16th Apr 2014 09:08
LONDON (Alliance News) - Low-cost African airline Fastjet PLC Wednesday said it will seek to raise up to GBP3.9 million in an open offer of shares, part of the bigger GBP15 million fundraising it announced last week that included an investment from billionaire Stelios Haji-Ioannou's easyGroup Holdings Ltd.
Last week, the company had said it would raise GBP11 million in a share placing and up to GBP4 million in a open offer.
In its statement Wednesday, it said it will offer up to 245.8 million shares in the open offer at 1.6 pence each, the same price as it conducted the placing. That would raise it up to about GBP3.9 million in the open offer.
"The (overall) proceeds raised exceeded our expectations and allow us to confidently move to the next phase of the company's development with further international routes, additional aircraft and more bases and to fulfil our objective of becoming the leading pan-African low-cost airline," Fastjet Chief Executive and interim Chairman Ed Winter said in a statement.
Fastjet shares were down 0.9% at 1.71 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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