TIDMFJET
RNS Number : 2788J
Fastjet PLC
02 April 2015
fastjet PLC
("fastjet" or the "Company")
Proposed Consolidation of Existing Ordinary Shares
Placing of 50,000,000 New Ordinary Shares
Notice of General Meeting
fastjet announces that it will today be posting notice of a GM
of the Company to all shareholders and will also make the notice
available on the Company's website (www.fastjet.com). The GM will
take place at the Lingfield Suite, Hilton Hotel, South Terminal,
Gatwick Airport, Gatwick RH6 0LL at 9.00 a.m. on 20 April 2015.
Introduction
The Board was pleased to announce on 1 April 2015 the
conditional placing of 50,000,000 New Ordinary Shares (post
consolidation) with institutional and other investors at a placing
price of GBP1.00 per New Ordinary Share to raise GBP50 million
before expenses. The Placing Price assumes the approval and
completion of the Consolidation and accordingly is equivalent of 1
pence for Existing Ordinary Shares of 1p each.
The Placing is conditional on, inter alia, the Consolidation and
upon Shareholders giving authority to the Directors at the general
meeting to allot and issue the Placing Shares and to dis-apply the
statutory rights of pre-emption that would otherwise apply in
respect of such an allotment and issue. The Placing is also
conditional upon Admission.
The Existing Ordinary Shares have a nominal value of 1p and have
in the last month traded within a range of 1.3 p to 1.175 p. At
these share price levels, this tends to mean that small absolute
movements in the share price represent large percentage movements,
resulting in unwarranted share price volatility. In addition, the
Directors believe that the bid/offer spread at these price levels
can be disproportionate and to the detriment of Shareholders.
Furthermore, there has been a strong desire expressed by certain
institutional investors with which the Placing Shares are being
placed, to consolidate the Existing Ordinary Shares to create a
smaller number of shares with a proportionately higher market
value. Accordingly, the Placing is also conditional upon the
consolidation of the Existing Ordinary Shares into New Ordinary
Shares on the basis of 1 New Ordinary Share for each 100 Existing
Ordinary Shares held on the Record Date. Further details of the
proposed Consolidation are set out below.
With the Company now in a position to move on to the next phase
of its growth and, with the firm capital base to be established as
a result of the Placing, the Board has concluded that it is now an
appropriate time to establish a suitable structure for employee and
directors share incentives.
The purpose of this announcement is to provide you with
information about the background to, and the reasons for, the
Placing, to explain why the Board considers the Placing to be in
the best interests of the Company and its Shareholders as a whole,
and why the Directors recommend that you vote in favour of the
resolutions to be proposed at the GM and, in particular, the
Authorising Resolution.
Background to the Fundraising
fastjet is the holding company of fastjet Airlines Limited
(Tanzania), a low cost airline which operates flights under the
fastjet brand in Tanzania using a fleet of three Airbus A319
aircraft. By adhering to international standards of safety,
security, quality and reliability, fastjet has brought a new flying
experience to the African market at low prices. fastjet's long-term
strategy is to become the Continent's most successful pan-African
low cost airline. fastjet is also the holding company of Fly540
Ghana and Angola.
The fastjet low cost airline was launched in Tanzania on 29
November 2012. It carried more than 350,000 passengers in the first
year of operations and sold one million seats by December 2014.
Comparing 2014 with 2013, passengers flown increased by 63 per
cent, capacity rose by 62 per cent and load factor increased by one
percentage point to 73 per cent. During the same period, the
average revenue per passenger, including ancillary sales, increased
by 27 per cent. fastjet currently has three domestic routes
operating in Tanzania linking Dar es Salaam with Mwanza,
Kilimanjaro and Mbeya, and four international routes from Dar es
Salaam to Johannesburg, Harare, Entebbe and Lusaka.
38 per cent of fastjet's passengers surveyed six months after
the commencement of fastjet operations were first time fliers. A
similar survey conducted in December 2014 showed 35 per cent of
passengers surveyed as first-time fliers, with the airline
continuing to stimulate the market. The Directors believe this
demonstrates that fastjet's low cost airline model works in
sub-Saharan Africa and is effective in stimulating and growing the
market with customer acceptance of the model developing rapidly.
The booking window (days between booking and flight) has increased
significantly with customers quickly understanding and adopting the
"book early for cheapest seats" model.
