TIDMFJET
RNS Number : 0512U
Fastjet PLC
24 July 2020
fastjet Plc
("fastjet", the "Company" or the "Group")
Proposed Cancellation of Admission to Trading on AIM,
Share Reorganisation,
Re-Registration,
Publication of Circular,
Notice of General Meeting and
Trading Update
24 July 2020
fastjet, the low-cost African airline, today announces that the
Directors have concluded that it is in the best interests of the
Company and its Shareholders to cancel the admission of the
ordinary shares in the Company (the "Ordinary Shares") to trading
on AIM (the "Cancellation"). Pursuant to Rule 41 of the AIM Rules
for Companies (the "AIM Rules"), the Company has notified the
London Stock Exchange of the date of the proposed Cancellation.
The Cancellation is conditional, pursuant to Rule 41 of the AIM
Rules, upon the approval of not less than 75 per cent. of the votes
cast by Shareholders (whether present in person or by proxy) at the
General Meeting.
In addition, the Directors have further concluded that the
Company will need to carry out a share reorganisation in order for
it to be able to issue new Ordinary Shares in the future to enable
the Company to raise additional funding for its ongoing operations
and trading. The nominal value of the Ordinary Shares is currently
GBP0.01 per share and the market value of the Ordinary Shares is
below that nominal value (and has been consistently below the
nominal value since late 2019). As a matter of English law, the
Company is unable to issue new Ordinary Shares at an issue price
which is below the nominal value of the Ordinary Shares. It is
therefore proposed to sub-divide each existing Ordinary Share into
one Ordinary Share of GBP0.0001 nominal value and one deferred
share of GBP0.0099 nominal value ("Deferred Shares") (the "Share
Reorganisation"), thus enabling the Company lawfully to issue new
Ordinary Shares.
The Share Reorganisation is conditional upon the approval of not
less than 75 per cent of the votes cast by Shareholders at the
General Meeting.
The Directors have also concluded that it is in the best
interests of the Company and its Shareholders for the Company to
re-register as a private company (the "Re-Registration") and adopt
new articles of association of the Company following the
Cancellation (the "New Articles"). The Re-Registration is
conditional upon the Cancellation becoming effective and the
approval of not less than 75 per cent. of the votes cast by
Shareholders at the General Meeting.
The Company is therefore seeking Shareholders' approval of the
Cancellation, the Share Reorganisation and the Re-Registration at
the General Meeting which has been convened for 10.00 a.m. on 12
August 2020 at 60 Gracechurch Street, London EC3V 0HR.
If Resolution 1, the cancellation of admission of the Ordinary
Shares to trading on AIM, the Share Reorganisation, the amendment
to the the articles of association of the Company at the date of
this announcement (the "Current Articles") and ongoing authority
for the Directors to allot and issue new shares on a
non-pre-emptive basis (the "Authorising Resolution"), is passed at
the General Meeting, it is anticipated that the Cancellation will
become effective at 7.00 a.m. on 24 August 2020 and that the Share
Reorganisation will become effective at 6.00 p.m. on 12 August
2020.
If the Authorising Resolution and Resolution 2, the resolution
for the re-registration of the Company as a private limited company
and the consequential adoption of the New Articles (the
"Re-Registration Resolution" and together with the Authorising
Resolution, the "Resolutions") are passed at the General Meeting,
it is anticipated that the Re-Registration will become effective by
15 September 2020.
Solenta Aviation Holdings Limited ("SAHL") has indicated to the
Company that it will only continue to provide the Company with
financial support on condition that the Company's listing on AIM is
cancelled. Any such future financial support from SAHL is likely to
take the form of either further additional secured convertible
loans to the Company or a capital fundraise by the issue of new
Ordinary Shares. Without this support, and the passing of the
Resolutions to be proposed at the General Meeting in the form set
out below in this announcement, the Board believes that it will be
very difficult for the Company to continue trading into the
foreseeable future as a going concern. In light of the above, the
Directors believe that it is important for the Shareholders to pass
the Resolutions.
