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2016-11-10

West Atlantic AB (publ): 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
at the homepage:
http://www.westatlantic.eu/

For further information, please contact:

Magnus Dahlberg,CFO
Telephone: +46 (0) 10 - 452 95 49

Email:magnus.dahlberg@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
.

20161110
http://hugin.info/160193/R/2056135/770109.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: West Atlantic AB (publ) via Globenewswire

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