Fastjet PLC FJET $2.4 million Placing

  Fastjet PLC (FJET) - $2.4 million Placing

RNS Number : 8137Q
Fastjet PLC
09 November 2012




For Immediate Release.



9 November 2012



                                 Fastjet Plc

                                      

                         ('fastjet' or the 'Company')



                             $2.4 million Placing

fastjet Plc (AIM:FJET) is pleased to announce that it has entered into binding
subscription agreements  to raise  $2.4 million  (£1.50 million)  through  the 
issue of  42,857,144 new  ordinary shares  in the  Company (the  "Subscription 
Shares") at a price  of 3.5 pence per  share (the "Subscription  Agreements"). 
Upon completion the Subscription Shares will represent approximately 2.43%  of 
the enlarged issued share capital of the Company.

David Lenigas, FastJet's Executive Chairman, commented:

"Following the announcement  on 5^th  November 2012 of  the completed  FastJet 
branding and the  launch of  FastJet operations  in Tanzania  with three  A319 
aircraft, the  Company is  now progressing  with establishing  the second  hub 
location for FastJet in the continuing plan to build the FastJet network  into 
the Low Cost Carrier for all of Africa."

"These additional funds will be deployed in assessing an earlier than expected
opportunity for FastJet to interact with the Southern African market place and
progressing with  the opening  of  further operational  hubs for  the  FastJet 
network across Africa."

ENDS

For further information please contact:

fastjet
Plc
Tel: +44 (0) 20 3651 6355

Ed Winter

David Lenigas

Richard Blakesley

Geoffrey White



Citigate Dewe
Rogerson
Tel: +44 (0) 20 7638 9571

Angharad Couch

Sally Marshak

Eleni Menikou



W.H. Ireland
Ltd.
 Tel: +44 (0) 20 7220 1666

James Joyce

Nick Field



NOTES TO EDITORS

About fastjet Plc

fastjet Plc is the holding company for African airline Fly540, which  operates 
from four bases in Kenya, Tanzania, Ghana and Angola. Fly540 currently has 10
aircraft serving  around  25  domestic  and  regional  destinations,  carrying 
approximately 750,000 passengers per  year with a  strong emphasis on  safety, 
security and reliability.

Following  a   consultancy  assignment   by   easyJet  founder   Sir   Stelios 
Haji-Ioannou's easyGroup focused on determining the feasibility of launching a
European-style low-cost carrier in Africa, we are now preparing for the launch
of fastjet, Africa's  first low-cost  carrier, flying  a modern  fleet of  jet 
aircraft based on the  Fly540 platform of licences  and routes. First  flights 
under the fastjet brand are expected to take place late November, bringing  an 
entirely new flying experience to the African market.

fastjet Plc  is  quoted  on  AIM  on  the  London  Stock  Exchange.  For  more 
information see www.fastjet.com

Significant African Aviation Market Potential

Africa is a growth aviation market with regional and intercontinental  traffic 
both growing  rapidly  as  a  result of  the  continent's  continued  economic 
expansion.  With  over  one  billion  people,  Africa  is  hampered  by  poor 
infrastructure, a lack of roads and railways and long distances between  urban 
populations. The African  aviation market is  significantly underserved  with 
air travel  spending as  a  percentage of  GDP a  fraction  of that  of  other 
emerging markets. With rapid  economic growth and, as  a result, the  growing 
wealth of African citizens, more and more people will be able to benefit  from 
aviation and fly for the first time. Airbus forecasts total passenger  traffic 
in Africa will grow at an average  yearly rate of 5.7% between 2010 and  2030, 
well above the 4.8 per cent world  average growth rate and expects to  deliver 
more than 1,100 new passenger aircraft, 4% of world deliveries, in the next 20
years to satisfy growing  demand. Seven of the  top 10 fastest growing  global 
economies are now in Africa with consumer spending for the continent  forecast 
to reach  US$1.6 trillion  by  2020. A  recent  McKinsey report  (June  2010) 
forecast  that  128  million  households  in  Africa  are  expected  to   have 
discretionary income to spend by 2020,  while 50% of Africans are expected  to 
live in cities by the same date  with urban jobs bringing rising incomes.  The 
McKinsey report concluded that today the rate of return on foreign  investment 
in Africa is higher than in any  other developing region and that early  entry 
into African  economies provides  opportunities to  create markets,  establish 
brands, shape.

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IOEUKANRUKAARAA -0- Nov/09/2012 16:22 GMT