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Fastjet PLC

Loan Extension

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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:

 

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

 

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

 

 

Liberum Capital Limited - Nominated Adviser and Broker

Tel: +44 (0) 20 3100 2222

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 [email protected] or visit www.rns.com.
 
END
 
 
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Quick facts: Fastjet PLC

Price: £0.01

Market: AIM
Market Cap: £54.16 m
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