Feedback on customer satisfaction during 2014 has been positive,
with 95 per cent of fastjet customers surveyed confirming that they
would fly with fastjet again and 9 out of 10 stating that they
would recommend fastjet to friends.
In order to offset Africa's lower rates of commercial activity
on the Internet and low credit and debit card usage, fastjet
continues to develop award-winning customer communication platforms
including the extensive use of social media such as Facebook and
Twitter. fastjet has further developed innovative booking channels
to maximise opportunities for customers to book fastjet tickets.
For example, mobile phone penetration throughout Africa is very
high and the fastjet website is optimised for use on smart phones.
fastjet customers increasingly use mobile phone payment methods
such as M-Pesa and Tigo to pay for seats. Up to 30 per cent of
revenues are transacted through mobile money channels.
fastjet's Tanzanian operation, which comprises a well-recognised
brand name and both domestic and international routes, means that
it is now well placed to further develop its existing Tanzanian
operations. The current fleet of three aircraft is now almost fully
utilised and growth opportunities will require increased numbers of
aircraft over the remainder of 2015. This will enable fixed
overhead costs to be further spread over a larger operation.
In December 2014, fastjet Tanzania achieved its first profitable
month of operations, which was a major milestone for the Company.
The key contributors to this were the maximisation of fleet
capacity and improved revenue per passenger. Further contributors
were load factor (the number of "passengers" as a percentage of the
number of available seats flown) and a reduction in aviation fuel
cost.
In December 2014, with no growth in its fleet, fastjet Tanzania
operated its aircraft for 10.2 hours per day, compared to 5.5 hours
per day in December 2013. This increased flying delivered 71 per
cent more seats for sale, resulting in an additional USD 2.5
million revenue with no increase in fixed aircraft costs. A
maturing brand and high season demand contributed to an average
revenue per passenger growth of 20 per cent, adding just under USD
1.2 million of additional revenue and a passenger load factor
increase of 3 per cent delivering a further USD 0.2 million of
revenue. Comparing year-on-year market fuel prices, fuel prices
dropped 16 per cent, delivering USD 0.4 million of volume adjusted
cost improvement.
fastjet expects to further increase the frequency of flights on
all its current routes, linking domestic destinations with routes
such as Mwanza to Kilimanjaro, and to add more international
destinations such as Nairobi, Lilongwe, Mombasa and Lubumbashi to
the Tanzanian network in line with consumer demand. A further
opportunity includes the operation of 5th freedom flights through
Entebbe, where Air Uganda has ceased operations and has left a void
in air services.
Having successfully established the low cost model in Tanzania,
fastjet is confident it can use the current operation as a
foundation to fulfil the strategy of becoming the Continent's most
successful pan-African low cost airline. The low cost model has
stimulated the Tanzanian market in the same way as other such
markets elsewhere in the world were stimulated by its introduction.
The Tanzanian consumer has embraced the brand and model with speed
and enthusiasm. High utilisation and reliability, with punctuality
of over 90 per cent, have been achieved within the infrastructure
constraints of Africa. Experience gained whilst establishing the
current operations will be deployed during the expansion into other
countries and territories.
Building on the success of the Tanzanian operation, fastjet
plans to roll out the model across the Continent. The airline has
identified five countries - Kenya, Uganda, Zambia, Zimbabwe and
South Africa - as key markets for expansion of its business plan.
The total population of these countries, including Tanzania, is 210
million people, which represents approximately 20 per cent of the
total African population. These countries are also English speaking
with strong historical links to one another. The geographical
proximity of these countries facilitates significant synergy
opportunities including aircraft maintenance. The business plan
includes growth to a total fleet of up to 34 aircraft by the end of
2018 providing approximately ten million seats per year on a
potential domestic and regional network of up to 40 destinations,
including all key domestic and regional routes in and from our six
target countries. This would represent an approximate 13 per cent
market share of management's assessment of the 2018 regional and
domestic air travel market in these six countries. Assuming that
average customers make two return trips per year, the business plan
is targeting just 1 per cent of the population or approximately 10
per cent of the target market within that population.
Company structures
African aviation is not liberalised, with each country retaining
regulatory control of its own route rights through a series of
Bilateral Air Service Agreements. To comply with airline ownership
regulations, fastjet already has or will establish a fastjet
operating company in each of the target countries listed above.
These will all have shareholding structures designed to fully
comply with legislation whilst maximising fastjet's economic
interest. There will be no loss of economic benefit unless there
are fully participating local shareholders.
