In July 2004, the Group acted as a financier and shareholder of CaptiveVision Capital Ltd (“CVC”), a Singapore company that successfully completed a takeover of ASX listed Airline, Skywest Limited (“Skywest”), a Perth based western Australia airline. Skywest holds an Air Operators Certificate allowing international routing. Skywest is one of Australia's largest and longest established regional airlines, meeting the transport needs of millions of Western Australians, domestic and international tourists for more than 40 years. Skywest is the major regional airline in Western Australia, providing scheduled services to sixteen destinations. Skywest's regional charter service caters for the specific needs of government, corporate, mining and resources clients, requiring charter aircraft to the state's most remote locations.

In March 2005, the Group and its affiliates acquired over 20% of equity interest in Skywest in the open market and became the second largest shareholder in Skywest. After the Group acquired Skywest, its operating profit before tax was increased by almost 50% in FY2005 and declared interim 2005 dividend of A$0.0035 and final 2005 dividend of A$0.0068 per share.

In May 2006, CVC announced its intention to make a takeover bid for all of the Skywest shares it did not already hold and the Group has accepted an offer from CVC in respect of its entire stake in Skywest for 0.4171 shares in the capital of Advent Air Limited (the “Advent Shares”) and A$0.227 per share in the capital of Skywest (“the Advent Offer”). After the completion of the Advent Offer, the Group is holding approximately 10 million shares (representing approximately 5.5%) of Advent and recognized a profit of over 65% of the investment cost.

Advent is a company incorporated in Singapore, and the Advent Shares are traded on the alternative investment market (AIM) of the London Stock Exchange.