14th Nov 2013 12:20
LONDON (Alliance News) - FastJet PLC's biggest shareholder, Lonrho PLC, Thursday exited the company completely according to a filing with the London Stock Exchange.
Lonrho had been reducing its stake from 28.7% gradually in October, but Thursday sold the remaining 52.4 million fastjet shares it held, a stake of just over 11%, for 2.85 pence a share.
The African low-cost airline is also backed by easyJet founder Stelios Haji-Ioannou.
In August it consolidated its share issue because its share price kept falling below the nominal value of 1 pence a share, preventing it from issuing any new share to raise funds if it wanted to.
The stock was down 8% at 3.15 pence midday Thursday. It wasn't immediately clear who the company's biggest shareholders are now.
By Steve McGrath; [email protected]; @stevemcgrath1
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