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Fastjet non-executive director urges shareholders to reject easyGroup resolution

Some pundits suspect Haji-Ioannou is trying to talk down the price so he can buy the company on the cheap

Shareholder vote
Child has the “full and unreserved” confidence of the other directors on the fastjet board

Rob Burnham, a non-executive director of fastjet PLC (LON:FJET), has written to the African airline’s shareholders urging them to re-elect chairman Colin Child.

Shareholders will get the chance to vote on Child’s future at a meeting on 28 June. Chold has been under fire from easyGroup, the investment vehicle of EasyJet founder Stelios Haji-Ioannou, which has questioned Child’s ability to turn the loss-making low-cost airline around.

In a circular to shareholders Burnham strongly recommended shareholders vote against the easyGroup resolution, saying that Child had the “full and unreserved” confidence of the other directors on the fastjet board, plus members of the executive committee who are not on the board.

“I have worked closely with Colin over the past few months and I can say that Colin has, since he joined the board and more recently in his temporary role as executive chairman, continuously demonstrated his commitment to your company and sought always to act in the best interests of all shareholders,” Burnham said.

Child joined the board in October 2015 as non-executive chairman and took on executive duties when chief executive Ed Winter bowed to pressure from easyGroup and stepped down.

The company achieved something of a coup this week, poaching Nico Bezuidenhout from South African Airways’ low-cost carrier Mango, to take over as chief executive at the beginning of August.

Quick facts: Fastjet PLC

Price: 0.09 GBX

Market: AIM
Market Cap: £3.42 m

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