Virgin Express Holdings has announced that the agreement of 5th
October, 2004 to place Virgin Express NV/SA and SN Brussels Airlines under the common ownership of SN Airholding has come into force today.
The conditions precedent to the Agreement have all been satisfied well in advance of the 30th June 2005 deadline. Accordingly, as provided in the Agreement, VEX PLC has contributed all of its shares in Virgin Express NV/SA into SN Air for an agreed value of €54 million in consideration for an issue of shares in SN Air.
VEX PLC now owns 29.9% of the fully diluted share capital of SN Air, the remaining 70.1% remaining held by the present shareholders of SN Air.
SN Air consequently now owns 100% of the shares in Virgin Express NV/SA and 92% in the shares of SN Brussels Airlines (DAT), the remaining 8% being held by Sabena.
Mr David Hoare stated: “We are very pleased to have successfully completed the common ownership of Virgin Express NV/SA and SN Brussels Airlines. Joining forces with SN Brussels Airlines will be good for our shareholders, our staff our customers and for the health of the Belgian airline industry.”