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Fastjet PLC (FJET.L)

FJET.L on London Stock Exchange

1.42GBp
23 Aug 2019
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Latest Key Developments (Source: Significant Developments)

Fastjet CEO Nico Bezuidenhout To Leave Co
Tuesday, 2 Jul 2019 02:00am EDT 

July 2 (Reuters) - Fastjet PLC ::FASTJET PLC - DIRECTORATE CHANGE.FASTJET PLC - NICO BEZUIDENHOUT, COMPANY'S CHIEF EXECUTIVE OVER LAST THREE YEARS, HAS GIVEN NOTICE THAT HE WILL LEAVE COMPANY.FASTJET PLC - IN INTERIM, MARK HURST, CURRENTLY DEPUTY GROUP CEO, WILL TAKE UP POSITION OF ACTING CEO.FASTJET PLC - NICO BEZUIDENHOUT WILL LEAVE COMPANY, AND BOARD, AT END OF SEPTEMBER 2019, TO RE-JOIN A BUSINESS OF WHICH HE WAS ORIGINAL FOUNDING CEO.  Full Article

Fastjet Expects To Report Marginal Underlying Oper Profit For 2019
Tuesday, 23 Apr 2019 02:00am EDT 

April 23 (Reuters) - Fastjet PLC ::FY GROUP REVENUE FROM CONTINUING OPERATIONS INCREASED BY 166% TO US$38.3M (FY2017: US$14.4M).GROUP INCURRED AN OPERATING LOSS FOR CONTINUING OPERATIONS FOR FY 2018 OF $41.2M ((FY 2017 $11.2M LOSS ON CONTINUING OPERATIONS).Q1 FY2019 RESULTS DELIVERED UNDERLYING NET OPERATING LOSS OF ABOUT $0.2M ON REVENUE OF ABOUT $9.5M ($7.8M LOSS ON REVENUE OF $13.8M IN Q1 FY2018).EXPECTS TO GENERATE MARGINAL UNDERLYING OPERATING PROFIT FOR 2019, EXCLUDING ONE-OFF FOREIGN EXCHANGE LOSSES DRIVEN IN ZIMBABWE.FASTJET BOARD EXPECTS 2019 TO BE A MARGINALLY PROFITABLE YEAR FOR GROUP AT AN UNDERLYING OPERATING LEVEL.ABILITY TO REPATRIATE FUNDS FROM ZIMBABWE, ALONG WITH VOLATILITY WITH ZIMBABWEAN CURRENCY, REMAIN AS MATERIAL RISKS TO BUSINESS.GROUP IS TAKING MEASURES TO PUT INTO PLACE DEBT-INSTRUMENTS AGAINST UNGEARED ASSETS IN ORDER TO CREATE A LIQUIDITY CONTINGENCY BUFFER.  Full Article

Fastjet Appoints Kris Jaganah CFO
Friday, 5 Apr 2019 02:01am EDT 

April 5 (Reuters) - Fastjet PLC ::DIRECTORATE CHANGE.APPOINTMENT OF KRIS JAGANAH, TO ITS BOARD..JAGANAH, 39, HAS BEEN SECONDED TO FASTJET IN ROLE OF DEPUTY CHIEF FINANCIAL OFFICER SINCE OCTOBER 2018.MULLER REMAINED IN HIS ROLE AT FASTJET UNTIL END OF MARCH 2019 TO ENSURE A SMOOTH TRANSITION.  Full Article

Fastjet Has Cash To Operate Until Dec 21
Thursday, 13 Dec 2018 01:03pm EST 

Dec 13 (Reuters) - Fastjet PLC ::FASTJET PLC - SATISFACTION OF EQUITY REFINANCING CONDITIONS.FASTJET PLC - FASTJET IS PLEASED TO ANNOUNCE THAT ALL REMAINING CONDITIONS FOR EQUITY REFINANCING AND OPEN OFFER HAVE NOW BEEN SATISFIED.FASTJET PLC - REVIEWED ITS CURRENT CASH REQUIREMENTS AND IS ABLE TO CONTINUE OPERATING UNTIL 21 DECEMBER 2018.FASTJET PLC - HAS SUFFICIENT FUNDS TO CONTINUE OPERATING UNTIL ADMISSION.FASTJET PLC - AS AT 12 DECEMBER 2018, GROUP HAD CASH BALANCES OF US$7 MILLION, OF WHICH US$6.5 MILLION IS RESTRICTED CASH HELD INSIDE ZIMBABWE.FASTJET PLC - APPLICATION HAS BEEN MADE TO LONDON STOCK EXCHANGE FOR NEW SHARES TO BE ADMITTED TO TRADING ON AIM.  Full Article

