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Fastjet Takes Legal Advice Over Publication Of Second EasyGroup Letter

Wed, 23rd Mar 2016 09:02

LONDON (Alliance News) - fastjet PLC on Wednesday said it is taking legal advice over a second letter which its shareholder easyGroup Holdings Ltd made public on Tuesday regarding the brand licence agreement between the pair.

According to a report by Reuters, easyGroup, owned by billionaire investor Stelios Haji-Ioannou and which holds a 13% stake in fastjet, sent a letter to fastjet stating that the African low-cost airline was in breach of two clauses of their licence agreement.

Haji-Ioannou reportedly said fastjet had failed to inform easyGroup about its new "accountable manager" after the exit of Chief Executive Ed Winter last week.

http://uk.reuters.com/article/uk-fastjet-shareholder-easygroup-idUKKCN0WO2MB

This comes after easyGroup last Thursday made public another letter it sent to fastjet in which it raised concerns that the airline may become insolvent. In that letter, Haji-Ioannou demanded fastjet immediately resume publication of passenger numbers and load factors, as well as detailed month-by-month cash flow forecasts for the next six months.

fastjet said on Friday it was taking legal advice for the publication of that letter.

Shares in fastjet were trading down 6.3% at 32.10 pence on Wednesday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews