Fasjet PLC has announced that it has entered into a conditional share sale agreement with local management in Tanzania regarding the sale of the Company’s interest in the holding company of fastjet Tanzania.

This comes after fastjet PLC withdrew funding for its Tanzanian operation, where it is currently the majority shareholder.

Fastjet PLC has also announced that it has managed to secure fundraising and equity refinancing to the value of $40 million – a move that will see Solenta become the majority shareholder of fastjet PLC, with its interest in ordinary shares increasing from 30% to 54%.

The capital injection has been acquired by:

  • Placing an Accelerated Bookbuild to raise $11.5 million before expenses through the issue of at least 898 437 499 new ordinary shares at a placing price of one penny per new ordinary share (issue price);
  • The purchase of 316 738 282 further shares by Solenta Aviation Holdings Limited (Solenta) at the cost of $41 million; and
  • The issue of 1 909 824 218 shares at the issue price to acquire four Embraer 124 aircraft from Solenta, settle associated early termination lease charges, settle the majority of the Solenta long term loan and overdue interest, and cover the cost of professional fees.