LONDON (Alliance News) - Fastjet PLC said Friday it has raised GBP225,960 through a discounted open offer after the budget African airline looked to attract GBP1.6 million from shareholders.
In late June, Fastejet announced an open offer to shareholders who could receive one share at a price of 8 pence each for every 26 already held. The company was looking to raise as much as GBP1.6 million through the offer.
In total, however, the firm received 2.8 million valid acceptances. Fastjet will therefore receive GBP225,960 through the offer, implying an uptake of around 14%.
After admission to trading - expected on Monday - Fastjet will have 620.7 million shares in issue.
Also in late June, Fastjet raised USD10 million through a share placing and subscription. All the funds are to be used for working capital purposes, providing the firm with "sufficient" capital for the remainder of 2018.
Shares in Fastjet were 1.5% lower at 8.25 pence on Friday.