Each fastjet operating company will benefit significantly from
centralised functions which will provide economies of scale and
knowledge sharing. A Group approach to contracts and service
providers will enable further efficiencies and reduced fixed costs.
The overall fleet structure will be designed to optimise fastjet
Group aircraft utilisation. A centre of expertise will develop and
support fastjet airlines across the region. Centralised services
will be geographically located for optimum costs and performance.
Internal services will be designed to deliver synergy benefits
across the countries. Areas such as safety management systems,
maintenance, pilot selection and training and flight data
monitoring will be maintained to international standards and
centralised to control safety and security across all
subsidiaries.
fastjet will charge the operating companies management fees and
royalties for the central services provided. In addition, many
centrally procured and managed services will be available to the
operating companies at costs more favourable than each operating
company could obtain in an open market, for example aircraft
leases, insurance and maintenance services.
Whilst each operating company will be operated by local
management, satisfying local regulatory requirements, fastjet will
be presented as one airline to the customer with absolute
consistent delivery of brand, safety, reliability, customer service
and quality. An optimised integrated network and revenue management
system will maximise value.
Current Trading and Outlook
Trading for the year ended 31 December 2014 was broadly in line
with market expectations. The results for the year are expected to
be published in Q2 2015, following completion of the audit process.
Growth for 2015 is expected to come both from existing routes from
our Tanzania base and the addition of new fastjet operations in
Zambia and Zimbabwe.
Use of Proceeds
fastjet is conditionally raising GBP50 million (approximately
USD 75 million) (before expenses) by way of the Placing. The net
proceeds of the fundraising will be deployed in two key areas -
expansion working capital and the acquisition of aircraft.
There is a working capital requirement to fund further expansion
and the launch and growth of operations in Kenya, South Africa,
Uganda, Zambia and Zimbabwe.
fastjet will use funds raised in excess of that needed for its
working capital requirements to commence an aircraft acquisition
programme of used Airbus A319 aircraft.
Fleet Ownership
The fastjet fleet is expected to grow using a mix of aircraft
ownership models and by 2018, it is anticipated that approximately
one third of the fleet will be leased, a third equity financed, and
a further third debt financed. The aircraft fleet will be leased by
the fastjet Group to the operating companies as required.
fastjet believes that a range of benefits would accrue from
bringing purchased aircraft into the fleet, specifically balance
sheet enhancement, cash flow reduction and the deferral of
maintenance deposits.
fastjet has already established that there is more than
sufficient availability of suitable aircraft and that current
market pricing (operating lease and purchase options) represents an
optimum commercial proposition.
Summary
The fastjet management firmly believes that it has established
very strong foundations from which to achieve its objective of
building Africa's most successful pan continental low cost airline.
It has demonstrated that it can manage its way through challenging
regulatory restrictions, operate to a high standard of reliability
and operational performance, build an award-winning and relevant
brand, establish and grow effective distribution channels and trade
profitably.
fastjet intends to further develop its operations by growing
organically and with the addition of new international routes, by
launching operations in five specific countries and by growing its
fleet and customer base.
Further details of the Placing
The Placing is being conducted, other than in relation to the
Republic of South Africa (in respect of which see further below),
by way of an Accelerated Book-Building process led by Liberum as
Global Co-Ordinator and Liberum and WH Ireland as Joint
Bookrunners. In relation to the Republic of South Africa, Sanlam
has been engaged by the Company as broker to the South Africa
market to use its reasonable endeavours to procure institutional
investors in the South Africa market for Placing Shares at the
Placing Price.
Completion of the Placing is conditional on, inter alia: (a) the
approval of Shareholders of the Authorising Resolution at the GM;
and (b) Admission taking place not later than 8.00 a.m. on 22 April
2015 or such later date as may be agreed with the Joint Book
Runners being not later than 15 May 2015.
The Placing Shares will be issued credited as fully paid and
will rank pari passu with the Existing Ordinary Shares, including
the right to receive all dividends and other distributions (if any)
declared, made or paid on or in respect of such shares after the
date of their issue.
