With ambitious plans to create Africa’s first pan-continental airline, fastjet will bring
international standards of safety, quality, security and reliability.

Low-cost is quite simply the avoidance of costly frills, offering customers the lowest possible
fares in addition to pay-as-you travel extras. This affords passengers the flexibility to pay for
additional services such as a bag or refreshment rather than having to pay for it regardless
whether you want it or not.

Importantly fastjet low-cost definitely does not mean low quality. Despite the many challenges
that exist outside our control we will be open, honest, transparent and communicative to
ensure that your travel arrangements remain with the least amount of interruption.

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Sir Stelios Haji-Ioannou, the founder of EasyJet, is set to launch a low-cost airline in Africa this year after taking a 5% stake in a new venture FASTJET PLC.

The easyGroup tycoon, who is embroiled in a long-running boardroom battle with easyJet, is backing a carrier that will operate under his Fastjet airline and be run by former easyJet executives.

Fastjet will operate from Kenya, Tanzania, Ghana and Angola. The ambition is to carry more than 12 million passengers a year, from the 500,000 at present, by cashing in on demand for regional travel from a burgeoning African middle-class.

Haji-Ioannou said the move would help bring low-cost air travel to more Africans. "This is another small but significant step in bringing the dream of low-cost air travel to millions of people in Africa – the aviation industry's last frontier. Past experience shows that by halving fares, a successful low-cost carrier can encourage those people, who have never previously travelled by air, to fly."

Fastjet Response to easyGroup letter of 22 March
As previously announced, easyGroup Holdings Ltd ("easyGroup") made public a letter dated 22 March 2016 which it had sent to fastjet relating to the Brand Licence Agreement in place with the Company.

The letter alleged that there have been a number of breaches of the Brand Licence Agreement and requested a response from the Company answering the points raised in their letter by 12 noon on 31 March 2016.

The Board has reviewed the letter and has today provided a formal response to easyGroup. Having taken legal advice, the Board does not believe fastjet is in breach of the Brand Licence Agreement.

Operational Update
fastjet (AIM: FJET), today provides an update on its application for a Zambian Air Operator Certificate ("AOC").

Further to the trading and operational update in March 2016, and as part of the Company's rationalisation of its routes to match current demand with capacity, fastjet has decided to delay its application for a Zambian AOC, to Q4 2016 pending further review of the network.

fastjet Tanzania will continue to operate international services three times a week between Dar es Salaam and Lusaka on the circular route Dar es Salaam/Lusaka/Harare/Dar es Salaam.

Operational Fleet Update

fastjet (AIM:FJET), today provides an update on its aircraft fleet.

Further to the trading and operational update in March 2016, and as part of the Company's ongoing review of its routes and fleet in order to match current demand with capacity, fastjet has agreed the early termination of the lease on one of its A319 aircraft. The aircraft, which was scheduled to come to the end of its lease term in October 2016, will come out of service immediately.

Following the return of this aircraft the fastjet fleet will comprise five aircraft, four leased (one of which comes to an end in Q4 2016) and one owned. The Board will continue to keep the fleet size under review.

ENDS

Directorate Change

The Board of fastjet (AIM: FJET) is pleased to announce the appointment of Nico Bezuidenhout as Chief Executive Officer (CEO) of the Company. Nico will take up his position and join the Board as an executive director on 1 August 2016.

Nico will be joining fastjet from Mango Airlines, the low-cost carrier subsidiary of South African Airways, where he has been CEO since Mango commenced operations ten years ago. During his tenure, Nico grew the airline's market share to 25 per cent of the South African domestic air travel market and the fleet to ten Boeing 737-800 aircraft. He also achieved the lowest unit cost within the South African aviation industry through high aircraft utilisation and sustained good load factors.

In addition to playing a pivotal role in the success of Mango, which has been profitable in eight of the past ten years, Nico has also twice acted in the capacity of interim CEO of its parent company.

more....

StockMarketWire.com
fastjet, the low-cost African airline, has written to shareholders in relation to the resolution to be proposed at the general meeting on 28 June. The purpose of the letter is to set out the background to the GM and the board's recommendation that shareholders should vote against the easyGroup resolution. The letter is available to view and download from the company's website: www.fastjet.com

StockMarketWire.com
fastjet's trading environment remains challenging and although the yield per passenger continues to improve from its low point in October passenger numbers remain lower than expected, shareholders at the annual general meeting today will be told.