The Company therefore announces its intention to seek
Shareholders' approval for the Cancellation. An explanatory
circular will be posted to Shareholders today (the "Circular")
setting out the background to and reasons for the Cancellation, the
reasons why the Directors believe that this is in the best
interests of the Company and its Shareholders as a whole and their
recommendation to Shareholders to vote in favour of the
Resolutions.
Background to, and reasons for, the Cancellation
The Directors have conducted a review of the benefits and
drawbacks to the Company and its Shareholders in retaining its
quotation on AIM and believe that the Cancellation is in the best
interests of the Company and its Shareholders as a whole. In
reaching this conclusion, the Directors have considered the
following key factors, amongst others:
-- the considerable cost, management time and the legal and
regulatory burden associated with maintaining the Company's
admission to trading on AIM are, in the Directors' opinion,
disproportionate to the benefits accruing to the Company currently
and the maximisation of shareholder value;
-- most institutional investors that have traditionally
supported the Company in the past have indicated a reluctance to
continue supporting future capital raises of the Company. Over the
past eighteen months, only SAHL has continued to support the
Company with liquidity through additional shareholder loans. SAHL
has indicated that, if the Cancellation is not effected, it will no
longer continue to provide financial support to the Company.
Without this support, it is unlikely that the Company will be able
to continue as a going concern into the foreseeable future;
-- the cash resources available to the Company remain minimal
and will continue to be drawn down on over the next few weeks to
sustain and settle fixed costs and obligations of the Company
should the coronavirus pandemic ("COVID-19") lockdowns and travel
restrictions in South Africa and Zimbabwe be extended into
September 2020 and beyond. The existing challenges together with
the challenges presented by COVID-19 can, in the Directors'
opinion, be far better navigated in a private and unlisted company
environment, including the Company's ability to access additional
capital in order to continue as a going concern beyond 31 August
2020; and
-- the Board believes that, if the Cancellation is not effected
and SAHL consequently ceases to provide financial support to the
Company, it will be very difficult for the Company to continue
trading into the foreseeable future as a going concern and there is
a very high probability that the Board would be required to place
the Company into administration or liquidation, which could result
in Shareholders losing all of their investment.
Following careful consideration, the Directors believe that it
is in the best interests of the Company and Shareholders to seek
the proposed Cancellation.
Process for, and principal effects of, the Cancellation
The Directors are aware that certain Shareholders may be unable
or unwilling to hold Ordinary Shares in the event that the
Cancellation is approved and becomes effective. Such Shareholders
should consider selling their interests in the market prior to the
Cancellation becoming effective.
Under the AIM Rules, the Company is required to give at least 20
clear Business Days' notice of Cancellation. Additionally,
Cancellation will not take effect until at least five clear
Business Days have passed following the passing of the Authorising
Resolution. If the Authorising Resolution is passed at the General
Meeting, it is proposed that the last day of trading in Ordinary
Shares on AIM will be 21 August 2020 and that the Cancellation will
take effect at 7.00 a.m. on 24 August 2020.
