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I am really confused regarding Fjet. Are we still in business? Very little news being put out!!
Could anyone please explain to me what this latest RNS means in reality to the small Fjet investor please? Is it good , is it bad? Have we lost our money?
Could anyone please explain to me what this latest RNS means in reality to the small Fjet investor please? Is it good , is it bad? Have we lost our money?
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When and at what price did you invest?
Hi Fjetcrazy. I bought in at 2.5p during the last few weeks. Don't really understand what's happening at the moment apart from they seem to be making more shares available to raise funds?
That is correct, if i had got in at your price i would subscribe to the open offer to reduce your average share price and hope it grows from here, for me it’s not an option as I’ve had enough of this company, good luck whatever you decide.
I hope this helps!
Solenta Aviation Holdings Limited (SAHL) has taken control of fastjet plc after acquiring an additional 24.5% stake in the UK-listed African low-fare airline.
The move comes after fastjet entered into multiple transactions which increased its equity base by at least USD40.0 million following warnings over the past 4 weeks that its weak cash position threatened its viability.
A filing with the London Stock Exchange (LSE) on Friday, November 16, said the South Africa-based aviation holding had agreed to subscribe to 316.7 million fastjet shares for a total of USD4.1 million. Solenta’s stake in the company subsequently rose from 29.8% to 54.3% while its voting shares have risen from 29.8% to 60.2%.
fastjet plc also issued 1.9 billion shares valued at USD24.4 million to acquire four E145s from Solenta and to settle other fees and charges due to the firm.
fastjet plc also issued 898.4 million new ordinary shares to raise USD11.5 million. It will also hold an open offer with qualifying shareholders of up to 411,440,871 Open Offer Shares aimed at raising up to USD5.3 million.
As previously reported, fastjet plc will indeed exit its Fastjet Tanzania unit having entered into a conditional share sale agreement with local management in Tanzania, regarding the sale of its interest in Fastjet Tanzania's holding company, fastjet Air TZ (BVI). Following the sale, valued at USD1, the Tanzanian carrier will operate as a fastjet-branded carrier.
As a consequence of fastjet plc's decision to cease funding its Tanzanian operation in September, plans to induct three ATR72-600s have now been abandoned resulting in the company incurring an early termination liability. According to the LSE filing, along with other settlements, the firm will spend up to USD3.7 million to cover major creditor settlements associated with the decision to stop funding Fastjet Tanzania.
In terms of its Fastjet Zimbabwe operations, fastjet plc said it has also moved to exercise its existing option to acquire the 51% stake held by a local Zimbabwean holding and transfer the shares to a Zimbabwean company in consultation with Solenta. In addition, the decision to acquire the four E145s from Solenta will help generate lease savings of around USD220,000 per month in hard currency outflows for its Zimbabwean operations.
"By owning the existing leased assets (as opposed to fixed monthly lease cash outflows), along with utilising the Solenta infrastructure in Mozambique (e.g. no fixed cost), fastjet has flexibility to scale operations down materially in the event of aggressive new competitor market-entry," it said. "Similarly, the four Embraer 145s represent an effective increase in available aircraft capacity (previously three Embraer 145s used in active service and one as backup), which will support the additional route rights received by fastjet Zimbabwe allowing it to operate double-daily frequencies between Harare Int'l and Bulawayo (previous authori
Wow a whole Dollar for Fastjet Tanzania FFS
Hello Fjetcrazy
I had confused with open offer share
I already have 151434 share will loss of £2450
I have been offered 863173 entitlements share ? should I buy , IF SO what would be face value after I brought
Raj786
I really can’t advise you on what to do, if history repeats itself you are heading for further losses, offer shares @1p are at a current discount to today’s SP of 1.60 and that would certainly bring the average down BUT whose to say the sp will stay at current prices, only you can make that decision.
Sorry if I'm being dump - where is the offer price actually specified? I couldn't find it in the docs.
Sorry if I'm being dumb - where is the offer price actually specified? I couldn't find it in the docs.
"Sorry if I'm being dumb - where is the offer price actually specified? I couldn't find it in the docs."
RNS - Proposed Fundraising and Equity Refinancing - Fri, 16th Nov 2018
Section 4. Details of the Placing
Section 5. Principal terms of the Open Offer
WOULD I SELL OLD SHARE THEN BUY SAME ?? ANY TIP .