Chairman Colin Child will says that while domestic routes within Tanzania are showing signs of recovery international services remain difficult.

Passenger numbers of 390,000 are forecast for the first half ending 30 June (2015: 363,726) but load factors have declined to 47% (2015: 70%) reflecting the increase in available capacity in the past 12 months.

He will says: "As announced on 9 June 2016 Nico Bezuidenhout will be joining the Group on 1 August 2016. Although he has yet to join the Company, the Board and Nico have already identified a number of opportunities to stabilise the business and address many of the challenges we face. These include a fundamental review of our fleet, both the size and type of aircraft operated, the routes flown, the relocation of our Head Office to Africa and revenue generation initiatives.

"Although the ongoing cost reduction programme and the recent reduction in routes and fleet size are yielding material benefits the Group continues to be cash flow negative. Accordingly, the Company needs to raise further finance to provide essential working capital and also to effect the necessary changes to its operations, reduce costs further and pursue revenue generating initiatives to grow the business. The Group has therefore commenced the initial phases of a fund raising exercise which it plans to complete during July 2016.

"The Board believes that with a new CEO, who has a proven track record of successfully operating a low cost carrier in Africa, combined with a more pragmatic approach to operating the business, a much reduced cost base and management positioned in proximity to our markets and customers the Group has a viable and attractive future."

Proposed Placing and Open Offer

fastjet, the low-cost African airline, is pleased to announce a proposed capital raising to raise gross proceeds of £15 million through the issue of new ordinary shares by way of a placing (the "Placing") and additional gross proceeds of up to approximately £4.2 million (being the €5 million maximum amount permitted not requiring the publication by the Company of a prospectus under the Prospectus Rules) through the issue of up to 8,302,762 new ordinary shares by way of an open offer (the "Open Offer") (together the "Capital Raising"), all at 50 pence per new ordinary share (the "Issue Price").

The Issue Price of 50 pence represents a significant premium of approximately 116 per cent to the closing price of each existing ordinary share of fastjet of 23.13 pence on 20 July 2016 (being the last practicable date prior to publication of this Announcement). The Issue Price has been set at a premium to the current share price so as to enable a number of the existing shareholders to satisfy their internal ownership limits. These shareholders, representing over 50% of the share register, have indicated they are supportive of the proposed Placing which will provide the Company with sufficient funds to execute its new business plan.

The Placing which is being conducted by way of an accelerated book-building process to qualifying investors will be launched immediately following this Announcement, in accordance with the terms and conditions set out in the Appendix to this Announcement.

Participants in the Placing and Open Offer will, if the Capital Raising becomes unconditional, also be issued with warrants ("Warrants") on the basis of one Warrant to subscribe for one new ordinary share in the Company for every new ordinary share subscribed under the Capital Raising. The Warrants will have an exercise price of 31.5 pence per share (based on a share weighted average of the 23.13 pence closing price on 20 July and the Issue Price) and an exercise period from the date of issue until 31 July 2021. The Warrants will be exercisable immediately from the date of issue but will not be initially listed or admitted to trading. However, the Company intends to seek a listing and admission to trading of the Warrants on an appropriate exchange as soon as practicable.

Liberum Capital Limited ("Liberum") is acting as sole bookrunner ("Bookrunner") on the Placing. The Placing and Open Offer are not being underwritten.

The Placing and Open Offer are each conditional upon, inter alia, the approval by shareholders in a General Meeting of the Company ("General Meeting") and admission of the ordinary shares placed pursuant to the Capital Raising to trading on AIM ("Admission").

The Company will shortly be publishing a circular (the "Circular") in connection with the Capital Raising and will be convening a General Meeting to approve certain matters necessary to implement the Capital Raising (the "Authorising Resolutions").

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

Bit of action here today. Topped up two weeks ago at .25

Fastjet PLC (LON:FJET), up 7.9%. Options shave been granted to directors that are exercisable at 31.5p. The shares rose 1p to 26.25p on the news.