Under the terms of the Placing Agreement fastjet has agreed,
conditional upon Admission, to issue Warrants to Liberum and to
Sanlam to subscribe for 675,838 New Ordinary Shares at the exercise
price of 100p per share. In addition fastjet has agreed,
conditional upon Admission, that the time for the exercise of the
existing Warrants granted to WH Ireland in respect of up to
27,927,494 Ordinary Shares of 1p at a price of 1.6p per share
(which following the Consolidation will be adjusted to warrants
over 279,275 New Ordinary Shares at an exercise price of GBP1.60
per share) will be extended by a period of 12 months.
Consolidation
Under the terms of paragraph one of the Authorising Resolution
the Existing Ordinary Shares of 1 pence each will be consolidated
into the New Ordinary Shares on the basis of one New Ordinary Share
of GBP1 each for every 100 Existing Ordinary Shares held at the
Record Date.
Where a Shareholder's holding of Existing Ordinary Shares either
comprises less than 100 Existing Ordinary Shares or is not a
multiple of 100, all such fractional entitlements that would
otherwise arise in respect of Shareholders' holdings of Existing
Ordinary Shares will be aggregated and consolidated into New
Ordinary Shares and will be sold for the benefit of the
Company.
As a consequence of the Consolidation, each Shareholder's
holding of New Ordinary Shares will (ignoring fractional
entitlements) immediately following the Consolidation becoming
effective, be one hundredth of the number of Existing Ordinary
Shares held by them on the Record Date. However, each Shareholder's
proportionate interest in the Company's issued ordinary share
capital (before the issue of the Placing Shares) will remain
substantially unchanged as a result of the proposed
Consolidation.
If the Consolidation is approved, the New Ordinary Shares will
be admitted to trading on AIM with ISIN: GB00BWGCH354.
New share certificates representing New Ordinary Shares are
expected to be sent to Shareholders who hold shares in certificated
form within 10 business days of the date of Admission. On receipt
of the new share certificates, all previous share certificates will
be superseded and can be destroyed. If you do not receive a new
share certificate and you believe you are entitled to one please
contact the Company's registrars, Neville Registrars Limited,
Neville House, 18 Laurel Lane, Halesowen, West Midlands, B63
3DA.
Shareholders who hold their entitlement to Existing Ordinary
Shares in uncertificated form through CREST are expected to have
their CREST accounts credited with New Ordinary Shares on 21 April
2015.
Board changes
I have been interim Chairman and Chief Executive since 10 June
2013. To allow me to fully focus on the growth of the business from
the deployment of the Placing proceeds Clive Carver (who is already
a non-executive director of the Company) has been appointed interim
non-executive Chairman. He will take the lead in finding an
appropriate long-term non-executive Chairman of the Company for the
next stage in the Company's development.
Incentive arrangements
The Company intends to adopt a Company Share Option Plan (CSOP)
to be used to incentivise and retain Directors and employees
following the Placing. The Directors' intention is that the
incentive arrangements will in aggregate have a dilution limit of
no more than 10 per cent of the issued ordinary share capital of
the Company, from time to time, that should be issued or issuable
under all share incentive schemes operated by the Group in any
rolling ten-year period.
The Company has, conditional on the completion of the Placing,
made awards for 5 per cent of the Enlarged Share Capital
immediately following the completion of the Placing.
The following is a brief summary of the plan.
The CSOP is a discretionary employee share plan under which
options over ordinary shares in fastjet may be granted on a
tax-favourable basis, up to GBP30,000 in value at grant. The CSOP
will also allow for larger non-tax efficient options to be granted
on the same terms.
Options granted under the plan will have an exercise price not
less than market value of the shares at grant other than in the
case of the grant of non-tax favoured options where the price may
be the market price as at an award date which is prior to the date
of the grant of the options unless otherwise specified by the
Remuneration Committee.
The options will normally vest and become exercisable three
years after grant. Options will lapse on the tenth anniversary of
their grant date.
Authorities to allot and issue New Ordinary Shares
In order to enable the Company to proceed with the Placing the
Directors are seeking express authorities to allot and issue shares
and to dis-apply the statutory rights of pre-emption in relation to
securities issued for cash. In addition they are also seek general
authorities to reflect the Enlarged Share Capital following the
issue of the Placing Shares.
Resolution 1 in the notice of the GM which is the Authorising
Resolution, in addition to effecting the Consolidation, would give
the Directors the authority to allot New Ordinary Shares (or grant
rights to subscribe for or convert any securities into New Ordinary
Shares) and to dis-apply the statutory right of the Shareholders in
respect of the issue of new shares for cash up to an aggregate
nominal amount equal to GBP50.68 million (representing 50,675,838
New Ordinary Shares) which is for the purposes of the Placing and
the issue of the Warrants.
