23 Jan 2017 10:49
fastjet Plc("fastjet", the "Company" or the "Group")
23 January 2017
Result of General Meeting
On 5 January 2017, fastjet announced a proposed placing to raise gross proceeds of US$28.8 million through the issue of 143,449,794 new ordinary shares by way of a placing (the "Placing") at a price of 16.3 pence per share (the "Issue Price").
The Company also announced that it had entered into an agreement with Solenta Aviation Holdings Limited ("Solenta") for the provision and operation of wet-leased aircraft and supply of other services over the next five years, in respect of which the Company expects to issue Solenta 95,633,199 new ordinary shares on Admission, subject to completion of the Placing.
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 implement the Placing, all resolutions put to shareholders were duly passed.
Accordingly, the Company has applied to the London Stock Exchange for 239,082,993 ordinary shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur at 8.00am on 24 January 2017.
Following Admission, the Company's issued share capital will comprise 335,839,052 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.
As previously announced, Nico Bezuidenhout, Interim Chairman and Chief Executive Officer, has subscribed for 124,522 new ordinary shares at the Issue Price as part of the Placing. On Admission, Mr Bezuidenhout's holding of 124,522 ordinary shares will represent 0.04 per cent. of the Company's issued share capital.
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
For more information, contact:
fastjet Plc | Tel: +44 (0) 20 3651 6307 |
Nico Bezuidenhout, Interim Chairman and Chief Executive Officer | |
Lisa Mitchell, Chief Financial Officer | |
UK media - Citigate Dewe Rogerson | Tel: +44 (0) 20 7638 9571 |
Toby Moore | |
Eleni Menikou | |
Nick Hayns | |
For investor enquiries please contact: |
Liberum Capital Limited - Nominated Adviser and Broker | Tel: +44 (0) 20 3100 2222 |
Clayton Bush | |
Christopher Britton Jill Li | |
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 a fleet of modern jet aircraft, fastjet has a long term strategy to implement the low-cost carrier model across Africa to become the continent's first low-cost, pan-Africa airline.
The results of the second quarter 2016 customer satisfaction surveys showed that an average of 73% 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 Africa's Leading Low-Cost Airline 2016 at the 23rd World Travel Awards, 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