7 March 2013
("fastjet" or the "Company")
fastjet seeks UK High Court Ruling on Fly540 Kenya Control
fastjet advises that it has issued proceedings in the High Court of Justice in England, seeking a declaration that it has fulfilled its obligations under the Sale and Purchase Agreement ("SPA") made between fastjet Plc (formally Rubicon Diversified Investments Plc) with Donald Smith on the 10 June 2012, including that it has paid Mr Smith in full for his shares in Fly540. It also seeks an order that Don Smith immediately hand over all the necessary documents to complete transfer of control of Fly540 Kenya to fastjet and/or its nominees.
The SPA is specifically governed by English Law.
David Lenigas, fastjet's Chairman stated:
"We are always reluctant to take legal action to enforce a contract, so we are disappointed that the Company has had to resort to this measure to force Mr Smith to complete his part of the commercial transaction that he agreed and signed off in June last year. The Company has paid Mr Smith a fair and reasonable price for his controlling interest in Fly540 Kenya and we expect to receive in full what we have paid for."
"fastjet is adamant that Mr Smith has been paid his full consideration and we will now ask the High Court of Justice to rule on this matter."
"We sincerely hope that the process will be dealt with speedily, so that the unnecessary and apparently contrived confusion surrounding control of the Kenyan operations can finally be put to rest."
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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 7th March 2013