Fastjet PLC Sale of Embraer Aircraft (7246K)
24 Aprile 2020 - 8:00AM
UK Regulatory
TIDMFJET
RNS Number : 7246K
Fastjet PLC
24 April 2020
24 April 2020
fastjet Plc
("fastjet", the "Company" or the "Group")
Sale of Embraer Aircraft
fastjet, the low-cost African airline, today provides details of
a historical creditor agreement entered into with Solenta Aviation
(Pty) Limited ("Solenta") involving the sale of one of the
Company's Embraer 145 aircraft (the "Embraer 145") on 9 March 2020
(the "Sale") for a consideration of US$2.2 million (the
"Consideration").
fastjet Zimbabwe, a subsidiary of the Company, owed monies to
Solenta relating to the maintenance and other aircraft related
support activities of its Zimbabwean operations (the "Creditor
Position").
Following the suspension of the Company's flight operations in
Mozambique, one of the Company's Embraer 145 aircraft remained idle
and needed heavy maintenance. Following the completion of the heavy
maintenance, the Company entered into an agreement with Solenta
over the Sale of that Embraer 145 to settle part of Solenta's
Creditor Position. The Consideration in respect of the Sale was
paid to the Company by way of receipt of a credit note from
Solenta, reducing the Group's creditor account owing by fastjet
Zimbabwe to Solenta from US$3.6 million to US$1.4 million as at 31
March 2020 . The aircraft has been disposed of at a premium to its
independent valuation.
Solenta is considered a related party to the Company by virtue
of being a "substantial shareholder" as defined in the AIM Rules
and the Sale has been identified as a related party transaction
under Rule 13 of the AIM rules but was not identified as such at
the time. The Sale should also have been disclosed under Rule 12.
Further consideration is being given to Rule 13 of the AIM
Rules.
A further announcement will be made as soon as practicable once
the necessary work has been undertaken.
This announcement is released by fastjet plc 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.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Kris Jaganah, Group Chief Financial
Officer.
Tel: +27 (0) 10 070 5151
fastjet plc
Mark Hurst, Group Interim Chief
Executive Officer
Kris Jaganah, Group Chief Financial
Officer
Liberum Capital Limited Tel: +44 (0) 20 3100 2222
Nominated Adviser and Broker
Andrew Godber
Clayton Bush
James Greenwood
William Hall
Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
Financial PR
Angharad Couch
Toby Moore
Nick Hayns
NOTES TO EDITORS
About fastjet
Fastjet is a multi-award-winning African value airline that
began flight operations in 2012. Its 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 the three major cities in Zimbabwe by
flying between Harare and Victoria Falls and Harare and Bulawayo.
Internationally the airline offers flights from Harare and Bulawayo
to Johannesburg in South Africa.
In October 2018, fastjet acquired an interest in FedAir, which
provides unscheduled shuttle and charter services to the game
lodges in the Southern Africa region.
Since commencing operations fastjet has flown over 3.5 million
passengers and has established itself as a punctual, reliable, and
affordable airline, with value-added services inclusive of free
baggage allowance(s), airport lounge access, dedicated check-in and
more according to the new fare attributes introduced across their
network.
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 rns@lseg.com or visit www.rns.com.
END
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