The principal effects of the Cancellation will be that:
-- there will be no formal market mechanism enabling the
Shareholders to trade Ordinary Shares and, save for the proposed
Matched Bargain Facility referred to in this announcement below, no
other recognised market or trading facility is intended to be put
in place to facilitate the trading of the Ordinary Shares;
-- while the Ordinary Shares will remain freely transferable, it
is possible that the liquidity and marketability of the Ordinary
Shares will, in the future, be more constrained than at present and
the secondary market value of such shares may be adversely affected
as a consequence;
-- in the absence of a formal market and quote, it may be more
difficult for Shareholders to determine the market value of their
investment in the Company at any given time;
-- the regulatory and financial reporting regime applicable to
companies whose shares are admitted to trading on AIM will no
longer apply;
-- Shareholders will no longer be afforded the protections given
by the AIM Rules, such as the requirement to be notified of certain
events and the requirement that the Company seek shareholder
approval for certain corporate actions, where applicable, including
substantial transactions, financing transactions, reverse
takeovers, related party transactions and fundamental changes in
the Company's business, including certain acquisitions and
disposals;
-- in order to increase the cost saving of becoming a private
company, following the Cancellation, the Company will no longer be
obligated to produce and publish half-yearly reports and financial
statements;
-- Shareholders will no longer be afforded the protections given
by the City Code on Takeovers and Mergers in the event that there
is a subsequent offer to acquire their Ordinary Shares;
-- the Company will cease to have an independent nominated adviser and broker;
-- whilst the Company's CREST facility will remain in place
following the Cancellation, the Company's CREST facility may be
cancelled in the future and, although the Ordinary Shares will
remain transferable, they will cease to be transferable through
CREST. In this instance, Shareholders who hold Ordinary Shares in
CREST will receive share certificates; and
-- the Cancellation may have taxation consequences for
Shareholders. Shareholders who are in any doubt about their tax
position should consult their own professional independent tax
adviser.
The above considerations are not exhaustive, and Shareholders
should seek their own independent advice when assessing the likely
impact of the Cancellation on them.
The Company currently intends that it will continue to provide
certain facilities and services to Shareholders that they currently
enjoy as Shareholders of an AIM company. The Company will:
-- continue to communicate selected information about the
Company (including annual accounts) to its Shareholders; and
-- continue, for at least 12 months following the Cancellation,
to maintain its website, www.fastjet.com and to post updates (where
deemed necessary or appropriate) on the Company's website from time
to time, although Shareholders should, however, be aware that there
will be no obligation on the Company to include all of the
information required under AIM Rule 26 or to update its website as
required by the AIM Rules.
If Shareholders wish to buy or sell Ordinary Shares on AIM they
must do so prior to the Cancellation. If Shareholders approve the
Cancellation, it is anticipated that the last day of dealings in
the Ordinary Shares on AIM will be 21 August 2020 and that the
effective date of the Cancellation will be 24 August 2020. The
Board is not making any recommendation as to whether or not
Shareholders should buy or sell their Ordinary Shares.
Share Reorganisation
The Share Reorganisation will result in each existing Ordinary
Share being sub-divided into one Ordinary Share of GBP0.0001
nominal value and one Deferred Share of GBP0.0099 nominal value.
Each Ordinary Share resulting from the Share Reorganisation will
have the same rights (including voting and dividend rights and
rights on a return of capital) as each existing Ordinary Share
except that they will have a nominal value of GBP0.0001 each.
The Deferred Shares will, as their name suggests, have very
limited rights which are deferred to the Ordinary Shares and will
effectively carry no value as a result. Accordingly, the holders of
the Deferred Shares will not be entitled to receive notice of,
attend or vote at general meetings of the Company, nor be entitled
to receive any dividends or any payment on a return of capital. No
application will be made for the Deferred Shares to be admitted to
trading on AIM. No share certificates for the Deferred Shares will
be issued. No new certificates for the Ordinary Shares will be
dispatched if the Share Reorganisation becomes effective.
A request will be made to the London Stock Exchange to reflect
on AIM the sub-division of the Ordinary Shares into ordinary shares
of GBP0.0001 each. Each Ordinary Share standing to the credit of a
CREST account will be sub-divided into one Ordinary Share of
GBP0.0001 each and one Deferred Share of GBP0.0099 pence each at
the Effective Time. Following the Share Reorganisation, the ISIN
code for the Ordinary Shares will remain unchanged.
The sub-division of the Ordinary Shares into ordinary shares of
GBP0.0001 nominal value each and Deferred Shares of GBP0.0099
nominal value each as part of the Share Reorganisation should be
treated as a reorganisation for the purposes of taxation of
chargeable gains. Consequently, Shareholders should not be treated
as making a disposal of all or part of their Ordinary Shares on
acquiring their new holding. Instead, the Ordinary Shares and the
Deferred Shares (taken as a single asset) should be treated as the
same asset as the Ordinary Shares held pre-Share Reorganisation, in
addition to being treated as acquired at the same time, and for the
same consideration as the Ordinary Shares held pre-Share
Reorganisation.
