TIDMFJET

RNS Number : 9998T

Fastjet PLC

24 July 2020

fastjet Plc

("fastjet", the "Company" or the "Group")

Update on Historic Related Party Transactions

24 July 2020

On 9 July 2020, fastjet, the low-cost African airline, provided details of historical contracts it entered into, via its subsidiaries fastjet Zimbabwe, FedAir and fastjet Mozambique with SAHL, Solenta Aviation and Solenta Mozambique (the "Contracts").

SAHL is a Maltese registered holding company of several airline and maintenance investments and aviation focused businesses throughout Africa. Solenta Aviation and Solenta Mozambique are both subsidiaries of SAHL and are considered related parties to the Company by virtue of being subsidiaries of SAHL, which is a Substantial Shareholder of the Company as defined in the AIM Rules.

The Contracts outlined in the announcement on 9 July 2020 (the "Contracts Announcement") have been identified as related party transactions under Rule 13 of the AIM Rules, however, were not identified as such at the time. Liberum Capital Limited ("Liberum") was not consulted at the time the Contracts were entered into as required by AIM Rule 13.

The Directors of the Company, excluding Mark Hurst ( Group Interim Chief Executive Officer), who is considered a related party to SAHL, consider that, having consulted with the Company's Nominated Adviser, the terms of the following Contracts are fair and reasonable insofar as its Shareholders are concerned:

   --      Operational CMI Services Agreement 
   --      Charter Services

The Directors of the Company, excluding Mark Hurst ( Group Interim Chief Executive Officer), consider that the terms of the following Contracts are fair and reasonable insofar as its Shareholders are concerned, however, Liberum has not been able to advise that they are fair and reasonable insofar as the shareholders are concerned:

   --      Aircraft Maintenance Services Agreement 
   --      Amendment to the Operational CMI Services Agreement 
   --      Supply of Services Agreement 
   --      New Supply of Services Agreement 
   --      Base Maintenance FJF 
   --      Base Maintenance BBD

Capitalised terms used but not defined in this announcement have the same meanings as set out in the Contracts Announcement.

 
 fastjet plc                            Tel: +27 (0) 10 070 5151 
 Mark Hurst, Group Interim Chief 
  Executive Officer 
  Kris Jaganah, Group Chief Financial 
  Officer 
 
 Liberum Capital Limited                Tel: +44 (0) 20 3100 2222 
  Nominated Adviser and Broker 
 Andrew Godber 
  Clayton Bush 
  James Greenwood 
  William Hall 
 
 Citigate Dewe Rogerson                  Tel: +44 (0) 20 7638 9571 
  Financial PR 
 Angharad Couch 
  Toby Moore 
  Nick Hayns

NOTES TO EDITORS

About fastjet

Fastjet is a multi-award-winning African value airline that began flight operations in 2012. Its awards include Leading African Low-Cost Carrier World Travel Awards 2016, 2017, 2018 and 2019, and Skytrax World Airline Awards Best Low-Cost Airline in Africa 2017.

Today, fastjet connects the three major cities in Zimbabwe by flying between Harare and Victoria Falls and Harare and Bulawayo. Internationally the airline offers flights from Harare and Bulawayo to Johannesburg in South Africa.

In October 2018, fastjet acquired an interest in FedAir, which provides unscheduled shuttle and charter services to the game lodges in the Southern Africa region.

Since commencing operations fastjet has flown over 3.5 million passengers and has established itself as a punctual, reliable, and affordable airline, with value-added services inclusive of free baggage allowance(s), airport lounge access, dedicated check-in and more according to the new fare attributes introduced across their network.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCGLGDRGDDDGGS

(END) Dow Jones Newswires

July 24, 2020 02:21 ET (06:21 GMT)

Fastjet (LSE:FJET)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more Fastjet Charts.
Fastjet (LSE:FJET)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more Fastjet Charts.