14th Nov 2013 12:28
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 move comes after former fastjet Chairman David Lenigas stood down in June after Lohnro did a deal to be acquired by SWiss group FS Africa. Lenigas was former Chairman of Lohnro, an investor in African hotels, ports and agribusinesses.
In August fastjet 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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