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."

StockMarketWire.com
African budget airline Fastjet trimmed losses in the year through December as costs fell 46% but revenue slumped 32.6% amid a fall in passenger numbers. The company also announced it would tap investors for more funds to shore up working capital for the remainder of the year.

For the 12 months to 31 December, losses before tax narrowed to $24.4m from $67.5m the previous year, revenue fell 32.6% to £46.2m and operating losses were 61% lower at $25.3m compared with $65.6m the previous year.

Revenue per seat rose 30% to $60.9 from $46.9

The firm blamed the fall in total revenue on weaker passenger number, which fell 31% for the year compared to the previous year, as the company nearly halved its capacity as part of its cost cutting programme.

Total costs decreased by 46% to $70.7m from $136.2m.

Fuel accounted for 19% of total costs, while maintenance, reserves and engineering of the aircraft accounted for 8% of costs.

FastJet also said that it would raise at least $10m in a share placement - this comes after the company warned earlier this week that a severe funding crunch may cause it to halt trading.

'In 2017, the successful implementation of our Stabilisation Plan saw us realign our network, withdraw from loss making routes, reconfigure our fleet, migrate the Group's headquarters to Africa, and significantly reduce our cost base. These actions have resulted in a substantially reduced loss for 2017, said Nico Bezuidenhout, fastjet Chief Executive Officer. 'As part of our targeted network expansion strategy, the first fastjet branded flight in Mozambique took off last November and over the next 18 months we have a programme of further measured expansion of services in Mozambique and, subject to appropriate fleet expansion, new services in South Africa.'

Posting of Open Offer Circular

Posting of Open Offer Circular

fastjet, the low-cost African airline, is pleased to announce that, further to its announcement of 29 June 2018, it will today post a circular (the "Circular") to Qualifying Shareholders regarding an Open Offer of approximately £1.6 million. The Circular will also be made available today on the Company's website www.fastjet.com.

All capitalised terms in this announcement have the same meanings as those given to them in the Circular, unless the context otherwise requires.

The Open Offer is being made to Qualifying Shareholders on the register as at the Record Date, being close of business on 3 July 2018, for up to 20,092,623 Open Offer Shares at 8 pence per Open Offer Share (being the same price as the Issue Price for the Placing) on the basis of:

1 Open Offer Share for every 26 Existing Ordinary Shares

Qualifying Shareholders are also being given the opportunity, provided that they take up their Open Offer Entitlements in full, to apply for additional Open Offer Shares through an Excess Application Facility.

Full details of the Open Offer, including terms and conditions and details on how to accept the Open Offer, are set out in the Circular, which will be posted to Qualifying Shareholders today and available on the Company's website.

Application has been made for the Open Offer Shares to be admitted to trading on the AIM Market of the London Stock Exchange ("Admission"), and it is expected that Admission will become effective and that dealings will commence in the Open Offer Shares at 8.00 a.m. on 30 July 2018.

Following the issue of the Open Offer Shares (assuming full take-up under the Open Offer), the enlarged ordinary share capital of the Company will be 637,920,676 Ordinary Shares.

I would be surprised if that is fully subscribed. I can't think of any reason why private investors would throw more money into the pot.