Completion of Placing

RNS Number : 9616R

Fastjet PLC

26 November 2012

 



26 November 2012

fastjet Plc

('fastjet' or the 'Company')

Completion of Placing

fastjet (AIM:FJET) is pleased to announce that, further to the Company's announcement on 9 November 2012, the Company has completed a placing to raise US$2.4m by way of the issue of 42,857,144 new ordinary shares of 1 pence each ("Placing Shares") in the share capital of the Company at 3.5 pence per Placing Share.

Accordingly, the Company has today issued 42,857,144 new ordinary shares of 1 pence each in the Company, representing approximately 2.43% of the issued share capital of the Company, as enlarged by the Placing Shares. The Placing Shares rank pari passu in all respects with the existing ordinary shares.

The total number of shares in issue following the issue of the Placing Shares is 1,762,991,958 ordinary shares with a nominal value of 1 pence each, with voting rights. The Company does not hold any ordinary shares in Treasury.

Following admission, the above figure of 1,762,991,958 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the Financial Services Authority's Disclosure and Transparency Rules.

ENDS

For further information please contact:

fastjet Plc                                                                                            Tel: [phone]

Ed Winter

David Lenigas

Richard Blakesley

Geoffrey White

Citigate Dewe Rogerson                                                               Tel: [phone]

Angharad Couch

Sally Marshak

Eleni Menikou

W.H. Ireland Ltd.                                                                              Tel: [phone]

James Joyce

Nick Field

NOTES TO EDITORS

About fastjet Plc

fastjet Plc is the holding company for African airline Fly540, which operates from four bases in Kenya, Tanzania, Ghana and Angola.  Fly540 currently has 10 aircraft serving around 25 domestic and regional destinations, carrying approximately 750,000 passengers per year with a strong emphasis on safety, security and reliability.

Following a consultancy assignment by easyJet founder Sir Stelios Haji-Ioannou's easyGroup focused on determining the feasibility of launching a European-style low-cost carrier in Africa, we are now preparing for the launch of fastjet, Africa's first low-cost carrier, flying a modern fleet of jet aircraft based on the Fly540 platform of licences and routes. The first flight under the fastjet brand is scheduled for 29^th November, bringing an entirely new flying experience to the African market.

fastjet Plc is quoted on the London Stock Exchange's AIM market. For more information see www.fastjet.com

Significant African Aviation Market Potential

Africa is a growth aviation market with regional and intercontinental traffic both growing rapidly as a result of the continent's continued economic expansion.  With over one billion people, Africa is hampered by poor infrastructure, a lack of roads and railways and long distances between urban populations.  The African aviation market is significantly underserved with air travel spending as a percentage of GDP a fraction of that of other emerging markets.  With rapid economic growth and, as a result, the growing wealth of African citizens, more and more people will be able to benefit from aviation and fly for the first time. Airbus forecasts total passenger traffic in Africa will grow at an average yearly rate of 5.7% between 2010 and 2030, well above the 4.8 per cent world average growth rate and expects to deliver more than 1,100 new passenger aircraft, 4% of world deliveries, in the next 20 years to satisfy growing demand. Seven of the top 10 fastest growing global economies are now in Africa with consumer spending for the continent forecast to reach US$1.6 trillion by 2020.  A recent McKinsey report (June 2010) forecast that 128 million households in Africa are expected to have discretionary income to spend by 2020, while 50% of Africans are expected to live in cities by the same date with urban jobs bringing rising incomes. The McKinsey report concluded that today the rate of return on foreign investment in Africa is higher than in any other developing region and that early entry into African economies provides opportunities to create markets, establish brands, shape industry structure, influence consumer preferences and establish long-term relationships.

 

END

 

 

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