Result of General Meeting

RNS Number : 6969K

Fastjet PLC

20 April 2015

 



20 April 2015

fastjet PLC

("fastjet" or the "Company")

Result of General Meeting, Approval of Share Consolidation and Completion of Placing

fastjet announces that at the general meeting of the Company held earlier today, all resolutions put to shareholders were duly passed.

Clive Carver, Non-Executive Chairman of fastjet, commented: "Approval of this Placing provides management with the firm capital base required to move on to the next phase of growth, expanding the fastjet low-cost network through East and Southern Africa. We are very encouraged by the confidence in fastjet shown by our current and new shareholders."

Accordingly, as set out in the notice of general meeting circular sent to shareholders on 2 April 2015, the existing ordinary shares of 1 pence each (Existing Ordinary Shares) will be consolidated into the new ordinary shares (New Ordinary Shares) on the basis of one New Ordinary Share of £1 each for every 100 Existing Ordinary Shares held at the record date (being 5pm today (20 April 2015)).

The New Ordinary Shares are expected to be admitted to trading on AIM at 8.00 a.m. on 21 April 2015. Following admission, the Company will have 16,422,096 ordinary shares of £1 each in issue. The ISIN for the New Ordinary Shares will be GB00BWGCH354.

Furthermore, the relevant resolution was passed to provide the Company with the authority to allot and issue shares and dis-apply pre-emption rights for the purposes of the proposed placing (the Placing) of 50,000,000 New Ordinary Shares (the Placing Shares). The Placing is therefore now only conditional on admission, such admission having been applied for and expected to take place on or around 22 April 2015.

Following admission of the Placing Shares, the Company will have 66,422,096 Ordinary Shares of £1 each in issue. The Company will have 1 share in treasury following the consolidation and so 66,422,097 Ordinary Shares may therefore 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 and Transparency Rules.

Details of director participation in the Placing and their respective shareholding in the Company following admission are shown below:

Name	Position	Placing funds	Number of New Ordinary Shares	Total Shareholding in the Company following the Placing	Total Shareholding in the Company following the Placing (%)
Ed Winter	Chief Executive Officer	£130,000	130,000	443,000	0.67%
Krista Bates	General Counsel	£25,000	25,000	25,000	0.04%
Nick Caine	Chief Financial Officer	£25,000	25,000	25,000	0.04%
Richard Bodin	Chief Commercial Officer	£20,000	20,000	51,250	0.08%

Following admission of the Placing Shares, Liberum will be appointed as joint broker to the Company.

Shareholders are reminded of the timetable included in the Circular, the relevant sections of which are shown below:

	2015
Last date of dealings in Existing Ordinary Shares of 1p each	20 April
Admission effective and dealings in the New Ordinary Shares of £1 each expected to commence on AIM and crediting of the New Ordinary Shares in uncertificated form to CREST stock accounts	21 April
Admission effective and dealings in the Placing Shares expected to commence on AIM and crediting of the Placing Shares in uncertificated form to CREST stock accounts	22 April
Expected date of dispatch of share certificates in respect of the New Ordinary Shares	4 May
Expected date of dispatch of share certificates in respect of the Placing Shares	5 May

Ends

For more information, contact:

UK media - Citigate Dewe Rogerson    Tel: [phone]

Angharad Couch

Toby Moore

Nick Hayns

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

Cian Mac Eochaidh

Kelly Webster

For investor enquiries please contact:

W.H. Ireland Ltd.      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.  The airline introduced Airbus A319s into its fleet.  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 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 Fly540 Ghana and Angola.

The results of a recent customer satisfaction survey showed that 100% 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 winning three Transform awards for the rebrand and launch of fastjet and the award for "Brand Strategy of the Year" at 2014's Drum Marketing Awards in London.

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

For more information see www.fastjet.com

 

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