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Pjt Tanzania THIS ANNOUNCEMENT, INCLUDING THE APPENDIX, AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. fastjet Plc ("fastjet", the "Company" and, together with its Subsidiaries, the "Group") 16 November 2018 Proposed placing and subscription to raise gross proceeds of not less than US$15.6 million Proposed open offer to raise up to US$5.3 million Issue of equity for balance sheet restructuring of US$24.4 million Transactions increase equity base by at least US$40.0 million fastjet, the low-cost African airline, is pleased to announce a proposed fundraising and equity refinancing to issue equity with a value at the issue price of not less than US$40.0 million (the “Equity Refinancing”) comprising: i. a placing by way of an Accelerated Bookbuild to raise gross proceeds of not less than US$11.5 million before expenses (the “Placing”) through the issue of at least 898,437,499 new ordinary shares (“Placing Shares”) at a placing price of one penny per new ordinary share (the "Issue Price”); ii. a subscription by Solenta Aviation Holdings Limited (“Solenta”), who has agreed to subscribe for 316,738,282 shares at the Issue Price for gross proceeds of US$4.1 million; and iii. the issue of 1,909,824,218 shares at the Issue Price with a value of US$24.4 million a) to acquire four Embraer 145 aircraft (the “Embraer 145s”) from Solenta and to settle associated early termination lease charges, b) settlement of the majority of the Solenta long term loan and overdue interest, and c) professional fees. In addition and subject to the passing of certain resolutions at the General Meeting, the Company is proposing to raise up to a maximum of £4.1 million (approximately US$5.3 million) by way of an open offer to be made to Qualifying Shareholders (the “Open Offer”) at the Issue Price. The Issue Price represents a discount of 39 per cent. to the closing price of 1.65 pence per ordinary share on 16 November 2018. The Placing which is being conducted by way of an accelerated bookbuild (the “Accelerated Bookbuild”) will be launched immediately following this Announcement, in accordance with the terms and conditions set out in the Appendix to this Announcement. The Placing Shares are not being made available to the public. It is envisaged that the Accelerated Bookbuild will be closed no later than 6.30 p.m. today, 16 November 2018. Details of the number of Placing Shares and 1 the approximate gross proceeds of the Placing will be announced as soon as practicable after the closing of the Accelerated Bookbuild. Neither the Placing nor the Open Offer are underwritten. The Company intends to send a circular to shareholders (“Circular”) in connection with the Equity Refinancing and the Open Offer on or around 21 November 2018. The Equity Refinancing and the Open Offer is conditional upon, inter alia: (i) the approval by Shareholders of the Authorising Resolution which will be sought at the General Meeting which is expected to be held at 10.00 a.m. on 7 December 2018; (ii) the Solenta Subscription Letter becoming unconditional in all respects (as further described at Section 3 of this Announcement); and (iii) the Placing Agreement not having been terminated in accordance with its terms prior to Admission. If either (i) Shareholders’ approval of the Authorising Resolution is not passed, or (ii) the Solenta Subscription Letter does not become unconditional in all respects prior to Admission, or (iii) the Placing Agreement does not become unconditional in all respects prior to Admission, the Equity Refinancing and the Open Offer will not proceed and the Group will be at risk of not being able to continue trading as a going concern. If the Equity Refinancing does not proceed and complete, and, in the absence of the Group being able to successfully agree or implement any alternative funding, the Directors will seek to commence the process of placing the Group into administration. Under such circumstances, Shareholders could lose all or a substantial amount of the value of their investment in the Group. Accordingly, the Directors believe that the successful completion of the Equity Refinancing and the Open Offer represents the best option available to the Group. Highlights: • The Equity Refinancing will reduce fastjet’s debt significantly (c.US$2m of short term loans and c.US$2m of long-term debt outstanding) and it is expected that it will result in the Group being fully funded through 2019. • The Company, with a substantially stronger balance sheet and recently improved results from operations, will be better positioned for growth going forward. • The Equity