Resolution 2 in the notice of the GM would, conditional upon
Admission, give the Directors the authority to allot New Ordinary
Shares (or grant rights to subscribe for or convert any securities
into New Ordinary Shares) in respect of the issue of new shares for
cash up to an aggregate nominal amount equal to GBP22.14 million
(representing 22,140,700 New Ordinary Shares). This amount is
intended to give the usual ongoing authority to the Board to allot
and issue shares by reference to the Enlarged Share Capital and
will represent approximately 33 per cent of Enlarged Share Capital.
If Admission does not take place the existing authority will remain
in place until the next Annual General Meeting.
Resolution 3 in the notice of the GM would, conditional upon
Admission taking place, give the directors the authority to allot
New Ordinary Shares for cash without first offering them to
existing shareholders in proportion to their existing
shareholdings. This authority would be limited to allotments or
sales in connection with rights issues or other pre-emptive offers,
or otherwise up to an aggregate maximum nominal amount of GBP13.28
million (representing 13,284,420 New Ordinary Shares). This amount
is intended to give the usual ongoing authority to the Board to
dis-apply the statutory rights of pre-emption by reference to the
Enlarged Share Capital and will represent approximately 20 per cent
of Enlarged Share Capital. If Admission does not take place the
existing authority will remain in place until the next Annual
General Meeting.
General Meeting
The GM will take place at the Lingfield Suite, Hilton Hotel,
South Terminal, Gatwick Airport, Gatwick RH6 0LL at 9.00 a.m. on 20
April 2015.
Form of Proxy
A Form of Proxy for use at the meeting is enclosed. Please
complete and sign the Form of Proxy and return it to the Registrars
so as to arrive no later than 48 hours (excluding non-working days)
before the time fixed for the meeting.
The return of the Form of Proxy will not, however, prevent you
from attending the meeting and voting, in person, should you wish
to do so.
Recommendation
The Directors believe that the passing of all resolutions to be
proposed at the GM will be in the best interests of the Company and
the Shareholders as a whole and are unanimous in recommending that
Shareholders vote in favour of them, as those Directors who are
also Shareholders intend to do in respect of their own beneficial
holdings of Existing Ordinary Shares having irrevocably undertaken
to do so in respect of 34,425,000 Existing Ordinary Shares
(representing 0.5 per cent of the Existing Ordinary Shares).
Definitions
In this announcement, the following expressions shall have the
following meanings, unless the context otherwise requires:
Admission the admission to trading on AIM of the
Placing Shares which is
expected to take place on 22 April 2015;
------------------------- -------------------------------------------------
AIM the AIM market operated by the London
Stock Exchange;
------------------------- -------------------------------------------------
AIM Rules the rules for AIM companies as issued
by the London Stock
Exchange, from time to time;
------------------------- -------------------------------------------------
Authorising Resolution resolution number 1 set out in the notice
of the GM;
------------------------- -------------------------------------------------
Board or Directors the board of directors of the Company
as at the date of this
announcement;
------------------------- -------------------------------------------------
Company or fastjet fastjet Plc, a public limited company
incorporated in England and
Wales with registered number 05701801;
------------------------- -------------------------------------------------
Consolidation the consolidation of the Existing Ordinary
Shares into New Ordinary
Shares on the basis of 1 New Ordinary
Share for each 100 Existing Ordinary Share
held on the Record Date;
------------------------- -------------------------------------------------
Enlarged Share Capital the entire issued ordinary share capital
of the Company following
Admission;
------------------------- -------------------------------------------------
Existing Ordinary Shares the 1,642,209,696 Ordinary Shares of 1
pence each in issue on the
date of this announcement;
------------------------- -------------------------------------------------
fastjet Group or Group fastjet and its subsidiaries and, where
the context requires, operating companies
operating under the fastjet brand in which
fastjet holds a substantial economic interest;
------------------------- -------------------------------------------------
Form of Proxy the form of proxy for use by holders of
Existing Ordinary Shares accompanying
the GM Notice;
------------------------- -------------------------------------------------
GM the general meeting of the Company to
be held at 9.00 a.m. on
20 April 2015, or any adjournment thereof;
------------------------- -------------------------------------------------
Joint Bookrunners Liberum and WHI;
------------------------- -------------------------------------------------
Liberum Liberum Capital Limited, joint brokers
to the Placing;
------------------------- -------------------------------------------------
