Cebu Air, Inc. (PSE:CEB) signed a binding offer letter to acquire Seair, Inc. from Tiger Airways Holdings Limited (SGX:J7X) and others for $15 million on January 7, 2014. Cebu Air, Inc will acquire 0.3 million common A shares and 0.2 million common B shares. There are no Directors who are proposed to be appointed to the Board in connection with the sale. Accordingly, no service contract is proposed to be entered into between Cebu Air and any such person. The transaction is subject to approval by shareholders of Tigers Airways; filing of an application with the Civil Aeronautics Board of the Philippines to sale; the conversion by Tiger Airways of all shareholder advances made by Tiger Airways to SEAir, into additional paid in capital of SEAir prior to the closing; the termination of the sublease agreements entered into between Tigerair Singapore and SEAir in relation to two Airbus A319 aircraft; the novation by SEAir to Tigerair Singapore of the some lease agreements and the sublease by Cebu Air of the three Airbus A320 aircraft upon terms to be mutually agreed by Tigerair Singapore and Cebu Air. The offer letter shall continue in full force and effect until the earlier of March 31, 2014, unless extended or upon prior written notice by either Roar II or Cebu Air for breach of certain provisions in offer letter relating to conduct of business by SEAir, exclusivity and confidentiality and non-disclosure. Tigers Airways intends to use the proceeds to partly satisfy the liabilities and forward sales of SEAir.

As on February 10, 2014, Cebu Air entered into a sale and purchase agreement to acquire Seair, Inc. from Tiger Airways Holdings. The deal is subject to approval of Civil Aeronautics Board of the Philippines, execution of a letter between Tigerair Singapore and SEAir terminating the sublease agreements entered into between Tigerair Singapore and SEAir in relation to two Airbus A319 aircraft, the cancellation or procuring the discharge of all corporate or banker's guarantees issued on behalf of SEAir, the novation by SEAir to Tigerair Singapore of the lease agreements entered into between SEAir (as lessee) and MCAP Europe Limited (as lessor) in relation to three Airbus A320 aircraft, the sublease by SEAir of the three Airbus A320 aircraft upon terms to be mutually agreed by Tigerair Singapore and SEAir and the grant to SEAir of a non-transferable brand license for the use of the brand "Tigerair" for a period of 12 months from the date of the agreement. As on March 10, 2014, shareholders of Tiger Airways Holdings approved the transaction. As on March 20, 2014, Cebu Air completed the acquisition of 40% of Seair from Tiger Airways. Upon completion of the transaction, Tigerair Philippines will continue to operate under the Tigerair brand for the time being. As on March 10, 2014, Cebu Air Inc has secured the approval of the Civil Aeronautics Board.

Mark Choy and Tan Sue-Lynn of Wong Partnership acted as the legal advisors for Tiger Airways Holdings. Investment & Capital Corporation of the Philippines were Seair's financial advisor on the sale.