Result of Open Offer & Placing - 7 May 2014

7 May 2014

fastjet plc

("fastjet" or the "Company")

Result of Open Offer & Placing

fastjet plc (AIM:FJET), Africa's low cost airline, today announces that its Open Offer which launched on 16 April 2014, closed for applications at 11 a.m. on 6 May 2014. The Company is pleased to report that individual investors took up the majority of the Offer Shares and the balance placed with an institutional investor, raising aggregate gross proceeds of £3.9 million.

The Open Offer permitted all Qualifying Shareholders to subscribe at 1.6p per ordinary share of 1 pence in the capital of the Company ("Ordinary Share") for an aggregate of up to 245,834,991 Ordinary Shares of which 145,683,383 Ordinary Shares have been subscribed, being 59% of the total available and raising gross proceeds of approximately £2.3 million.

Following the Open Offer 100,151,608 Ordinary Shares (the "Placing Shares"), being the number of Offer Shares not subscribed under the Open Offer have been placed with an institutional investor (the "Placing") at a price of 1.6 pence per Placing Share, raising gross proceeds of approximately £1.6 million.
In addition to the net proceeds of the £11 million placing which completed on the 16th April, the £3.9 million proceeds of the Open Offer and subsequent Placing will provide further funds for the Group's expansion plans and working capital requirements.

The Open Offer remains conditional upon inter alia admission of the Offer Shares ("Admission") occurring by 8:00 a.m. on 8 May 2014 (or such later time or date as the Company may determine).

Terms of the Placing
The Placing is conditional upon the Placing Agreement being entered into and becoming or being declared unconditional in all respects and not having been terminated in accordance with its terms prior to admission of the Placing Shares to trading on AIM ("Second Admission"), and inter alia admission of the Placing Shares occurring by 8:00 a.m. on 13 May 2014 or such later time and/or date as the Company and WH Ireland Limited may agree (being not later than 8:00 a.m. on 31 May 2014).

The Placing Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of their issue.
Application will be made to the London Stock Exchange for the admission of the Placing Shares to trading on AIM. It is expected that Second Admission will occur and that dealings will commence at 8.00 a.m. on 13 May 2014, at which time it is also expected that the Placing Shares will be enabled for settlement in CREST.

Total Voting Rights
Following admission of the Offer Shares and the Placing Shares, the Company's enlarged issued share capital will comprise 1,642,209,696 Ordinary Shares with voting rights. The Company holds 197 Ordinary Shares in Treasury and, the figure of 1,642,209,499 Ordinary Shares may therefore 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 FCA's Disclosure and Transparency Rules.

This announcement should be read in conjunction with the full text of the Circular, a copy of which is available on the Company's website at
Ed Winter, CEO and interim Chairman of fastjet, commented:

"fastjet is at an exciting stage in its development and we wanted to give our shareholders the opportunity to increase their stake in the Company on the same terms as our recent institutional placing. The response to our Open Offer from our pre-existing shareholders, and support of a major institutional shareholder in placing the residual of the Open Offer shares, has been very positive and we are delighted that the majority of individual shareholders have participated, demonstrating strong support for the company and its strategy.

"Following the successful completion of both our fund-raising and Open Offer, the fastjet Board is now fully focused on pushing ahead with our significant expansion plans and growing the business across our target markets."

For further information, please contact:

fastjet Plc                                                                                                             Tel: +44 (0) 20 3651 6355
Ed Winter
Angus Saunders

W.H. Ireland Ltd.                                                                                                  Tel: +44 (0) 20 7220 1666
James Joyce
Nick Field

Citigate Dewe Rogerson                                                                                     Tel: +44 (0) 20 7638 9571
Toby Moore
Eleni Menikou



About fastjet plc

fastjet plc is the holding company of the low-cost airline fastjet which commenced flight operations in Tanzania in November 2012. The airline operates a fleet of distinctively branded Airbus A319s and since its launch has grown to encompass the key domestic routes within Tanzania and a rapidly increasing number of international destinations. 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 carrier model across Africa and its long-term strategy is to become the continent's first low-cost, pan-African airline. fastjet plc is also the holding company of airline Fly540, which operates in Kenya, Ghana and Angola.

By offering one way fares from as low as $20, fastjet has stimulated a new customer base; the results of a customer survey showed that 38% of fastjet passengers had never flown before. This democratisation of air travel is expected to gather momentum across the final continent to experience the low-cost airline revolution.

fastjet is committed to communicating effectively with its existing and potential customers and has, to date, won a number of marketing awards. With over 140,000 social media followers, it occupies a unique position in African aviation.
fastjet plc is quoted on the London Stock Exchange's AIM market.

Posted on 7th May 2014