Fastjet PLC Funding Update (8304G)
November 09 2018 - 1:00AM
UK Regulatory
TIDMFJET
RNS Number : 8304G
Fastjet PLC
09 November 2018
9 November 2018
fastjet Plc
("fastjet", the "Company" or the "Group)
Funding Update
fastjet, the low-cost African airline, is today providing a
further update in relation to its current cash position and
discussions regarding additional funding, following the
announcement on 31 October 2018 which noted that additional funding
would be required and if the Company is unable to carry out an
equity fundraise and/or reach an agreement with its key creditors
in the coming days, the Group would be unable to continue trading
as a going concern.
The Company continues to review its current cash requirements
and is able to continue operating during November due to some
improvement in trading, cash generation and internal efficiencies.
The headroom available allows the Company further time to continue
discussions with its major shareholders and creditors.
As previously announced, in conjunction with fundraising
discussions, the Company has been negotiating with key creditors of
the Group to reduce the outstanding balances due to be paid and
reduce the burden of interest and capital repayments. This process
has been constructive but remains ongoing.
As at 7 November 2018, the Group had cash balances of US$ 3.9m,
of which US$ 3m is restricted cash held inside Zimbabwe.
Whilst discussions to date with certain shareholders and
creditors have been positive, discussions are ongoing and there can
be no guarantee of a successful outcome. If the Company is unable
to carry out an equity fundraise and/or reach an agreement with its
key creditors, the Group would be unable to continue trading as a
going concern.
Further announcements will be made as appropriate.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For more information, contact:
fastjet Plc Tel: +27 (0) 10 070 5151
Nico Bezuidenhout, Chief Executive
Officer
Michael Muller, Chief Financial
Officer
UK media - Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
Angharad Couch, Eleni Menikou,
Toby Moore, Nick Hayns
South African media - Hein Kaiser Tel: +27 (0) 82 520 0555
For investor enquiries please
contact:
Liberum Capital Limited - Nominated Tel: +44 (0) 20 3100 2222
Adviser and Broker
Clayton Bush, Andrew Godber,
James Greenwood, Trystan Cullen
NOTES TO EDITORS
About fastjet:
fastjet is a multi-award winning (including Skytrax World
Airline Awards Best Low-Cost Airline in Africa 2017 and Leading
African Low-Cost Carrier, World Travel Awards 2016, 2017 and 2018)
African value airline for everyone that began 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 Tanzanian domestic
routes from its Dar es Salaam base to Kilimanjaro, Mbeya, and
Mwanza, and international routes from Tanzania to Lusaka in Zambia
and Harare in Zimbabwe. fastjet began branded domestic flights in
Mozambique (Operated by Solenta Aviation Mozambique) in November
2017, its network presently between Maputo and Beira, Quelimane and
Tete and celebrated its third year of operations in Zimbabwe in
2018. The carrier operates between Harare and Bulawayo, Harare and
Victoria Falls and from Harare and Victoria Falls to Johannesburg
in South Africa. The airline has flown over 3.5 million passengers
with an impressive on-time performance aggregate, establishing
itself as a punctual, reliable, and affordable carrier.
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END
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