fastjet terminates Convertible Securities Funding

RNS Number : 6197G

Fastjet PLC

10 June 2013

 



10 June 2013

fastjet plc

("fastjet" or the "Company")

Fastjet terminates Convertible Securities Funding Arrangements

The Company announces that it has terminated the convertible securities deed with Bergen Global Opportunity Fund, LP ("Bergen") signed 7 March 2013 (the "Convertible Securities Deed") having issued no further securities under the Convertible Securities Deed beyond the initial nominal amount of £2,556,750 announced on 8 March 2013.

David Lenigas, Chairman of the Company said: 

"The fastjet board have, after a careful review, decided that the funding provided by the Convertible Securities arrangements does not represent best value for the Company, because primarily of its potential impact on the Company's share price. The Board believes other sources of finance available to the company to be in the better interests of the Company and its shareholders and has accordingly terminated the Convertible Securities Deed."

For media enquiries please contact:

UK media - Citigate Dewe Rogerson                                                       Tel: [phone]

Angharad Couch

Eleni Menikou

For investor enquiries please contact:

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

James Joyce

Nick Field

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NOTES TO EDITORS

About fastjet plc

fastjet plc is the holding company for African airline Fly540, which operates in Tanzania, Kenya, Ghana and Angola. Flights under the fastjet brand commenced in Tanzania in November 2012. The airline has introduced Airbus A319s into its fleet and by adhering to international standards of safety, quality, security and reliability, fastjet has brought a new flying experience to the African market at unprecedented low prices. fastjet is implementing the low-cost model across Africa and its long-term strategy is to become the continent's first low-cost, pan-African airline.

 

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