Devils details16 Nov 2018 18:14
Nicos salary is safe..........
16 November 2018
Proposed placing and subscription to raise gross proceeds of not less than US$15.6 million
Proposed open offer to raise up to US$5.3 million
Issue of equity for balance sheet restructuring of US$24.4 million
Transactions increase equity base by at least US$40.0 million
fastjet, the low-cost African airline, is pleased to announce a proposed fundraising and equity refinancing to issue equity with a value at the issue price of not less than US$40.0 million (the "Equity Refinancing") comprising:
i. a placing by way of an Accelerated Bookbuild to raise gross proceeds of not less than US$11.5 million before expenses (the "Placing") through the issue of at least 898,437,499 new ordinary shares ("Placing Shares") at a placing price of one penny per new ordinary share (the "Issue Price");
ii. a subscription by Solenta Aviation Holdings Limited ("Solenta"), who has agreed to subscribe for 316,738,282 shares at the Issue Price for gross proceeds of US$4.1 million; and
iii. the issue of 1,909,824,218 shares at the Issue Price with a value of US$24.4 million a) to acquire four Embraer 145 aircraft (the "Embraer 145s") from Solenta and to settle associated early termination lease charges, b) settlement of the majority of the Solenta long term loan and overdue interest, and c) professional fees.