fastjet raises GBP50m through share placement

fastjet raised (01-Apr-2015) gross proceeds of GBP50 million through the placement of five billion new ordinary shares at GBP0.01 per share to new and existing institutional investors, other investors and fastjet management on 01-Apr-2015. The company will use the proceeds of the fundraising for expanding working capital and acquiring used A319 aircraft for its expansion in Kenya, South Africa, Zambia and Zimbabwe. The company expects to amount to be sufficient to build "a sizeable operation" in the countries. The carrier will also expand existing operations. The placing was conducted by way of an accelerated book-building process. Liberum Capital acted as global coordinator and Liberum and WH Ireland acted as joint bookrunners. Sanlam Securities UK acted as broker on the Placing in South Africa. The company also proposed a share consolidation to reduce share price volatility. [more - original PR] [more - original PR - 2]