To calculate the gain or loss arising to Shareholders on
subsequent disposal of their Ordinary Shares and Deferred Shares,
it will be necessary to apportion the base cost of their Ordinary
Shares held pre-Share Reorganisation between their Ordinary Shares
and Deferred Shares by reference to the shares' values in
accordance with the provisions of the Taxation of Chargeable Gains
Act 1992. It is anticipated that the Deferred Shares should have a
nil market value on that date, and therefore the entire base cost
of the Ordinary Shares held pre-Share Reorganisation should be
attributed to the Ordinary Shares.
The above summary is intended as a general guide only to the
application of current United Kingdom tax legislation and what is
understood to be current HMRC practice (which may not be binding on
HMRC), which may be subject to change (possibly with retrospective
effect). It does not constitute tax advice. It may not apply to
certain classes of shareholder. The comments relate only to
Shareholders who are resident in the United Kingdom for tax
purposes (except where otherwise stated) and who hold their
Ordinary Shares and Deferred Shares beneficially as investments
(and not as securities to be realised in the course of a trade).
They do not apply to dealers in securities. Any person who is in
any doubt as to his tax position or who is subject to tax in a
jurisdiction other than the United Kingdom is strongly recommended
to consult his professional tax adviser immediately.
Re-Registration
The Board believes that the requirements and associated costs of
the Company maintaining its public company status are overly
burdensome considering its size and that the Company will benefit
from the more flexible requirements and lower costs associated with
private limited company status. It is therefore proposed to
re-register the Company as a private limited company. In connection
with the Re-Registration, it is proposed that the New Articles be
adopted to reflect the change in the Company's status to a private
limited company. A copy of the New Articles can be viewed on the
Company's website at www.fastjet.com.
Subject to and conditional upon the Cancellation and the passing
of the Re-Registration Resolution, application will be made to the
Registrar of Companies for the Company to be re-registered as a
private limited company. Re-Registration will take effect when the
Registrar of Companies issues a certificate of incorporation on
Re-Registration. The Registrar of Companies will not issue the
certificate of incorporation on Re-Registration until the Registrar
of Companies is satisfied that no valid application can be made to
cancel the resolution to re-register as a private limited
company.
If the Authorising Resolution and the Re-Registration Resolution
are passed at the General Meeting, it is anticipated that the
Re-Registration will become effective by 15 September 2020.
Transactions in the Ordinary Shares following the
Cancellation
The Board is aware that the proposed Cancellation, should it be
approved by Shareholders at the General Meeting, would make it more
difficult for Shareholders to buy and sell Ordinary Shares should
they wish to do so.
Therefore, following the Cancellation, the company has appointed
Asset Match, a firm authorised and regulated by the Financial
Conduct Authority, who will operate an electronic off-market
dealing service for the Ordinary Shares. This facility will allow
Shareholders to trade their Ordinary Shares by matching buyers and
sellers through periodic monthly and/or quarterly auctions.
Shareholders will continue to be able to hold their Ordinary Shares
in the CREST uncertified form and should check with their existing
stockbroker that they are able to trade unquoted shares. Several
stockbroker firms are able to do so.
The Asset Match trading facility operates under its own code of
practice which governs the behaviour of participants and the
running of the auctions. Asset Match operates an open auction
system where volumes of bids and offers at different prices are
displayed on its website. At the end of each auction period, Asset
Match passes the information through a non-discretionary algorithm
that determines a "fair" share price based on supply and demand and
allocates transactions accordingly. Bids and offers may be made and
withdrawn at any time before the end of the auction. Shareholders
wanting to trade Ordinary Shares through Asset Match must do so
through a stockbroker. Full details can be found at
www.assetmatch.com and will also be made available to Shareholders
on the Company's website at www.fastjet.com and directly by letter
or e-mail (where appropriate or requested).
