£4 million Funding - 11 February 2013

11 February 2013

 

 

 

fastjet plc

("fastjet" or the "Company")

 

£4 million Funding

fastjet announces that it has increased its working capital through a new successful fund raising with gross proceeds of £4,028,125 via a combination of a subscription with an existing institutional investor and other investors and a draw down on its £5 million Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"), a majority owned subsidiary of Henderson Global Investors Volantis Fund.

 

The Company has received legally binding contracts to raise £3,500,000 by way of the issue of 155,555,556 new ordinary shares ("Placing Shares") at a placing price of 2.25p per share. These shares will rank pari passu in all respects with existing ordinary shares of 1p each in fastjet.   Once all the funds have been cleared, the placing will be completed and the Company will make an announcement of the issue of the Placing Shares and their date of admission to AIM. Each of these new Placing Shares will have one attaching warrant for every two allocated Placing Shares subscribed for, with each warrant entitling the holder to subscribe for one ordinary share in the Company at 5p per ordinary share with an exercise period of twelve months.

 

In addition, and under the terms of the previously announced £5 million EFF agreement, the Company has raised an additional £528,125 by way of the issue of 16,250,000 new ordinary shares of 1p each to Darwin (the "EFF Shares"). The new EFF Shares will be issued at a price of 3.25p per share and will also rank pari passu in all respects with existing ordinary shares of 1p each in fastjet.

 

An application will also be made to the London Stock Exchange for the 16,250,000 EFF Shares to be admitted to trading on AIM. It is expected that the admission will become effective and that trading in these new shares is expected by 15 February 2013.

 

Following Admission, the Company's enlarged issued share capital will comprise of 2,072,416,561 ordinary shares with voting rights. This figure of 2,072,416,561 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 a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

 

For media enquiries please contact:

UK media - Citigate Dewe Rogerson                                                       Tel: +44 (0) 20 7638 9571

Angharad Couch

Patrick Donovan

Chris Barrie

Eleni Menikou

 

 

Africa Media - Africa Practice                                                                    Tel: +254 (0) 20 239 6899

Natalie Maule

Anna Riley

Joan Kiambati

Meg Muigai

Evelyn Njoroge

                                               

For investor enquiries please contact:

W.H. Ireland Ltd.                                                                                          Tel: +44 (0) 20 7220 1666

James Joyce

Nick Field

 

NOTES TO EDITORS

About fastjet plc

fastjet plc is quoted on the London Stock Exchange's AIM market.

For more information see www.fastjet.com

Posted on 11th February 2013