated and they must reapply for their jobs with Millionair Aviation (Pty) Ltd. They now only needed 4 pilots and 6 cabin attendants. Sounds like a scam to me. Looks like management were looking after themselves only and used the crew to keep them afloat in hard times but now they have become a liability. From what I always heard, it sounded like a company with responsible managment who cared for their employees. Seems like the opposite is true.

[Dexterdawg]

Seems that "management" at Million Air were conning EVERYONE including shareholders,crew and banks.

The whole scene seems VERY scaly indeed! Heard that no payments were made to Dept of Manpower for UIF deductions from staff salaries or SARS. Somebody is in BIG poo!

The fact that assets were transferred to Million Air Aviation in Oct last year seems to point to the fact that they planned to do what they did a long time ago. SCAM,SCAM,SCAM!!!!!!!

Management should be held personally responsable for ruining what was once a great charter company. Surely there should be some sort of answerability. Judging by there past track record, Million Air Aviation has not got a chance!

Its a great pity that Million Air is now the laughing stock of the aviation community. Crew are unfortunately being associated with the weak management and being eyed very suspiciously by other operaters.

Management should be ashamed of themselves.

[Gunship]

Sad to hear this.

These guys was the mainstay of Ghana Airways on the West Coast routes.

Since they left Ghana Scareways arrive 2 out 0f the scheduled 5 times a week.

Oh well .. this is Africa fly to SA via London .. :}

[Balloothebear]

Hmmmmmmmmmmmmm...seems asif they're not dead and gone,heard via the via that they have tendered for and been awarded a very lucrative UN contract.......any more gaff out there??????:confused:

[126.9]

Well GOOD LUCK to all the boys there, especially those that went through something similar at Crossair in Basel!

:}

[Dexterdawg]

About the UN contract: Mmmm I wonder if the UN are aware that "Million Air Aviation" does not posess a licence to operate there as the licence belongs to Million Air Charter. If this licence is used then it follows that MAC is once again making money!

Iwonder how the liquidators would view this? Or the retrenched crew that are owed large sums of money in unpaid salaries? Or are "Millon Air Aviation" just involved in yet another shady deal???? The mind boggles!!!!!

[orgasmotron]

Heard via friend at UN that they are using King Air Charter's License. Don't know how these technicalities work. But sure sounds like a big scam. Heard that few more senior FO's lost their jobs to more Junior FO's. Same with cabin crew. Apparently Chief Pilot had to choose the team he wanted. What ever happened to first in last out or something along these lines ???

Looks like a great management to work with.