Current Trading
Following the Company's trading update issued on 3 July 2020,
the Company provides the following update:
-- The Company continues to perform limited repatriation flights
between Zimbabwe and South Africa but continues to suspend routine
scheduled flight operations due to the continued country-wide
lockdowns in South Africa and Zimbabwe due to COVID-19. COVID-19
infections in South Africa, the Company's biggest market, are
currently still increasing with the current peak forecasted for the
end of August 2020 or early September 2020. Total infections are in
excess of 400,000 people and South Africa has the fifth highest
infection rate globally today;
-- The Board believes that international travel will likely only
resume from mid October 2020 or November 2020 at the earliest,
based on the significant recent increase in COVID-19 infections,
predominately in South Africa;
-- As at 22 July 2020, the Company had cash reserves of US$1.6
million with no restricted cash. Of the Group's US$1.6 million cash
reserves, US$0.05 million is in Zimbabwe and currently
unrestricted;
-- The Company has received US$400,000 equivalent against the
Company's historical legacy loans which was used to settle two
overdue critical suppliers;
-- No further progress has been made with an investor consortium
led and underwritten by SAHL and other local investors in Zimbabwe
(the "Investor Consortium"), in relation to the disposal of the
Company's holding in fastjet Zimbabwe Limited (the "Disposal").
Discussions with the Investor Consortium were scheduled to restart
once the impact and timeline of the COVID-19 related lockdowns in
South Africa and Zimbabwe are better understood;
-- Federal Airlines Proprietary Limited ("FedAir") has secured a
COVID-19 Emergency Term Loan facility from its bankers, Standard
Bank of South Africa Limited, for R12,639,647 (approximately
US$760,000), repayable over sixty-six months with interest charged
at South African Prime, currently 7.25%. A key condition and
restriction of the loan agreement is that the funds must remain
within FedAir and may not be used for wider Company financing;
and
-- Carl Trieloff ("Trieloff"), a 18.85% shareholder of FedAir
prior to its sale to Parrot Aviation Proprietary Limited
("Parrott") (the "Sale") and a selling shareholder on the Sale, has
issued a claim through his lawyer to the Company that the Sale was
not completed due to a technical breach of the share purchase
agreement (the "SPA"), whereby a resolutive condition was not
completed within the set timeframe. Trieloff claims that the
technical breach has terminated the SPA and that all selling
Shareholders should be restituted. Trieloff further claims certain
pre-emptive rights on all shares, if restituted and resold, which
claim remains unsubstantiated as of now. The selling Shareholders,
excluding Trieloff, of the remaining 81.15% in FedAir do not hold
the same belief or claim as Trieloff and have confirmed their
intention to offer back their shares to Parrott through a new share
sale agreement with Parrot to resolve the technical breach. Should
all of the 81.15% Shareholders sell their shares back to Parrot,
there will be no consolidated financial or operational changes to
the Company's rights in FedAir. In the event that a new sale
agreement does not materialise for any reason, then the original
sellers of FedAir would be obliged to return the share sale
proceeds to the Company amounting to approximately US$2,681,300 in
cash.
The Directors believe that, based on current financial
projections, funds available and expected to be made available,
together with the current creditor terms agreed, the Company will
continue to have sufficient resources to meet its operational needs
until the end of August 2020.
Effect on the Company should the Cancellation not be
approved
SAHL has indicated to the Company that it will only continue to
provide the Company with further financial support on condition
that the Company's listing on AIM is cancelled. Any such future
financial support from SAHL is likely to take the form of either
further additional secured convertible loans to the Company or a
capital fundraise by the issue of new Ordinary Shares after the
Share Reorganisation. Without this support, and the passing of the
Resolutions, the Board believes that there is a material
uncertainty surrounding the Company's ability to continue trading
as a going concern past the 31 August 2020. In light of the above,
the Directors believe that it is important for the Shareholders to
pass the Resolutions.
