fastjet raises GBP15m in share placement

fastjet placed (21-Jul-2016) 30 million new ordinary shares at GBP0.50 per share, raising gross proceeds of GBP15 million. The issue price represents a premium of approximately 116% to the closing price on 20-Jul-2016. The company will use the proceeds for working capital, allowing it to stabilise the business and introduce new revenue generating initiatives, and to implement its revised business plan, which is likely to include the introduction of a new aircraft type and relocation of its UK head office to Africa. fastjet's board expects the proceeds to provide sufficient working capital to finance operations for at least the next 12 months. The placing was conducted by way of an accelerated book-building process. Liberum Capital acted as sole bookrunner. fastjet executive chairman Colin Child agreed to subscribe for 140,000 new ordinary shares. [more - original PR] [more - original PR - 2]