23 April 2013
fastjet and Don Smith sign MoU to resolve dispute
fastjet advises that it has entered into an MoU with Don Smith, CEO of Five Forty Aviation Limited which trades in Kenya as Fly 540, with a view to resolving recent disputes and establishing a way by which the two parties can work together to maximise the value and business prospects of both Fly 540 and fastjet.
The MoU includes, among other provisions, an agreement by both parties to stop legal proceedings in order that mutually beneficial and constructive resolutions are discussed and implemented.
Commenting on today's progress, fastjet CEO Ed Winter said:
"The signing of this MOU provides a positive platform for fastjet to strengthen its East African Hub".
"Both fastjet and Don Smith are pleased to be putting the unfortunate, highly publicised events of the past few months behind us. Don Smith remains the CEO of the Kenyan business and we are pleased to have him as part of the fastjet/Fly540 team."
fastjet looks forward to providing further positive updates in due course.
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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.
In the year to March 2013, fastjet and its subsidiaries carried almost 800,000 passengers, 50% more than a year previously and 99.2 per cent of its flights left on time with no cancellations. The results of a recent customer satisfaction survey showed that 100% of customers were likely to recommend fastjet to a friend. In developing its strong brand and identity, fastjet has won and been nominated for a number of awards, including winning three Transform awards for the rebrand and launch of fastjet and a nomination for the prestigious Drum "New Product or Service launch" award.
fastjet plc is quoted on the London Stock Exchange's AIM market.
For more information see www.fastjet.com
This information is provided by RNS
The company news service from the London Stock Exchange
Posted on 23rd April 2013