Chairman sets pay at £1 per annum - 20 December 2012

fastjet plc ("fastjet" or the "Company")

Mr David Lenigas, the Chairman of fastjet Plc, has informed the board of the Company that he intends to set his pay at a nominal £1 (one pound) per annum with immediate effect. In addition to paying his £1 annual salary, the Company will also refund him legitimately invoiced expenses incurred on Company business and provide Directors' and Officers' Liability Insurance.

fastjet, Africa's first low-cost airline, commenced commercial flight operations in Tanzania with a successful launch on the 29th November 2012 and plans to expand rapidly throughout the Continent. Yesterday's announcement that fastjet has signed conditional agreements to acquire 1Time in South Africa would potentially accelerate our planned growth.

The airline uses modern Airbus A319 aircraft and operates under a brand licence and strategic direction from Sir Stelios Haji-Ioannou and his easyGroup Holdings. Commenting on his decision to be paid a salary of £1 a year, David Lenigas, fastJet Chairman said: "I am passionate about the possibility of Fastjet's ability to change Africa's GDP growth profile.

I have been doing business in Africa for a number of decades now and this is my personal way of contributing to changing life for the better in Africa." "fastjet is the culmination of a great deal of research, planning and dedicated work and implementation that started over six years ago. I am very proud that a low cost airline is now a reality in East Africa and initial ticket sales have been well above our expectations. fastJet is now delivering affordable travel to a very large new market in Africa that has never previously had the financial ability to fly on an airline."

"fastjet's low cost of travel can be one of the greatest motivators of economic development and change in Africa and as the company continues to roll out low cost affordable travel across the Continent in the months and years ahead. We can have a fundamental profound effect on the communities the airline will serve."

"Access to much lower airfares, if you book on line and book on time, greatly stimulates the size of the market attracting new demand from people who never saw flying as a potential way to travel. fastjet's low fares have proven the case with the recent launch of fastjet in Tanzania. The ability for people to buy an aeroplane ticket for as little as $20 plus taxes provides affordable travel and allows people to trade easier, build businesses, and visit family and friends at prices not seen in Africa before."

"I also intend to establish an African Foundation with any profits I may make from my 20 million options in fastjet (which are exercisable at 5p) to enable underprivileged children in Africa to experience the joys of flight."

 

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Posted on 20th December 2012