Interim Results

Operational Fleet Update

03 October 2016

fastjet (AIM:FJET), Africa's low-cost airline, announces that it has entered into a binding sale agreement with Avtrade Limited, of its sole owned Airbus A319 (Manufacturer's Serial number 2891). The consideration is being satisfied in cash for USD8.0 million with a 10% deposit payable on signature of the agreement and the balance on delivery. The agreement is subject to industry standard conditions precedent. Included in the agreement is an option to continue to operate the aircraft from Oct 3 to Oct 17 2016 with a reduction in proceeds of $200,000 for a usage of up to 100 cycles. The use of proceeds will be utilised as working capital for the implementation of fastjet's Stabilisation Plan as outlined in the Company's interim results announcement.

As previously announced, fastjet is reducing the size of its fleet and is transitioning its fleet from the existing A319 aircraft to smaller aircraft, a move which is expected to yield an approximately 15% cost reduction for fuel, maintenance, handling and navigation charges. The transition from the existing aircraft to the replacement fleet will initially be arranged through short term wet leases (aircraft, crew, maintenance and insurance). It is intended that the wet lease arrangements will be superseded by dry leases (aircraft only) in H1 2017.

Trading Update and Directorate Change

25 November 2016

fastjet (AIM:FJET), Africa's low-cost airline, today provides an update on current trading and its operations, in particular the progress it has made with its Stabilisation Plan and the Company's current outlook.

STABILISATION PLAN

Fleet

Further to the operational fleet update on 3 October 2016, the Company has continued to implement the Stabilisation Plan and is transitioning its fleet from the existing 145-seat A319 aircraft to smaller aircraft, initially through short term wet leases (aircraft, crew, maintenance and insurance), to be superseded by dry leases (aircraft only) in the start of H2 2017. Material progress has been made and two-thirds of the Company's A319 aircrafts have now been removed from fleet and the first wet-leased Embraer e-Jet E190 aircraft was introduced in Tanzania during October 2016.

Based on initial experience with the aircraft the Board remains confident that the original expectations of a 10 - 15% reduction in operating cost will be achieved whilst seat occupancy rates on flights conducted with the E190 has to date showed an 18-percentage point increase and average yields have increased by approximately 12%.

Rationalisation of routes

The Company has continued the process of assessing its route network and has aggressively rationalised routes and/or reduced frequencies to more sustainably match supply levels with demand. This process is nearing completion, with rationalisation of flight activities between Tanzania and Kenya, Tanzania and Uganda as well as between Tanzania and Zimbabwe taking effect on 5 December 2016. Service frequency between Harare, Zimbabwe and Johannesburg, South Africa, has been increased whilst services between Johannesburg and Victoria Falls, Zimbabwe, will be suspended as from next month. The remaining routes within Zimbabwe and Tanzania, and between these countries and South Africa, are all projected to positively contribute to fixed cost during December 2016 and will continue to be closely monitored thereafter.

Organisation

The process of relocating the Company's Head Office function from London to Johannesburg has commenced, and is expected to be substantially completed by March 2017, with timings influenced by contracted notice periods and business continuity in critical functions. In this regards the Company expects annualised Head Office cost-savings of c.35% whilst achieving increased responsiveness to Passenger needs, resulting from being in closer proximity to the Company's operating markets.

The Company has furthermore embarked on an organisational restructuring process in both Zimbabwe and Tanzania, the consequence of which is a substantial reduction in the size of our expatriate workforce in these countries and a greater reliance on local talent, which will result in significant cost savings.

Revenue generating initiatives

The Company has successfully integrated a Global Distribution System (GDS) which facilitates access by Travel Agencies to fastjet's inventory, generated its first passenger-flows from its interline agreement with Emirates, and introduced new fare products aimed at connecting the various fastjet routes into single passenger journeys. These measures, along with continued leverage of fastjet's growing social media presence, has supported revenue generation despite a reduction in seats flown.

OUTLOOK

Based on the steps taken in stabilising the business, we expect Q1 2017 to show a c.25% reduction in fixed operating cost & overheads year on year and a c.35% reduction in variable operating cost year on year, in aggregate amounting to c. US$8m and contributing to a significant improvement in Q1 2017 performance relative to the current year. Although the Company has made good progress in executing the Stabilisation Plan, and fastjet is entering its busiest trading period, additional costs associated with delivering the stabilisation plan, in particular the cost and terms associated with returning leased aircraft being more onerous than previously expected, has placed greater strain on available cash-resources. For this reason, as well as allowing the Company to pursue possible synergistic opportunities identified by the CEO, the Company needs to raise further capital and expects to initiate a fundraising exercise which it plans to complete in Q1 2017.

more.....

