Fastjet PLC Result of Placing (4586T)
January 05 2017 - 6:50AM
UK Regulatory
TIDMFJET
RNS Number : 4586T
Fastjet PLC
05 January 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,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")
5 January 2017
Result of Placing
fastjet, the low-cost African airline, is pleased to announce
that, following the announcement earlier today regarding the launch
of a proposed placing (the "Placing"), it has successfully placed
143,449,794 new ordinary shares (the "Placing Shares") at a price
of 16.3 pence per share (the "Issue Price") raising gross proceeds
of US$28.8 million. Completion of the Placing is conditional, inter
alia, on the approval of shareholders in a general meeting of the
Company, expected to be on 23 January 2017 and admission of the
Placing Shares to trading on the AIM Market of the London Stock
Exchange plc ("Admission").
The Placing was conducted by way of an accelerated book-building
process. Liberum Capital Limited ("Liberum") acted as sole
bookrunner on the Placing.
The Issue Price represents a discount of approximately 2 per
cent to the closing price of 16.625 pence per Ordinary Share on 4
January 2017, being the last business day prior to the announcement
of the Placing.
Nico Bezuidenhout, Interim Chairman and Chief Executive Officer,
has agreed to subscribe for 124,522 new ordinary shares at the
Issue Price as part of the Placing. Following the Placing Mr
Bezuidenhout's holding of 124,522 new ordinary shares will
represent 0.04 per cent. of the enlarged issued share capital.
As announced earlier today, the Company has entered into the
Solenta Agreement, in respect of which the Company expects to issue
Solenta 95,633,199 new ordinary shares (the "Consideration Shares")
on Admission, subject to completion of the Placing.
Application will be made for the Placing Shares and
Consideration Shares, in aggregate 239,082,993 ordinary shares, to
be admitted to trading on AIM, which is expected to occur at 8.00am
on or around 24 January 2017.
Each of M&G Investment Management Ltd and JO Hambro Capital
Management Limited, by virtue of both entities holding more than 10
per cent. of the existing issued share capital of the Company, are
considered a related party of the Company and their participation
in the Placing is considered as 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.
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
Unless otherwise defined herein, terms are as defined in the
announcement made earlier today.
ENDS
For more information, contact:
fastjet Plc Tel: +44 (0) 20 3651
6307
Nico Bezuidenhout, Interim
Chairman and Chief Executive
Officer
Lisa Mitchell, Chief Financial
Officer
UK media - Citigate Dewe Tel: +44 (0) 20 7638
Rogerson 9571
Toby Moore
Eleni Menikou
Nick Hayns
For investor enquiries please
contact:
Liberum Capital Limited - Tel: +44 (0) 20 3100
Nominated Adviser and Broker 2222
Clayton Bush
Christopher Britton
Jill Li
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 a fleet of modern jet aircraft, fastjet has a long term
strategy to implement the low-cost carrier model across Africa 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
23rd 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.
This announcement contains inside information for the purposes
of the Market Abuse Regulation.
fastjet Plc is quoted on the London Stock Exchange's AIM
Market.
For more information see www.fastjet.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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