Fastjet PLC Trading Statement (4701H)
25 Marzo 2020 - 1:00AM
UK Regulatory
TIDMFJET
RNS Number : 4701H
Fastjet PLC
25 March 2020
fastjet Plc
("fastjet", the "Company" or the "Group")
Trading Update and Impact of Coronavirus
25 March 2020
fastjet, the low-cost African airline, today provides an update
on current trading following announcements by the Government of
South Africa and the Government of Zimbabwe regarding efforts to
contain and control the rapid escalation of coronavirus in their
respective countries.
South Africa will see a country wide "lockdown" from midnight on
Thursday 26 March 2020 to midnight on Thursday 16 April 2020, both
days inclusive. The Zimbabwean Government has also introduced
strict measures, including banning all non-essential travel.
In light of the above, the Company has taken the decision to
suspend all of fastjet Zimbabwe's flight operations from Friday 27
March 2020 until Thursday 16 April 2020, both days inclusive and d
uring this time, the majority of the Company's employees will be
working from home or on leave.
In addition, the Company's FedAir business is seeing significant
deferrals of existing bookings to late 2020 and away from the
traditional high seasons of Easter and European and USA summer
holiday season over July, August and September.
As at 23 March 2020, the Group had cash reserves of US$ 2.0m
with no restricted cash. Of the Group's US$ 2.0m cash reserves, US$
0.2m is in Zimbabwe and currently unrestricted.
The Company is continuing to assess the situation daily and will
provide further updates in due course.
This announcement is released by fastjet plc and contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Kris Jaganah, Group Chief Financial
Officer.
fastjet plc Tel: +27 (0) 10 070 5151
Mark Hurst, Group Interim Chief
Executive Officer
Kris Jaganah, Group Chief Financial
Officer
Liberum Capital Limited Tel: +44 (0) 20 3100 2222
Nominated Adviser and Broker
Andrew Godber
Clayton Bush
James Greenwood
William Hall
Tel: +44 (0) 20 7638 9571
Citigate Dewe Rogerson
Financial PR
Angharad Couch
Toby Moore
Nick Hayns
NOTES TO EDITORS
About Fastjet Plc
fastjet is a multi-award winning (including Skytrax World
Airline Awards Best Low-Cost Airline in Africa 2017) low-cost
African airline for everyone, who began its flight operations in
Tanzania in November 2012 flying passengers from Dar es Salaam to
just two domestic destinations - Kilimanjaro and Mwanza.
Today, fastjet's route network includes operations predominately
in Zimbabwe and South Africa together with interline arrangements
with carriers such as Emirates and Qatar. The airline has flown
over 3.0 million passengers with an impressive aggregate on-time
performance above 90%, establishing itself as a punctual, reliable,
and affordable carrier.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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March 25, 2020 03:00 ET (07:00 GMT)
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