TIDMFJET
RNS Number : 2793S
Fastjet PLC
29 September 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THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,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")
29 September 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
104,428,724 new ordinary shares (the "Placing Shares") at a price
of 20 pence per share (the "Issue Price") raising gross proceeds of
US$28.0m (GBP20.9m). In addition, as announced earlier today, the
Company has entered into subscription agreements with Solenta
Aviation Holdings Limited ("SAHL") in respect of which SAHL has
agreed to subscribe for 60,634,329 new ordinary shares (the
"Solenta Subscription Shares") at the Issue Price raising gross
proceeds of US$16.2m (GBP12.1m) (the "Subscription"), subject to
completion of the Placing. In aggregate, the Placing and
Subscription have raised gross proceeds of US$44.2m.
Completion of the Placing and the Subscription is conditional,
inter alia, on the approval of shareholders at a general meeting of
the Company, expected to be on 18 October 2017, of the requisite
resolutions and admission of the Placing Shares and Solenta
Subscription Shares to trading on the AIM Market of the London
Stock Exchange plc ("Admission"). A circular containing a notice of
general meeting is expected to be posted to shareholders on 2
October 2017.
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 6.98% to
the closing price of 21.5 pence per Ordinary Share on 28 September
2017, being the last business day prior to the announcement of the
Placing.
In addition, as announced earlier today, the Company has
established an employee benefit trust (the "EBT") that will
subscribe for 21,504,112 shares ("EBT Subscription Shares").
Application will be made for the Placing Shares, Solenta
Subscription Shares and the EBT Subscription Shares, in aggregate
186,567,165 ordinary shares, to be admitted to trading on AIM,
which is expected to occur at 8.00am on 19 October 2017.
M&G Investment Management Ltd, by virtue of it holding more
than 10 per cent. of the existing issued share capital of the
Company, is considered a related party of the Company and their
participation in the Placing is therefore 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 (EU) No.
596/2014.
S
For more information, contact:
fastjet Plc Tel: +27 (0) 10 070
5151
Nico Bezuidenhout, Chief
Executive Officer
Michael Muller, Chief Financial
Officer
Tel: +44 (0) 20 7638
UK media - Citigate Dewe 9571
Rogerson
Angharad Couch
Eleni Menikou
Toby Moore
Nick Hayns
South African media - Hein Tel: +27 (0) 82 520
Kaiser 0555
For investor enquiries please
contact:
Liberum Capital Limited Tel: +44 (0) 20 3100
- Nominated Adviser and 2222
Broker
Clayton Bush
Jill Li
Neil Elliot
NOTES TO EDITORS
NOTES TO EDITORS
About Fastjet Plc
fastjet is a multi-award winning (including Skytrax World
Airline Awards Best Low-Cost Airline in Africa 2017) low-cost
African airline for everyone. It began flight operations in
Tanzania in November 2012, flying passengers from Dar es Salaam to
just two domestic destinations - Kilimanjaro and Mwanza. Today,
fastjet's route network includes Tanzanian domestic routes from its
Dar es Salaam base to Kilimanjaro, Mbeya, and Mwanza, and
international routes from Tanzania to Lusaka in Zambia and Harare
in Zimbabwe. fastjet also began flight operations from its Zimbabwe
base in October 2015, and now flies domestically from Harare to
Victoria Falls, Harare to Dar es Salaam and internationally from
both Harare and Victoria Falls to Johannesburg in South Africa. The
airline has flown over 2.5 million passengers with an impressive
aggregate 94% on-time performance, establishing itself as a
punctual, reliable, and affordable low-cost carrier.
IMPORTANT INFORMATION
This Announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
plans and its current goals and expectations relating to its future
financial condition and performance and which involve a number of
risks and uncertainties. The Company cautions readers that no
forward-looking statement is a guarantee of future performance and
that actual results could differ materially from those contained in
the forward-looking statements. These forward-looking statements
can be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as "aim", "anticipate", "target", "expect",
"estimate", "intend", "plan", "goal", "believe", or other words of
similar meaning. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances, including, but not limited to, economic and
business conditions, the effects of continued volatility in credit
markets, market-related risks such as changes in the price of
commodities or changes in interest rates and foreign exchange
rates, the policies and actions of governmental and regulatory
authorities, changes in legislation, the further development of
standards and interpretations under International Financial
Reporting Standards (IFRS) applicable to past, current and future
periods, evolving practices with regard to the interpretation and
application of standards under IFRS, the outcome of pending and
future litigation or regulatory investigations, the success of
future explorations, acquisitions and other strategic transactions
and the impact of competition. A number of these factors are beyond
the Company's control. As a result, the Company's actual future
results may differ materially from the plans, goals, and
expectations set forth in the Company's forward-looking statements.
Any forward-looking statements made in this Announcement by or on
behalf of the Company speak only as of the date they are made.
Except as required by the Financial Conduct Authority (the FCA),
the London Stock Exchange or applicable law, the Company expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained in
this Announcement to reflect any changes in the Company's
expectations with regard thereto or any changes in events,
conditions or circumstances on which any such statement is
based.
This Announcement is for information purposes only and shall not
constitute an offer to buy, sell, issue, or subscribe for, or the
solicitation of an offer to buy, sell, issue, or subscribe for any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
This Announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by
Liberum Capital Limited or by any of its affiliates or agents as
to, or in relation to, the accuracy or completeness of this
Announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers, and any liability therefore is expressly disclaimed.
Liberum Capital Limited, which is authorised and regulated in
the United Kingdom by the FCA, is acting for the Company and for
no-one else in connection with the Placing, and will not be
responsible to anyone other than the Company for providing the
protections afforded to its customers or for providing advice to
any other person in relation to the Placing or any other matter
referred to herein.
The distribution of this Announcement and the offering of the
Placing Shares in certain jurisdictions may be restricted by law.
No action has been taken by the Company or Liberum Capital Limited
that would permit an offering of such shares or possession or
distribution of this Announcement or any other offering or
publicity material relating to such shares in any jurisdiction
where action for that purpose is required. Persons into whose
possession this Announcement comes are required by the Company and
Liberum Capital Limited to inform themselves about, and to observe
such restrictions.
Persons (including, without limitation, nominees and trustees)
who have a contractual or other legal obligation to forward a copy
of the Appendix or this Announcement should seek appropriate advice
before taking any action.
The Placing Shares to which this Announcement relates may be
illiquid and / or subject to restrictions on their resale.
Prospective purchasers of the Placing Shares should conduct their
own due diligence on the Placing Shares. If you do not understand
the contents of this Announcement you should consult an authorised
financial adviser.
Neither the content of the Company's website nor any website
accessible by hyperlinks on the Company's website is incorporated
in, or forms part of, this Announcement.
The company news service from the London Stock Exchange
END
IOEPGUAPBUPMGPB
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September 29, 2017 08:28 ET (12:28 GMT)
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