Loading

Re Fastjet Plc $2.4 million Placing

Direct News Source

12-Nov-2012 Lonrho is pleased to announce that fastjet Plc ("fastjet" or the "Company"), the AIM listed African airline in which Lonrho owns 67.4%, has announced it has entered into binding subscription agreements to raise $2.4 million (£1.50 million) for the issue of 42,857,144 new ordinary shares in the Company (the "Subscription Shares") at a price of £0.035 per share (the "Subscription Agreements"). Upon completion Lonrho's shareholding in fastjet will reduce to 65.8%.

Fastjet Plc

$2.4 million Placing

fastjet Plc (AIM:FJET) is pleased to announce that it has entered into binding subscription agreements to raise $2.4 million (£1.50 million) for the issue of 42,857,144 new ordinary shares in the Company (the "Subscription Shares") at a price of £0.035 per share (the "Subscription Agreements"). Upon completion The Subscription Shares will represent approximately 2.43% of the enlarged issued share capital of the Company.

David Lenigas, FastJet's Executive Chairman, commented:

"Following the announcement on 5th November 2012 of the completed FastJet branding and the launch of FastJet operations in Tanzania with three A319 aircraft, the Company is now progressing with establishing the second hub location for FastJet in the continuing plan to build the FastJet network into the Low Cost Carrier for all of Africa."

"These additional funds will be deployed in assessing an earlier than expect opportunity open to FastJet to interact with the Southern African market place and progressing with the opening of further operational hubs for the FastJet network across Africa."