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Further to its announcement on 7 December 2018, fastjet, the low-cost African airline, is pleased to provide an update on the Equity Refinancing and Open Offer.
As announced by the Company on 16 November 2018 (the "16 November Announcement"), the Equity Refinancing and Open offer were conditional upon, inter alia:
(i) the Solenta Subscription Letter becoming unconditional in all respects; and
(ii) the Placing Agreement not having been terminated in accordance with its terms prior to Admission.
fastjet is pleased to announce that all remaining conditions have now been satisfied.
Accordingly, application has been made to the London Stock exchange for the New Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings for normal settlement in the New Shares on AIM will commence at 8.00 a.m. on 17 December 2018.
The Company has reviewed its current cash requirements and is able to continue operating until 21 December 2018. Therefore it has sufficient funds to continue operating until Admission. As at 12 December 2018, the Group had cash balances of US$7 million, of which US$6.5 million is restricted cash held inside Zimbabwe.
Following the issue of the 3,180,171,978 New Shares, the Company's total issued share capital will consist of 3,800,824,872 Ordinary Shares, of which none are held in treasury. The figure of 3,800,824,872 may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Group, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Definitions used in this announcement are the same as those used in the 16 November Announcement unless the context otherwise requires.
https://twitter.com/aviator_aero/status/1073281548059848704?s=21
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However the can has been kicked down the road until 21 DEC
Our CEO is a disgrace, we announce on a weekly basis how long we may be trading for, on top of that we paying for two E190 while subbing a B737 operating a shadow of a drastically reduced schedule add to this numerous cancellations, only one HRE service in a week, destroyed customer loyalty, oh and the cream on the coffee , we paying for three ATR72
Are they not embarrassed to draw their salary every mont, absolutely disgraceful if you read this Mr N.B. Shame on you
https://twitter.com/iammrhaas/status/1073096383358488576?s=21
It will take down the whole of Fjet
Two flights operating today
1 Mbeya
1 Mwanza
No flights so far today the B737 is technically challenged.
The company needs to get past the 14TH Dec, if they are not released from E190 lease it’s the end.
And again tomorrow B737
Same again today flights operated by B737 I’m guessing E190 are both not available to fjet for reasons unknown, probably lease disputes.
Sub charted for today
No flights until Sunday
Not looking good at all, having difficulty with E190 lease
Trading to 14Dec
Unless they can resolve stated issues
My guess is Solenta will get the lot for a dollar, always the plan in my opinion
Seems FJH not operational today or Friday
Ethiopian Airlines’ partner in Mozambique, aptly named Ethiopian Mozambique Airlines, has commenced operations from its base in Maputo.
On the occasion did Ethiopian Airlines’ Group CEO Tewolde Gebremariam say: ‘The launch of the operations, which takes place through a partnership with Ethiopian Airlines, is expected to promote the necessary and improved air connectivity in the country and abroad, thereby increasing the share of African indigenous carriers in the continent’s air transport market. I want to thank the Government of Mozambique for its visionary decision and policies that allowed the start of the activities of Ethiopian Mozambique Airlines‘.
The new airline will initially serve seven routes out of Maputo and offer flights to Nacala, Nampula, Beira, Quelimane, Pemba, Tete and Chimoio according to information received from a source close to the airline.
Having commenced operations with Bombardier Q400 turboprop aircraft will additional aircraft of Boeing B737-800NG type also be used as additional routes become operational.
The initial start date of 01st of October could not be met at the time due to additional regulatory paperwork which Mozambique’s regulators could not process fast enough to meet the planned start up date, leading to the postponement of flights until the beginning of December.
https://twitter.com/whthome/status/1070084886801932288?s=21
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Now in direct competition with Fjet Mozambique
Fastjet is looking for Captain and First Officers. The ideal candidate should have Zimbabwe citizenship or right to live and work in Zimbabwe, CAAZ ATPL (Captains) or CPL (First Officers)
ihararejobs.com/job/captain-an…
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.
All with eyes to see understood that when the Tanzanian government poured mega millions into buying new aircraft for their previously moribund national airline, that they would ringfence Air Tanzania operations and give them as many advantages as they could get away with. Pulling traffic rights to Kigoma from Fastjet, denying them the registration of ATR aircraft and other related obstacles placed in their way cost Fastjet millions of Dollars. The Fastjet owners were being frustrated but the big loser is Tanzania because the country’s reputation of doing business here has taken another hammerblow. If I were Precision Air, I would be increasingly worried too now, especially over their links with Kenya Airways, given how this government is dealing with Kenyan investments and trade and especially any competitor of Air Tanzania on the local and regional market‘ said a regular commentator with long experience in the aviation industry from Dar es Salaam.
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Wow a whole Dollar for Fastjet Tanzania FFS