18 Oct 2017 13:53
fastjet Plc("fastjet" or the "Company")
18 October 2017
Result of General Meeting
On 29 September 2017, fastjet announced a proposed placing to raise gross proceeds of US$28.0m through the issue of 104,428,724 new ordinary shares by way of a placing (the "Placing") at a price of 20 pence per share (the "Issue Price").
The Company also announced that it had entered into subscription agreements with Solenta Aviation Holdings Limited ("SAHL") in respect of which SAHL had agreed to subscribe for 60,634,329 new ordinary shares (the "Subscription Shares") at the Issue Price raising gross proceeds of US$16.2m (the "Subscription"), subject to completion of the Placing. In aggregate, the Placing and Subscription raised gross proceeds of US$44.2m.
In addition, the Company announced that it had established an employee benefit trust that will subscribe for 21,504,112 shares ("EBT Subscription Shares").
The Company is pleased to announce that at the general meeting of the Company held earlier today to approve, inter alia, certain matters necessary to enable the Placing and the issue of the Subscription Shares and the EBT Subscription Shares to proceed, all resolutions put to shareholders were duly passed.
Accordingly, the Company has applied to the London Stock Exchange for 186,567,165 ordinary shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur at 8.00am on 19 October 2017.
Following Admission, the Company's issued share capital will comprise 522,406,827 ordinary shares of 1p each and may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules. The Company does not hold any shares in treasury.
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014.
For more information, contact:
fastjet Plc | Tel: +44 (0) 20 3651 6307 |
Nico Bezuidenhout, Chief Executive Officer Michael Muller, Chief Financial Officer | |
UK media - Citigate Dewe Rogerson | Tel: +44 (0) 20 7638 9571 |
Angharad Couch, Eleni Menikou, Toby Moore, Nick Hayns | |
South African media - Hein Kaiser | Tel: +27 (0) 82 520 0555 |
For investor enquiries please contact: | |
Liberum Capital Limited - Nominated Adviser and Broker | Tel: +44 (0) 20 3100 2222 |
Clayton Bush, Jill Li, Neil Elliot |
NOTES TO EDITORS
About fastjet Plc
fastjet is a multi-award winning (including Skytrax World Airline Awards Best Low-Cost Airline in Africa 2017) low-cost African airline for everyone. It 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 also began flight operations from its Zimbabwe base in October 2015, and now flies domestically from Harare to Victoria Falls, Harare to Dar es Salaam and internationally from both Harare and Victoria Falls to Johannesburg in South Africa. The airline has flown over 2.5 million passengers with an impressive aggregate 94% on-time performance, establishing itself as a punctual, reliable, and affordable low-cost carrier.