FJET.L Regulatory News (FJET)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

fastjet Plc("fastjet", the "Company" or the "Group")

16 November 2018

Result of Equity Refinancing

fastjet, the low-cost African airline, is pleased to announce the completion of the Placing announced earlier today.

A total of 898,437,499 Placing Shares have been placed by Liberum (acting as sole bookrunner) at a price of one penny per share, raising gross proceeds of approximately US$11.5 million.

In addition to the Placing, the Company also announced the following Equity Refinancing arrangements earlier today:

· a subscription by Solenta, who has agreed to subscribe for 316,738,282 shares at the Issue Price for gross proceeds of US$4.1 million; and

· 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 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.

The Issue Price represents a discount of 39 per cent. to the closing price of 1.65 pence per ordinary share on 16 November 2018.

Subject to:

(i) the approval by Shareholders of the Authorising Resolution at the General Meeting which was also announced earlier today;

(ii) the Solenta Subscription Letter becoming unconditional in all respects; and

(iii) the Placing Agreement not having been terminated in accordance with its terms prior to Admission,

settlement and admission to trading on AIM of the Placing Shares is expected to occur on 10 December 2018.

Related Party Transaction

M&G Investment Management Ltd, by virtue of it holding more than 10 per cent. of the existing issued share capital of the Company, is considered a related party of the Company and their participation in the Placing is therefore a related party transaction under the AIM Rules for Companies. The Directors consider, having consulted with the Company's Nominated Adviser, that the terms of the Placing are fair and reasonable in so far as its Shareholders are concerned.

Capitalised terms used in this announcement but not defined herein shall have the meaning set out in the Definitions section of the announcement issued by the Company at 5.38 p.m. this afternoon.

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014.

For more information, contact:

NOTES TO EDITORS

About fastjet Plc

fastjet is a multi-award winning (including Skytrax World Airline Awards Best Low-Cost Airline in Africa 2017 and Leading African Low-Cost Carrier, World Travel Awards 2016, 2017 and 2018) African value airline for everyone that began flight operations in Tanzania in November 2012, flying passengers from Dar es Salaam to just two domestic destinations - Kilimanjaro and Mwanza.

Today, fastjet's route network includes Tanzanian domestic routes from its Dar es Salaam base to Kilimanjaro, Mbeya, and Mwanza, and international routes from Tanzania to Lusaka in Zambia and Harare in Zimbabwe. fastjet began branded domestic flights in Mozambique (Operated by Solenta Aviation Mozambique) in November 2017, its network presently between Maputo and Beira, Quelimane and Tete and celebrated its third year of operations in Zimbabwe in 2018. The carrier operates between Harare and Bulawayo, Harare and Victoria Falls and from Harare and Victoria Falls to Johannesburg in South Africa. The airline has flown over 3.5 million passengers with an impressive on-time performance aggregate, establishing itself as a punctual, reliable, and affordable carrier.