LONDON (Alliance News) - African low-cost carrier Fastjet PLC on Wednesday issued a formal response to the open letter published by shareholder easyGroup Holdings Ltd last week, saying it does not believe it has breached the brand licence agreement.
easyGroup, owned by billionaire investor Stelios Haji-Ioannou and holder of a 13% stake in fastjet, sent a letter to Fastjet in which it alleged that the African low-cost airline had breached the brand licence agreement between the pair.
Fastjet said it has now reviewed the letter and has provided a formal response to easyGroup and, having taken legal advice, does not believe it has breached its licence agreement.
Fastjet shares were down 0.2% to 27.95 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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