MC-4277

**Outlook Message ID:** `AAkALgAAAAAAHYQDEapmEc2byACqAC-EWg0A79prnwa9QEuY4jHjnpAstQAE46Ka-AAA` **Open in Outlook:** (webLink unavailable — search by message ID in Outlook Web) **From:** Marthie Van Rooyen <mvanrooyen@safair.co.za> **To:** Sam Fletcher (Star Capital), Dave Andrew (ASL), Elmar, Pieter Richards, Michael Barker (Star), Fergus Wilson (ASL), Rothschild team (Shongwe/Leeuw/Napo/Bondi), Paul Gough (Star), Matthew Herman **Subject:** Project Heron: Progress report 27 May 2026 **Received:** 2026-05-27 09:15 SAST **Attachments:** Yes (2 key + 3 images) - Project_Heron_tracker_27052026.html → /home/lucienne/workspace/attachments/ticket-pending-20260527-1000/Project_Heron_tracker_27052026.html - CP progress report and TRACKER (27052026).xlsx → /home/lucienne/workspace/attachments/ticket-pending-20260527-1000/CP_progress_report_and_TRACKER_27052026.xlsx ## Action required Review biweekly Project Heron progress update. Overall progress 61.6%. Several material decision points and pending lessor responses listed below — confirm if any need Elmar's intervention or sign-off this week. ## Body Summary 13–27 May 2026, multiple workstreams. **Engine novations — fully signed:** - Hanwha ESN 889151 + 876320 — head lease termination deed + direct lease signed 21 May, closing 26 May 2026. - ACS ESN 894140 + 874581 — direct leases + ASL lease terminations + acceptance certs signed 1 May 2026. **Non-material agreements:** IRIS (post name-change letter amendment), Condor, Altron signed. Afrox + Fromm accounts closed 21 May (inactive) — no consent/notice needed. **Guarantee replacements:** draft wording circulated 26 May to BoA, Genesis, FTAI/Avolon. Responses expected within fortnight. SMBC side letter agreed for MSN 39877 + 60963. LC wording sent to RMB 18 May — awaiting drafts. **BBAM ESN 890715:** internal approval received 26 May to start novation docs. **Worldstar / Aquila:** willing in principle to sign consents for MSN 35005 + 37542 — requested wording adjustments + KYC questionnaires for Harith consortium re MSN 35042 head lease. **Halcyon (HAC):** definitively declined to novate ESN 890500 (14 May) — portfolio credit sensitivity. Exploring lease extension or further utilization alternative. **Material agreements:** chaser emails 26 May to ACSA, Nedbank, AJ Walter. **Regulatory / workstreams:** - Competition Commission letter 15 May — requires acquirer to prevent info flows between airports where Harith/PIC have interests and FSA on sensitive matters. ENS drafted undertaking on cross-directorships + info barriers. - IASC met 26 May — awaiting feedback. DASC acknowledged restructuring 7 May. - Exchange control: hedging arrangements signed off 27 May AM; ENS reviewing funds flow agreement. - SARB application: contingent on hedging, residual payment structure, SLF disposal, auditor valuation. **Transfer pricing:** Taxtimbre drafting full analysis into report, expected w/c 22 May. *** **Correct me:** open this ticket in MC and use the Life Manager feedback buttons (Not important / Noisy sender / Noisy subject / Always surface / Wrong class / Done), or Telegram Luci: 'ignore like MC-XXXX', 'always surface MC-XXXX', 'noisy sender MC-XXXX', 'noisy subject MC-XXXX', or 'wrong MC-XXXX'.