2 Apr 2015 07:05
fastjet Plc
("fastjet" or the "Company")
Grant of options
fastjet (AIM: FJET), Africa's low-cost airline, and its Remuneration Committee are pleased to announce that on 1 April 2015, following the announcement of the results of the placing raising £50m (approximately USD $75m) (the "Placing"), new options over 332,110,484 ordinary shares have been granted to Directors and employees of the Company, exercisable at the mid market closing on 1 April 2015 of 1.025p.
As set out in the announcement of the Placing, this award represents 5% of the enlarged share capital following the completion of the Placing at the General Meeting to be held on 20 April 2015.
The option awards are conditional on the completion of the Placing and the proposed share consolidation.
The options are issued under two new schemes. The Tax Advantages 2015 CSOP Scheme and the Standard 2015 CSOP Scheme
The awards are not exercisable, unless otherwise provided for in the rules of the scheme, for three years. The options will be capable of exercise for a period of 10 years from their grant and will lapse at the end of the period.
The recipients of the new awards include Directors of the Company as follows:
Name of Director | Options granted | New options as a % of the enlarged share capital |
Ed Winter | 114,104,030 | 1.72 |
Richard Bodin | 54,661,237 | 0.82 |
Nick Caine | 42,260,744 | 0.64 |
Krista Bates | 42,260,744 | 0.64 |
Clive Carver | 14,697,197 | 0.22 |
Robert Burnham | 14,697,197 | 0.22 |
Note: the above number of options represent the position pre-consolidation of the share capital that is proposed at the forthcoming general meeting . On completion of the 1 for 100 share consolidation the number of options will reduce by a factor of 100 and the exercise price will increase to 102.5 pence per share. The percentage interest over the enlarged share capital will remain the same.
Previously awarded share options issued to Ed Winter and Rob Burnham over 4,000,000 and 2,337,500 existing shares respectively have been renounced
Enquiries:
UK media - Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
Angharad Couch
South African media - Tribeca Public Relations Tel: +27 (0) 11 208 5500
Cian Mac Eochaidh
Kelly Webster
For investor enquiries please contact:
W.H. Ireland plc Tel: +44 (0) 20 7220 1666
James Joyce
Mark Leonard