Fastjet Says It Has Cash To Continue Operating Until Dec. 14
Friday, 7 Dec 2018 07:38am EST 

Dec 7 (Reuters) - Fastjet PLC ::AT MEETING, RESOLUTION TO ALLOT & ISSUE SHARES & DISAPPLY PRE-EMPTION RIGHTS FOR REFINANCING, OPEN OFFER & AAR SETTLEMENT WAS NOT PASSED.AT GENERAL MEETING, RESOLUTION ON ONGOING AUTHORITY TO ALLOT AND ISSUE SHARES WAS NOT PASSED.CONTINUES TO REVIEW ITS CURRENT CASH REQUIREMENTS AND IS ABLE TO CONTINUE OPERATING UNTIL 14 DECEMBER.AS AT 6 DECEMBER, GROUP HAD CASH BALANCES OF US$ 6.8 MILLION, OF WHICH $6.4 MILLION IS RESTRICTED CASH HELD INSIDE ZIMBABWE.DISCUSSIONS TO DATE WITH RELEVANT STAKEHOLDERS FOR GECAS CONDITION HAVE BEEN POSITIVE.  Full Article

Fastjet Says It Is Evaluating Its Tanzanian Operations
Wednesday, 26 Sep 2018 07:08am EDT 

Sept 26 (Reuters) - Fastjet Plc ::HY REVENUE $30.1 MLN VERSUS $21.2 MLN.RECENT CHANGES IN COMPETITIVE LANDSCAPE IN TANZANIA HAVE CAUSED BOARD TO EVALUATE FASTJET'S TANZANIAN OPERATIONS.HY LOSS PER SHARE 0.03 CENTS.ADDITIONAL FUNDING WILL BE REQUIRED BY END OF OCT TO ENABLE FASTJET TO CONTINUE OPERATING.REEVALUATING CONSEQUENTIAL FINANCIAL IMPACT OF CONTINUED LOSSES IN TANZANIA OPERATION, WHICH COULD INCLUDE CEASING OPERATIONS IN COUNTRY.ABILITY TO CONTINUE AS A GOING CONCERN REMAINS VERY SENSITIVE TO ITS FUTURE FUNDING REQUIREMENTS.IN ACTIVE TALKS ABOUT POTENTIAL EQUITY FUNDRAISING, IN ABSENCE OF WHICH GROUP UNABLE TO CONTINUE TRADING AS GOING CONCERN.  Full Article

GAM Holding Cuts Stake In Fastjet To Less Than 5 Pct From 9.776 Pct- Filing
Friday, 3 Aug 2018 02:00am EDT 

Aug 3 (Reuters) - Fastjet PLC ::GAM HOLDING AG CUTS STAKE IN FASTJET TO LESS THAN 5 PERCENT FROM 9.776 PERCENT- FILING.  Full Article

Fastjet ‍Says Underlying Trading For FY Ended Dec 31 Broadly In Line With Expectations​
Thursday, 5 Apr 2018 02:00am EDT 

April 5 (Reuters) - Fastjet PLC ::‍UNDERLYING TRADING FOR YEAR ENDED 31 DECEMBER 2017 BROADLY IN LINE WITH EXPECTATIONS​.‍FASTJET CARRIED 535,363 PASSENGERS AT AN AVERAGE LOAD FACTOR OF 71% IN 2017​.‍FY EXCEPTIONAL CASH COSTS OF US$4M INCURRED IN DECEMBER 2017 DUE TO ENGINE FAILURE ON A319​.600 AIRCRAFT AND ENTERING INTO $12M LOAN AGREEMENT WITH SOLENTA AVIATION HOLDINGS LTD​.  Full Article

Fastjet CEO Bezuidenhout returns to Mango to lead turnaround

South Africa's Mango Airlines has rehired Nico Bezuidenhout as chief executive to speed up its recovery plan, turning to an executive who led the business for nearly a decade and recently steered Africa's Fastjet back from financial crisis.