Fastjet PLC Result of Equity Refinancing (6852H)
17 November 2018 - 4:55AM
UK Regulatory
TIDMFJET
RNS Number : 6852H
Fastjet PLC
16 November 2018
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, OR REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
fastjet Plc
("fastjet", the "Company" or the "Group")
16 November 2018
Result of Equity Refinancing
fastjet, the low-cost African airline, is pleased to announce
the completion of the Placing announced earlier today.
A total of 898,437,499 Placing Shares have been placed by
Liberum (acting as sole bookrunner) at a price of one penny per
share, raising gross proceeds of approximately US$11.5 million.
In addition to the Placing, the Company also announced the
following Equity Refinancing arrangements earlier today:
-- a subscription by Solenta, who has agreed to subscribe for
316,738,282 shares at the Issue Price for gross proceeds of US$4.1
million; and
-- the issue of 1,909,824,218 shares at the Issue Price with a
value of US$24.4 million a) to acquire four Embraer 145s from
Solenta and to settle associated early termination lease charges,
b) settlement of the majority of the Solenta long term loan and
overdue interest, and c) professional fees.
The Issue Price represents a discount of 39 per cent. to the
closing price of 1.65 pence per ordinary share on 16 November
2018.
Subject to:
(i) the approval by Shareholders of the Authorising Resolution
at the General Meeting which was also announced earlier today;
(ii) the Solenta Subscription Letter becoming unconditional in all respects; and
(iii) the Placing Agreement not having been terminated in
accordance with its terms prior to Admission,
settlement and admission to trading on AIM of the Placing Shares
is expected to occur on 10 December 2018.
Related Party Transaction
M&G Investment Management Ltd, by virtue of it holding more
than 10 per cent. of the existing issued share capital of the
Company, is considered a related party of the Company and their
participation in the Placing is therefore a related party
transaction under the AIM Rules for Companies. The Directors
consider, having consulted with the Company's Nominated Adviser,
that the terms of the Placing are fair and reasonable in so far as
its Shareholders are concerned.
Capitalised terms used in this announcement but not defined
herein shall have the meaning set out in the Definitions section of
the announcement issued by the Company at 5.38 p.m. this
afternoon.
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: +27 (0) 10 070 5151
Nico Bezuidenhout, Chief Executive
Officer
Michael Muller, Chief Financial Officer
Liberum Capital Limited - Nominated Tel: +44 (0) 20 3100 2222
Adviser and Broker
Clayton Bush
Andrew Godber
James Greenwood
Trystan Cullen
UK media - Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
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.
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END
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