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Fastjet Mozambique and national airline LAM have concluded a code share agreement, which will see the two airlines cooperate on several routes across the country.
First to come into effect will be the Maputo to Beira route, where the codeshare arrangements commence on 25th of February.
This will be followed soon thereafter by operationalising the code share arrangements on the routes from Maputo to Tete and Quelimane, which will launch in March.
It is understood that this arrangement could be expanded to include further routes, aimed to stem the loss of market share to a newcomer in the Mozambiquean skies.
The arrival on the scene of Ethiopian Mozambique has clearly sped up the cooperation talk between Fastjet and LAM, which was first floated a year ago but little has happened until the new carrier took to the air.
Do you think this will have any effect on the sp?
No i don’t, they are implementing what was stated in the RNS, I’m concerned that Mozambique is now a difficult trading area with the arrival of Mozambique Ethiopian Airline who have deeper pockets than ours.
WOULD SHARE PRICE GO UP ?
RNS Number : 5763R
Fastjet PLC
01 March 2019
1 March 2019
fastjet Plc
("fastjet" or the "Company" or the "Group")
Loan Extension
The Company today announces that it has extended the terms of its unsecured loan agreements with Annunaki Investments (Private Limited) ("Annunaki") and SSCG Africa Holdings ("SSCG") (the "Loan Agreements").
As announced by the Company on 5 June 2018, the Company entered into the Loan Agreements with Annunaki and SSCG in order to make available a portion of the Group's restricted cash held in Zimbabwe.
The Loan Agreements were made on commercial terms and allowed the Company to lend US$5 million cash from fastjet Zimbabwe limited ("fastjet Zimbabwe") to Annunaki in return for a US$2 million loan to fastjet from SSCG for general working capital purposes across the Group (the "Unsecured Loans"). The Unsecured Loans were repayable in December 2018.
The Company has been in discussions with Annunaki and SSCG and has agreed that the terms of the Unsecured Loans will be extended to 31 March 2019. The terms of the Loan Agreements will remain the same with the exception of the following changes:
· The loan amount from fastjet Zimbabwe to Annunaki has increased from US$5 million to US$7 million due to devaluation of the underlying currency; and
· During the term of the Loan Agreement with SSCG, SSCG shall have the option to convert the US$2 million repayment plus any outstanding interest into ordinary shares in the Company (subject always to the shareholders of the Company granting the directors sufficient authority to allot and issue such shares on a non-pre-emptive basis) (the "Option to Convert") either (i) upon the happening of an event of default under the Loan Agreements, or (ii) after 28 February 2019. Any ordinary shares in the Company issued pursuant to the Option to Convert shall be issued at the higher of:
o the volume weighted average price per ordinary share over the preceding 30 trading days on the London Stock Exchange ending on the date on which SSGC has given such written notice to convert; or
o at par value.
This announcement is released by fastjet and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. This announcement is being made on behalf of the Company by Michael Muller, Chief Financial Officer of fastjet.