Satisfaction of Equity Refinancing conditions

RNS Number : 4566K

Fastjet PLC

13 December 2018

 

fastjet Plc
("fastjet", the "Company" and, together with its Subsidiaries, the "Group")

Satisfaction of the conditions relating to the Equity Refinancing and Open Offer and Update on Admission

Further to its announcement on 7 December 2018, fastjet, the low-cost African airline, is pleased to provide an update on the Equity Refinancing and Open Offer.

As announced by the Company on 16 November 2018 (the "16 November Announcement"), the Equity Refinancing and Open offer were conditional upon, inter alia:

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

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

fastjet is pleased to announce that all remaining conditions have now been satisfied. 

Accordingly, application has been made to the London Stock exchange for the New Shares to be admitted to trading on AIM.  It is expected that Admission will become effective and that dealings for normal settlement in the New Shares on AIM will commence at 8.00 a.m. on 17 December 2018.

The Company has reviewed its current cash requirements and is able to continue operating until 21 December 2018.  Therefore it has sufficient funds to continue operating until Admission. As at 12 December 2018, the Group had cash balances of US$7 million, of which US$6.5 million is restricted cash held inside Zimbabwe.

Following the issue of the 3,180,171,978 New Shares, the Company's total issued share capital will consist of 3,800,824,872 Ordinary Shares, of which none are held in treasury. The figure of 3,800,824,872 may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Group, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Definitions used in this announcement are the same as those used in the 16 November Announcement unless the context otherwise requires.

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: [phone]
Nico Bezuidenhout, Chief Executive Officer Michael Muller, Chief Financial Officer
Liberum Capital Limited - Nominated Adviser and Broker	Tel: [phone]
Clayton Bush Andrew Godber James Greenwood Trystan Cullen
UK media - Citigate Dewe Rogerson	Tel: [phone]
Angharad Couch Eleni Menikou Toby Moore Nick Hayns

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.

 

END

 

 

IOEGMMMZRFMGRZM