London Stock Exchange the London Stock Exchange PLC;
------------------------- -------------------------------------------------
New Ordinary Shares ordinary shares of GBP1 each in the capital
of the Company following
the Consolidation;
------------------------- -------------------------------------------------
Placing the conditional placing of the Placing
Shares at the Placing Price
announced by the Company on 1 April 2015;
------------------------- -------------------------------------------------
Placing Agreement the conditional agreement entered into
between the Company,
Liberum, WH Ireland and Sanlam and in
respect of the Placing dated
1 April 2015;
------------------------- -------------------------------------------------
Placing Price GBP1.00 per Placing Share;
------------------------- -------------------------------------------------
Placing Shares the 50,000,000 New Ordinary Shares conditionally
place pursuant to the terms of the Placing
Agreement;
------------------------- -------------------------------------------------
Record Date 20 April 2015;
------------------------- -------------------------------------------------
Sanlam Sanlam Securities UK Limited, joint brokers
to the Placing;
------------------------- -------------------------------------------------
Shareholders the holders of Existing Ordinary Shares;
------------------------- -------------------------------------------------
USD the lawful currency of the United States
of America;
------------------------- -------------------------------------------------
Warrants 675,838 warrants to subscribe for New
Ordinary Shares to be
issued to Liberum and Sanlam and 279,275
warrants (as adjusted by the Consolidation)
to subscribe for New Ordinary Shares originally
issued to WHI on 7 May 2014; and
------------------------- -------------------------------------------------
WH Ireland WH Ireland Limited, nominated adviser
and joint brokers to the
Company.
------------------------- -------------------------------------------------
Placing Statistics
Placing Price following Consolidation GBP1.00
------------------------------------------------------ ----------------
Number of Existing Ordinary Shares at the date
of this announcement 1,642,209,696
------------------------------------------------------ ----------------
Number of issued New Ordinary Shares following
the Consolidation but before the issue of the
Placing Shares 16,422,096
------------------------------------------------------ ----------------
Number of Placing Shares 50,000,000
------------------------------------------------------ ----------------
Enlarged Ordinary Share Capital following completion
of the Placing 66,422,096
------------------------------------------------------ ----------------
Percentage of the Enlarged Ordinary Share Capital
represented by the Placing Shares 75.3%
------------------------------------------------------ ----------------
Gross proceeds of the Placing GBP50 million
------------------------------------------------------ ----------------
Estimated net cash proceeds of the Placing GBP47.7 million
------------------------------------------------------ ----------------
Expected timetable of principal of events
2015
----------------------------------------------------------- ----------------
Posting of this circular and the Form of Proxy 2 April
----------------------------------------------------------- ----------------
Latest time and date for receipt of Forms of 9.00 a.m. on 18
Proxy from Shareholders April
----------------------------------------------------------- ----------------
General Meeting of the Company 9.00 a.m. on 20
April
----------------------------------------------------------- ----------------
Record Date 5.00p.m. on 20
April
----------------------------------------------------------- ----------------
Admission effective and dealings in the New 21 April
Ordinary Shares expected to commence on AIM
and crediting of the New OrdinaryShares in uncertificated
form to CREST stock accounts
----------------------------------------------------------- ----------------
Admission effective and dealings in the Placing 22 April
Shares expected to commence on AIM and crediting
of the Placing Shares in uncertificated form
to CREST stock accounts
----------------------------------------------------------- ----------------
Expected date of dispatch of share certificates 4 May
in respect of the New Ordinary Shares
----------------------------------------------------------- ----------------
Expected date of dispatch of share certificates 5 May
in respect of the Placing Shares
----------------------------------------------------------- ----------------
For more information, contact:
WH Ireland Limited (NOMAD) Tel: +44 (0) 207 220
James Joyce 1666
Mark Leonard
Liberum Capital Limited (Broker) Tel: +44 (0)203 100
Clayton Bush 2222
Christopher Britton
UK media - Citigate Dewe Rogerson Tel: +44 (0) 20 7638
Angharad Couch 9571
Toby Moore
Nick Hayns
South African media - Tribeca Public Tel: +27 (0) 11 208
Relation 5500
Cian Mac Eochaidh
Kelly Webster
This information is provided by RNS
The company news service from the London Stock Exchange
END
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