Refinancing should leave the Company with improved underlying core performance expectations and will be used to: o bring current creditors up-to-date; o significantly reduce long term debt and associated servicing costs; o settle the liabilities of the Continuing Group (being the Group excluding its interest in fastjet Tanzania arising from its decision to stop all funding to fastjet Tanzania and the Tanzania MBO); and o provide fastjet with sufficient working capital until the end of 2019. • The proceeds of the Equity Refinancing will comprise: 2 o US$12.0 million of equity issued to Solenta for the acquisition of four Embraer 145s (and to settle associated early termination lease charges) to be deployed in Zimbabwe, as fastjet intends to localise assets; o US$10.4 million of equity issued to convert a significant portion of long term debt owed to Solenta (and accrued interest) (total principal debt owed to Solenta of US$12.0 million); o US$6.6 million of cash to settle all current short-term hard currency creditors; o up to US$3.7 million of cash to cover major creditor settlements associated with the decision to stop funding fastjet Tanzania; o US$2.8 million of cash to fund Mozambique losses, as operations remain in early stage development; o US$2.5 million of cash to settle hard currency creditors in Zimbabwe, providing contingency for currency repatriation; o US$2.0 million of equity to settle professional fees associated with the Equity Refinancing; and o up to US$5.3 million of cash for general working capital purposes across the Group depending on uptake of the Open Offer. • As a consequence of the Solenta Investment, Solenta’s interest in Ordinary Shares will increase from 29.8 per cent. to 54.3 per cent.. Under Note 5(c) of the Notes on Dispensations from Rule 9 of the Code, the Panel Executive has waived the requirement for a general offer to be made by Solenta under Rule 9.1 of the Code on the basis that independent Shareholders holding Ordinary Shares carrying more than 50 per cent. of the voting rights of the Company which would be capable of being cast on a “Whitewash” resolution have confirmed in writing that they approve such a waiver and would vote in favour of any resolution to that effect at a General Meeting. • Trading for the four months ending October 2018, with the exception of fastjet Tanzania is broadly in line with management expectations: o continuing operations of Zimbabwe and Mozambique (launched November 2017) performance improvement is ongoing, with revenue from these two markets growing to $12.5 million and generating a trading loss of $1.3 million; o in South Africa, FedAir generated revenue of US$3.7 million, delivered trading profits of $0.35 million (for the three months ending September 2018) while providing a base from which the fastjet brand can gradually enter the market during 2019; o in Tanzania, which represents a discontinued business going forward, delivered $9.6 million in revenue and a trading loss of $4.7 million, consequent to Air Tanzania, the State-owned carrier in Tanzania, deploying wide-body (Boeing 787) capacity on Domestic Tanzanian routes at below cost yields, as well as regulatory delays experienced in deploying further aircraft in this market. • The Company has entered into a conditional share sale agreement with local management in Tanzania in relation to the sale of the Company’s interest in the holding company of fastjet Tanzania, fastjet Air TZ (BVI). Further details of the Tanzania MBO are set out at Section 2 of this Announcement. Nico Bezuidenhout, CEO, commented: “Business in our continuing operations in Zimbabwe and growth-markets of South Africa and Mozambique is on the right track and revenues from these markets now cumulatively exceed that generated in Tanzania, a market in which fastjet has been active since 2012. The steps taken in acquiring the fastjet brand in 2017 allows fastjet to change the deployment model in Tanzania away from one where we assume equity risk and funding obligation, in its stead aiming to deploy the brand in Tanzania on a franchise basis. The third successive 3 award as Africa’s leading low cost carrier, received at the 2018 World Travel Awards, supports fastjet’s brand building journey whilst the benefit of a restructured balance sheet going forward, should support sustainable growth” This Announcement is released by fastjet Plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this Announcement is made by Michael Muller, Chief Financial Officer of fastjet Plc. For more information, contact: fastjet Plc Tel: +27 (0) 10 070 5151 Nico
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