Restructuring Update

RNS Number : 3104H

Fastjet PLC

16 May 2014

 



fastjet plc

("fastjet" or the "Company")

16 May 2014

Restructuring update

Further to its statement on 29 April 2014, fastjet today announces that  Fly 540 operations in Ghana are being temporarily suspended pending further restructuring.  Fly 540 has served notice on the leasing agreement it holds on one ATR aircraft in Ghana.

As previously announced, fastjet has concluded that although Ghana presents very significant long-term opportunities for the fastjet low-cost model; in the short term the Company intends to fully focus on the considerable potential of opportunities in East and Southern Africa, and this legacy  540 operation is not therefore part of the core low cost fastjet model

fastjet will continue to provide additional updates as appropriate.  

For media enquiries please contact:

UK media - Citigate Dewe Rogerson                                                           Tel: [phone]

Eleni Menikou

Toby Moore

South Africa media - Tribeca Public Relations                                          Tel: [phone]

Cian Mac Eochaidh

For investor enquiries please contact:

W.H. Ireland Ltd.                                                                                             Tel: [phone]

James Joyce

Nick Field

NOTES TO EDITORS

About fastjet plc

fastjet plc is the holding company of the low-cost airline fastjet which commenced flight operations in Tanzania in November 2012. The airline operates a fleet of distinctively branded Airbus A319s and since its launch has grown to encompass the key domestic routes within Tanzania and a rapidly increasing number of international destinations. 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.

fastjet is implementing the low-cost carrier model across Africa and its long-term strategy is to become the continent's first low-cost, pan-African airline. fastjet plc is also the holding company of airline Fly540, which operates in Kenya, Ghana and Angola.

By offering one way fares from as low as $20, fastjet has stimulated a new customer base; the results of a customer survey showed that 38% of fastjet passengers had never flown before. This democratisation of air travel is expected to gather momentum across the final continent to experience the low-cost airline revolution.

fastjet is committed to communicating effectively with its existing and potential customers and has, to date, won a number of marketing awards. With over 140,000 social media followers, it occupies a unique position in African aviation.

fastjet plc is quoted on the London Stock Exchange's AIM market.

For more information see www.fastjet.com 

 

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