Didn't they raise more cash by issuing more shares in June? Now they need yet more?????? I wonder how much the Directors are paying themselves. I bet their salaries are ring fenced!

Surely with very low fuel costs that should offset any other unexpected costs?

As I posted in Jun last year:
HARRYCAT View HARRYCAT's profile - 23 Jun 2015 14:09 - 378 of 428 edit this post

10 aircraft flying around Africa, including Zambia, Tanzania, Zimbabwe and Uganda, operating on the 'Budget Airline' principle........what can possibly go wrong?!!!!!

StockMarketWire.com
Africa low-cost airline fastjet's chairman Colin Child has resigned after the company confirmed it needed to raise further capital and expected to initiate a fundraising exercise which it plans to complete in the first quarter of 2017.

Having led a fundraising exercise in July, he believes that it would not be appropriate for him to continue in this role given the company is initiating, sooner than originally expected, a further fundraising exercise.

The company says that further to the operational fleet update on 3 October, it has continued to implement the stabilisation plan and is transitioning its fleet from the existing 145-seat A319 aircraft to smaller aircraft, initially through short term wet leases (aircraft, crew, maintenance and insurance), to be superseded by dry leases (aircraft only) in the start of H2 2017.

It says material progress has been made and two-thirds of the company's A319 aircrafts have now been removed from fleet and the first wet-leased Embraer e-Jet E190 aircraft was introduced in Tanzania during October 2016.

Based on initial experience with the aircraft the board remains confident that the original expectations of a 10-15% reduction in operating cost will be achieved while seat occupancy rates on flights conducted with the E190 has to date shown an 18-percentage point increase and average yields have increased by approximately 12%.

The company says it has continued the process of assessing its route network and has aggressively rationalised routes and/or reduced frequencies to match supply levels with demand.

This process is nearing completion, with rationalisation of flight activities between Tanzania and Kenya, Tanzania and Uganda as well as between Tanzania and Zimbabwe taking effect on 5 December.

Service frequency between Harare, Zimbabwe and Johannesburg, South Africa, has been increased whilst services between Johannesburg and Victoria Falls, Zimbabwe, will be suspended as from next month.

The remaining routes within Zimbabwe and Tanzania, and between these countries and South Africa, are all projected to positively contribute to fixed cost during December 2016 and will continue to be closely monitored thereafter.

Looking ahead it says: "Based on the steps taken in stabilising the business, we expect Q1 2017 to show a c.25% reduction in fixed operating cost & overheads year on year and a c.35% reduction in variable operating cost year on year, in aggregate amounting to c. US$8m and contributing to a significant improvement in Q1 2017 performance relative to the current year. Although the Company has made good progress in executing the Stabilisation Plan, and fastjet is entering its busiest trading period, additional costs associated with delivering the stabilisation plan, in particular the cost and terms associated with returning leased aircraft being more onerous than previously expected, has placed greater strain on available cash-resources.

"For this reason, as well as allowing the company to pursue possible synergistic opportunities identified by the CEO, the company needs to raise further capital and expects to initiate a fundraising exercise which it plans to complete in Q1 2017."

Fastjet also announces that non-executive chairman Colin Child has resigned from the company Having led the fund raising exercise in July this year he believes that it would not be appropriate for him to continue in this role given the company is initiating, sooner than originally expected, a further fund raising exercise.

Non-executive director Rob Burnham said: "Colin has chaired the Board through a period of considerable organisational change and demonstrated a total commitment to the success of the Company which has been much appreciated by his colleagues."

Child said: "Although the trading and operational environment has been challenging I have much enjoyed my time on the fastjet Board. I leave the Board with an extremely good and experienced CEO in place and I have every confidence that he will successfully complete the Stabilisation Plan and pursue some exciting strategic initiatives that will allow fastjet to deliver its full potential."

Chief executive Nico Bezuidenhout will assume the role of interim chairman pending the appointment of a new non-executive chairman in due course.

In at 100 Out at about 26p a month or so ago not looking good here glad I'm out..

StockMarketWire.com
fastjet is raising at least $48m through a proposed placing and an agreement with Solenta Aviation, a specialist African commercial aviation group based in Johannesburg.

fastjet has entered in to a conditional agreement with Solenta Aviation for the provision and operation of three wet-leased aircraft and the supply of other services over the next five years.

