28 Sep 2015 07:10
fastjet Plc
("fastjet" or the "Company")
28 September 2015
fastjet Fleet Expansion
fastjet takes delivery of first owned aircraft
fastjet (AIM:FJET), Africa's low-cost airline, took delivery of its first owned aircraft on 25 September 2015. The intent to purchase this aircraft, the sixth aircraft in the fastjet fleet, was announced on 26 August 2015 and the agreement was signed on 23 September 2015. The aircraft, an Airbus A319 (Manufacturer's Serial number 2891), was purchased from an entity managed by BBAM US LP (BBAM), a leader in commercial aircraft leasing, financing and management, headquartered in San Francisco, CA. The market value of the aircraft is approximately USD15.5m Note 1. The aircraft was purchased at a discount to the market value with the consideration being satisfied in cash.
Ed Winter fastjet CEO commented, "this is an exciting moment for fastjet with this aircraft not only being the first that we have purchased but also that it marks a doubling in the size of our fleet over the past few months. I am particularly pleased that we have purchased this aircraft from BBAM who showed confidence in the Company by leasing the first aircraft to fastjet in 2012.
"This aircraft has been earmarked to be the first in the fastjet Zambia fleet and following reconfiguration and painting is expected to be flown to Lusaka, Zambia in early November."
The Company stated an intention to create a mixed fleet of leased and purchased aircraft at the time of the fundraising in April 2015. fastjet was advised by SkyWorks Leasing in the purchase of this aircraft.
Note 1: "half life"("half-life" refers to the airframe, engines, auxiliary power unit, landing gear and all major components being half-way between major overhauls, inspections or performance restorations as appropriate; with any life-limited components, having 50% of their certified lives remaining ) market value for MSN 2891 as appraised by Ascend Flightglobal Consultancy, a leading provider of expert advisory and valuations services to the global aviation industry.
For more information, contact:
UK media - Citigate Dewe Rogerson | Tel: +44 (0) 20 7638 9571 |
Angharad Couch | |
Toby Moore | |
Nick Hayns | |
South African media - Tribeca Public Relations | Tel: +27 (0) 11 208 5500 |
Cian Mac Eochaidh | |
Kelly Webster | |
For investor enquiries please contact: | |
Liberum Capital Limited - Nominated Adviser and Joint Broker | Tel: +44 (0) 20 3100 2222 |
Clayton Bush | |
Christopher Britton | |
W.H. Ireland Ltd.- Joint Broker | Tel: +44 (0) 20 7220 1666 |
James Joyce | |
Mark Leonard | |
Sanlam Securities UK Limited - Joint Broker | Tel: +44 (0) 20 7382 0922 |
Simon Clements Ken Williams |
NOTES TO EDITORS
About fastjet plc
fastjet Plc is the holding company of the low cost airline fastjet which commenced flights under the fastjet brand in Tanzania in November 2012. By adhering to international standards of safety, quality, security and reliability; fastjet has brought a new flying experience to the African market at unprecedented low prices. Utilising its fleet of Airbus A319s, fastjet is implementing the low-cost model across Africa and its long-term strategy is to become the continent's first low-cost, pan-African airline.
The results of a customer satisfaction survey showed that 100% of customers were likely to recommend fastjet to a friend. In developing its strong brand and identity, fastjet has won and been nominated for a number of awards, including winning three Transform awards for the rebrand and launch of fastjet, the award for "Brand Strategy of the Year" at 2014's Drum Marketing Awards in London, and the Transport Innovator Award at the 8th Transport Africa Awards 2015 in Johannesburg.
fastjet plc is quoted on the London Stock Exchange's AIM market.
For more information see www.fastjet.com