Further to its announcement on 7 December 2018, fastjet, the low-cost African airline, is pleased to provide an update on the Equity Refinancing and Open Offer.
As announced by the Company on 16 November 2018 (the "16 November Announcement"), the Equity Refinancing and Open offer were conditional upon, inter alia:
(i) the Solenta Subscription Letter becoming unconditional in all respects; and
(ii) the Placing Agreement not having been terminated in accordance with its terms prior to Admission.
fastjet is pleased to announce that all remaining conditions have now been satisfied.
Accordingly, application has been made to the London Stock exchange for the New Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings for normal settlement in the New Shares on AIM will commence at 8.00 a.m. on 17 December 2018.
The Company has reviewed its current cash requirements and is able to continue operating until 21 December 2018. Therefore it has sufficient funds to continue operating until Admission. As at 12 December 2018, the Group had cash balances of US$7 million, of which US$6.5 million is restricted cash held inside Zimbabwe.
Following the issue of the 3,180,171,978 New Shares, the Company's total issued share capital will consist of 3,800,824,872 Ordinary Shares, of which none are held in treasury. The figure of 3,800,824,872 may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Group, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Definitions used in this announcement are the same as those used in the 16 November Announcement unless the context otherwise requires.