fastjet: Result of Placing
21-Jul-2016 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 30,000,000 new ordinary shares (the "Placing Shares") at a price of 50 pence per share (the "Issue Price") raising gross proceeds of £15 million.
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 premium of approximately 116 per cent to the closing price of 23.13 pence per Ordinary Share on 20 July 2016, being the last business day prior to the announcement of the Placing. The Placing is conditional, inter alia, on the approval of shareholders in a general meeting of the Company, expected to be on Monday 8 August and admission of the Placing Shares to trading on the AIM market of the London Stock Exchange plc.
Colin Child, Executive Chairman, has agreed to subscribe for 140,000 new ordinary shares at the Issue Price as part of the Placing. Following the Placing Mr Child's holding of 140,000 new ordinary shares will represent 0.13 per cent. of the enlarged issued share capital, assuming full take up of the Open Offer.
Application will be made for the Placing Shares to be admitted to trading on AIM, which is expected to occur on or around 9 August.
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.