Fastjet PLC Loan Extension (5763R)
March 01 2019 - 2:48AM
UK Regulatory
TIDMFJET
RNS Number : 5763R
Fastjet PLC
01 March 2019
1 March 2019
fastjet Plc
("fastjet" or the "Company" or the "Group")
Loan Extension
The Company today announces that it has extended the terms of
its unsecured loan agreements with Annunaki Investments (Private
Limited) ("Annunaki") and SSCG Africa Holdings ("SSCG") (the "Loan
Agreements").
As announced by the Company on 5 June 2018, the Company entered
into the Loan Agreements with Annunaki and SSCG in order to make
available a portion of the Group's restricted cash held in
Zimbabwe.
The Loan Agreements were made on commercial terms and allowed
the Company to lend US$5 million cash from fastjet Zimbabwe limited
("fastjet Zimbabwe") to Annunaki in return for a US$2 million loan
to fastjet from SSCG for general working capital purposes across
the Group (the "Unsecured Loans"). The Unsecured Loans were
repayable in December 2018.
The Company has been in discussions with Annunaki and SSCG and
has agreed that the terms of the Unsecured Loans will be extended
to 31 March 2019. The terms of the Loan Agreements will remain the
same with the exception of the following changes:
-- The loan amount from fastjet Zimbabwe to Annunaki has
increased from US$5 million to US$7 million due to devaluation of
the underlying currency; and
-- During the term of the Loan Agreement with SSCG, SSCG shall
have the option to convert the US$2 million repayment plus any
outstanding interest into ordinary shares in the Company (subject
always to the shareholders of the Company granting the directors
sufficient authority to allot and issue such shares on a
non-pre-emptive basis) (the "Option to Convert") either (i) upon
the happening of an event of default under the Loan Agreements, or
(ii) after 28 February 2019. Any ordinary shares in the Company
issued pursuant to the Option to Convert shall be issued at the
higher of:
o the volume weighted average price per ordinary share over the
preceding 30 trading days on the London Stock Exchange ending on
the date on which SSGC has given such written notice to convert;
or
o at par value.
This announcement is released by fastjet 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. This
announcement is being made on behalf of the Company by Michael
Muller, Chief Financial Officer of fastjet.
For more information, contact:
fastjet Plc Tel: +27 (0) 10 070 5151
Nico Bezuidenhout, Chief Executive
Officer
Michael Muller, Chief Financial Officer
Tel: +44 (0) 20 3100 2222
Liberum Capital Limited - Nominated
Adviser and Broker
Clayton Bush
Andrew Godber
James Greenwood
Trystan Cullen
UK media - Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
Angharad Couch
Eleni Menikou
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 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 flights from Harare to
Bulawayo, Harare to Victoria Falls and from Harare and Victoria
Falls to Johannesburg in South Africa. 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. 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.
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
MSCVFLBBKXFZBBD
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