Result of General Meeting and Capital Raising

RNS Number : 5509G

Fastjet PLC

08 August 2016

 

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

08 August 2016
 

Result of General Meeting and Capital Raising

On 21 July 2016, fastjet announced a proposed capital raising to raise gross proceeds of £15 million through the issue of new ordinary shares by way of a placing (the "Placing") and additional gross proceeds of up to approximately £4.2 million (being the €5 million maximum amount permitted not requiring the publication by the Company of a prospectus under the Prospectus Rules) through the issue of up to 8,302,762 new ordinary shares by way of an open offer (the "Open Offer") (together the "Capital Raising"), all at 50 pence per new ordinary share (the "Issue Price").

The Company today announces that under the Open Offer, valid applications have been received from qualifying shareholders in respect of 325,508 new ordinary shares.  fastjet has therefore raised £162,754 pursuant to the Open Offer and total aggregate gross proceeds of £15.2 million pursuant to the Capital Raising. 

The Company is also pleased to announce that at the general meeting of the Company held earlier today, all resolutions put to shareholders were duly passed.

The passing of the resolutions has granted the Company with the authority to effect the share reorganisation such that the nominal value of each of the Company's ordinary shares is reduced from £1 to 1p each ("Reorganisation").

Accordingly, the Company has applied to the London Stock Exchange for 30,325,508 ordinary shares pursuant to the Placing and Open Offer and 66,422,097 ordinary shares pursuant to the Reorganisation to be admitted to trading on AIM ("Admission").  It is expected that Admission will occur at 8.00am on 09 August 2016. 

Following Admission, the Company will have 96,747,605 ordinary shares of 1p each in issue, of which 1 share is held in treasury.  The number of voting rights in the Company, excluding treasury shares, is therefore 96,747,604 and may 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

As previously announced, Colin Child, Non - Executive Chairman, has subscribed for 140,000 new ordinary shares at the Issue Price as part of the Placing.  On Admission, Mr Child's holding of 140,000 ordinary shares will represent 0.14 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: [phone]
Lisa Mitchell, Chief Financial Officer
UK media - Citigate Dewe Rogerson	Tel: [phone]
Eleni Menikou
Nick Hayns
Toby Moore
South African media - Tribeca Public Relations	Tel: [phone]
Cian Mac Eochaidh
Kelly Webster
For investor enquiries please contact:

Liberum Capital Limited - Nominated Adviser and Joint Broker	Tel: [phone]
Clayton Bush Christopher Britton
Jill Li
W.H. Ireland Ltd.- Joint Broker	Tel: [phone]
James Joyce
Mark Leonard

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 its fleet of Airbus A319s, fastjet is implementing the low-cost model across Africa with a long-term strategy 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 23^rd 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

 

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