General Meeting and Resolutions
The General Meeting will be held at 60 Gracechurch Street,
London EC3V 0HR at 10.00 a.m. on 12 August 2020. The resolutions to
be proposed at the General Meeting as special resolutions are as
follows:
Resolution 1: Cancellation of admission of the Ordinary Shares
to trading on AIM, Share Reorganisation, amendment to the Current
Articles and ongoing authority for the Directors to allot and issue
new shares on a non-pre-emptive basis
Under the AIM Rules, it is a requirement that the Cancellation
must be approved by not less than 75 per cent. of votes cast by
Shareholders at a general meeting.
In addition, under the Companies Act 2006, it is a requirement
that the Share Reorganisation and amendment to the Current Articles
required to reflect changes resulting from the Share Reorganisation
must be approved by not less than 75 per cent. of votes cast by
Shareholders at a general meeting.
As well as approval of the Cancellation, the Share
Reorganisation and the amendment to the Current Articles, the
Directors will seek continuing authorities to allot and issue
shares and to disapply the statutory rights of pre-emption.
Specifically, to:
-- grant authority to the Directors pursuant to section 551 of
the Companies Act 2006 to allot Ordinary Shares or grant rights to
subscribe for or convert any security into Ordinary Shares up to an
aggregate nominal amount (after the Share Reorganisation) equal to
GBP1,500,000, being up to a further 15,000,000,000 new Ordinary
Shares; and
-- disapply the statutory rights of pre-emption contained in
section 561(1) of the Companies Act 2006 in respect of the
allotment for cash of equity securities with an aggregate nominal
amount (after the Share Reorganisation) of up to GBP1,500,000. This
amount represents 394.65 per cent. of the Company's current issued
Ordinary Share capital (3,800,824,884 Ordinary Shares).
The above authorities sought under the Authorising Resolution
will continue for a period of five years and expire on 12 August
2025.
Resolution 2: Re-registration of the Company as a private
company under the Companies Act 2006
Under the Companies Act 2006, it is a requirement that the
Re-Registration and adoption of the New Articles must be approved
by not less than 75 per cent. of votes cast by Shareholders at a
general meeting.
Action to be taken
Shareholders will find accompanying the Circular a Form of Proxy
for use at the General Meeting. Shareholders are requested to
complete, sign and return the Form of Proxy in accordance with the
instructions printed on it to Neville Registrars Limited at Neville
House, Steelpark Road, Halesowen, West Midlands B62 8HD as soon as
possible and, in any event, so as to arrive no later than 10.00
a.m. on 10 August 2020. Further information regarding the
appointment of proxies can be found in the notes to the Notice of
General Meeting.
Whilst submission of a proxy vote would not ordinarily preclude
a Shareholder from attending and voting in person at the General
Meeting or any adjournment thereof, due to COVID-19 and the
resulting social distancing guidelines, any shareholder attempting
to attend the General Meeting will be denied entry. As a
consequence of COVID-19 and the resulting social distancing
guidelines, the Board has taken the decision to implement the
following measures in respect of the General Meeting :
-- It is expected that only two Shareholders (one of whom will
be a Director) will be in attendance in person at the venue for
quorum purposes to conduct the business of the General Meeting;
-- No other Directors will be present at the General Meeting in person;
-- Shareholders will not be permitted to attend the General
Meeting, and if they attempt to do so, will be refused entry to the
meeting;
-- Relevant questions from Shareholders related to the General Meeting can be raised by emailing GMQueries@fastjet.com in advance of the General Meeting and, in so far as a question is relevant to the business of the meeting, the Company will endeavour to respond to such questions by email (or in another suitable manner) and taken into account as appropriate at the General Meeting itself;
-- Voting at the General Meeting will be carried out by way of
poll so that votes cast in advance and the votes of all
Shareholders appointing the Chairman of the General Meeting as
their proxy can be taken into account; and
-- As usual, the results of the General Meeting will be
announced as soon as practicable after it has taken place.