The company has also announced a proposed placing to raise gross proceeds of not less than US$28.8 million through the issue of new ordinary shares at 16.3p apiece.

Under the agreement, Solenta will become a c. 28% shareholder in fastjet.

fastjet has agreed to issue Solenta c. 95.6 million new ordinary shares to acquire a Solenta group SPV that will own the right to enter into the three ordinary course wet-leases and to receive discounts to the value of US$19.2 million on the future cost of services provided by Solenta.

Interim chairman and chief executive Nico Bezuidenhout said: "Our agreement with Solenta represents a good operational and strategic fit. It provides fastjet with access to fleet and related services which, together with the funds raised through our proposed Placing, will allow us to successfully implement the final stages of our Stabilisation Plan. We have made good progress with the Plan and the near-term priority continues to be to fully stabilise the business and to reach cash flow break even by the fourth quarter of this year. As well as helping us to achieve this objective, the fundraising and Solenta Agreement will also provide the platform from which to flexibly and cost-effectively pursue fastjet's medium to long-term objective of becoming the first truly pan-African low-cost airline."

Can FastJet really double, or more? - By Alistair Strang | Tue, 24th January 2017 - 10:17

It has been a few months since we last looked at FastJet (FJET). The price managed to achieve our 13.5p, actually beating it briefly at the open and in the period since, the share has achieved a degree of recovery.

As the chart illustrates, the price has sleepwalked through the downtrend since 2015 and done exactly nothing since. We'd be nervous advocating any near-term rise potentials until such time it starts trading above 19.5p as growth to an initial 24.5p looks about right.

Better still, with closure above 24.5p, there's a strong argument favouring 35p and a period of almost certain stutters.



The chart shows a few previous occasions when the share reached such a level before the trend break occurred, and doubtless selling pressure will slow down any future rise as the folk trapped since June 2016 bail at break-even.

However, we can extrapolate a doubtless distant 65p should the price ever manage to actually close above 35p. Amazingly, this coincides suspiciously neatly with the circled gap.

If trouble is planned, should it find any reason to visit 13.5p again, we'll be inclined to move seats to the upright position, place our head between our legs, and kiss our "a**e goodbye". Bottom is at a best guess 4.1p.

StockMarketWire.com
Operating losses at low-cost African airline fastjet rose to $63.9m in the year to the end of December - up from $37.9m last time.

The group reported a loss after tax of US$48.0m (2015: loss after tax US$21.9m) on revenues up 5% at US$68.5m (2015: US$65.1m).

It said the results in large part reflected decisions in early 2015 to introduce too many new routes, expand the fleet and deploy capacity beyond market demand.

fastjet said its stabilisation plan was addressing these issues and although benefits were already being realised, primarily in cost reduction, the full benefit would only be seen as it progressed through the new financial year.

As a result of the operating loss for the year the group incurred a significant operating cash outflow which resulted in a cash balance at the year-end of US$3.6m (2015: US$28.9m).

Chief executive Nico Bezuidenhout said: "2016 was a challenging year and these financial results reflect not only a difficult market place but also the overly optimistic expansion plan adopted in early 2015.

"Since I became CEO on 1 August 2016 we have successfully initiated a Stabilisation Plan to address the immediate challenges.

"However, although good progress has been made many of the Plan's benefits to reduce our cost base, and match capacity with demand, have naturally taken time to feed through and as such will only be materially realised in 2017.

"Nevertheless, the effects of the Stabilisation Plan in the second half of 2016 saw fastjet withdraw from a number of loss-making routes and remove surplus capacity such that while between July and December, capacity was reduced by 25%, passenger numbers were only down by 3% and revenues rose by 5%.

"The final stages of the Stabilisation Plan are now implemented and the strong progress we have made means that fastjet's cost base will be significantly reduced by the third quarter of 2017 and that we are well on the way to fulfilling our baseline aim of achieving a cash flow break even position by the fourth quarter of 2017.

"Since the year-end, fastjet has completed a US$28.8m fundraising, entered into a strategic and operational partnership with Solenta, and significantly strengthened our Board.

"With these initiatives building on the benefits of the Stabilisation Plan, and although a number of challenges remain, fastjet is now close to being sufficiently stable and well positioned to be able to consider disciplined growth opportunities in our target African markets."

I trust no one on here own's shares in this outfit at the moment?

I don't but think others might.
It has always been a high risk investment imo, but we all make our own decisions.