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Fastjet PLC

Loan Repayment and Extension

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RNS Number : 7096B
Fastjet PLC
10 June 2019
 

10 June 2019

fastjet Plc

("fastjet" or the "Company" or the "Group")

Loan Repayment and Extension

As announced by the Company in June 2018, the Company entered into the Loan Agreements with Annunaki Investments (Private) Limited ("Annunaki") and SSCG Africa Holdings ("SSCG") to make available a portion of the Group's restricted cash held in Zimbabwe. The loan agreements were extended in March 2019.

The Loan Agreements extended in March 2019 were made on commercial terms and allowed the Company to lend US$7 million of cash from 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 are repayable in June 2019. 

 

On 22 February 2019, the Reserve Bank of Zimbabwe announced the introduction of a new local currency ("RTGS"), which effectively devalued its domestic US dollar cash balances. The domestic currencies included the bond notes and the domestic electronic dollars ("RTGS"). These had an exchange rate of one to one with the U.S Dollar before the announcement.  This also coincided with the introduction of a new domestic currency called ZWL dollars ("ZWL") which is made up of bond notes and RTGS. Thus the loan of US$7 million to Annunaki was subsequently valued at ZWL 7 million or at around US$1.4 million based on interbank rates on 31 May 2019.

 

The Company today announces that US$1.25 million will be repaid to SSCG by 30 June 2019 and Annunaki will refund ZWL 7.0 million to fastjet Zimbabwe. It has been agreed with Annunaki and SSCG that US$0.75 million of the Unsecured Loans will be extended to 31 January 2020. The terms of the Loan Agreements will remain the same except for the following changes:

 

·      The loan amount from fastjet Zimbabwe to Annunaki has been fully repaid.

 

·      During the term of the Loan Agreement with SSCG, SSCG shall have the option to convert the US$ 0.75 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 30 June 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 last preceding 30 trading days on the London Stock Exchange ending on the date on which SSCG 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 Kris Jaganah, Chief Financial Officer of fastjet.

 

For more information, contact:

  

fastjet Plc

Tel: +27 (0) 10 070 5151

Nico Bezuidenhout, Chief Executive Officer

Kris Jaganah, Chief Financial Officer

 

 

 

Media - Citigate Dewe Rogerson

Tel: +44 (0) 20 7638 9571

Angharad Couch, Toby Moore, Nick Hayns

 

 

 

For investor enquiries please contact:

 

Liberum Capital Limited - Nominated Adviser and Broker

Tel: +44 (0) 20 3100 2222

Andrew Godber, Clayton Bush, James Greenwood,

Trystan Cullen, William Hall

 

 

NOTES TO EDITORS

 

About fastjet Plc

                                                                                                                   

Fastjet is a multi-award-winning value African airline that began flight operations in 2012. Their awards include, Leading African Low-Cost Carrier World Travel Awards 2016, 2017, 2018 and 2019, and Skytrax World Airline Awards Best Low-Cost Airline in Africa 2017. Today, Fastjet connects Zimbabwe by flying between Harare and Victoria Falls, Harare and Bulawayo, and from Harare to Victoria Falls. They also offer flights from Harare and Vic Falls to Johannesburg in South Africa. The airline also began branded domestic flights in Mozambique, using Embraer E145, a 50-seater aircraft operated by Solenta Aviation Mozambique, in November 2017. As part of a codeshare agreement entered with LAM - Mozambique Airlines, fastjet is able to offer its customers flights between Maputo, Tete, Beira and Quelimane.

Since commencing operations, fastjet flown over 3 million passengers and has established itself as a punctual, reliable, and affordable low-cost 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.
 
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Price: £0.01

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Market Cap: £54.16 m
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