Shareholders are, therefore, encouraged to appoint the Chairman
of the General Meeting as their proxy so that their votes can be
taken into account.
In the case of non-registered Shareholders who receive these
materials through their broker or other intermediary, the
Shareholder should complete and send a letter of direction in
accordance with the instructions provided by their broker or other
intermediary.
Irrevocable Undertaking
The Company has received an irrevocable undertaking from SAHL to
vote or procure votes in favour of the Resolutions in respect of,
in aggregate, 2,255,504,566 Ordinary Shares, representing
approximately 59.3 per cent. of the entire issued share capital of
the Company as at 23 July 2020, being the latest practicable date
prior to publication of this announcement.
Furthermore, in the event that both of the Resolutions are not
approved, SAHL has indicated that it will no longer be in a
position to support the Company with further working capital, loans
or participation in future share placements, and without this
continued support, or other existing or new Shareholders agreeing
to provide loans or support share placements, the longer term
ability of the Company to continue trading as a going concern will
be severely threatened.
Accordingly , given SAHL's undertaking to vote in favour of the
Resolutions, the Directors believe that it is likely that the
Resolutions will be passed at the General Meeting and, therefore,
enable the Company to continue trading as a going concern into the
future for the benefit of all Shareholders.
Recommendation
For the reasons noted above, the Directors consider that the
Resolutions to be put to the General Meeting are in the best
interests of the Company and its Shareholders as a whole and
therefore unanimously recommend that you vote in favour of all of
the Resolutions to be proposed at the General Meeting, as they
intend to do in respect of their own beneficial holdings amounting
to, in aggregate, 1,472 Ordinary Shares as at the date of this
announcement.
Expected Timetable of Principal Events (1)(2)
Notice provided to the London Stock Exchange 22 July 2020
to notify it of the proposed Cancellation
Publication and posting of this Circular 24 July 2020
Latest time and date for receipt of 10.00 a.m. on 10 August
2020
completed Forms of Proxy
Time and date of the General Meeting 10.00 a.m. on 12 August
2020
Share Reorganisation effective
6.00 p.m. on 12 August 2020
Commencement of dealings in Ordinary
8.00 a.m. on 13 August 2020
Shares (post-Share Reorganisation) on AIM
Expected last day of dealings in Ordinary Shares on AIM
21 August 2020
Expected time and date of Cancellation
7.00 a.m. on 24 August 2020
Expected time and date of Re-Registration
By 15 September 2020
Notes:
(1) All of the times referred to in this document refer to London time, unless otherwise stated.
(2) Each of the times and dates in the above timetable is
subject to change. If any of the above times and/or dates change,
the revised times and dates will be notified to Shareholders by an
announcement through a Regulatory Information Service and/or the
Company's website.
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
Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
Financial PR
Angharad Couch
Toby Moore
Nick Hayns
NOTES TO EDITORS
About fastjet
Fastjet is a multi-award-winning African value airline that
began flight operations in 2012. Its awards include Leading African
Low-Cost Carrier World Travel Awards 2016, 2017, 2018 and 2019, and
Skytrax World Airline Awards Best Low-Cost Airline in Africa
2017.
Today, fastjet connects the three major cities in Zimbabwe by
flying between Harare and Victoria Falls and Harare and Bulawayo.
Internationally the airline offers flights from Harare and Bulawayo
to Johannesburg in South Africa.
In October 2018, fastjet acquired an interest in FedAir, which
provides unscheduled shuttle and charter services to the game
lodges in the Southern Africa region.
Since commencing operations fastjet has flown over 3.5 million
passengers and has established itself as a punctual, reliable, and
affordable airline, with value-added services inclusive of free
baggage allowance(s), airport lounge access, dedicated check-in and
more according to the new fare attributes introduced across their
network.
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
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END
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(END) Dow Jones Newswires
July 24, 2020 08:19 ET (12:19 GMT)
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