Fastjet reports excellent first week and unveils fundraising plans

fastjet, Africa's first low-cost airline which started commercial flight operations one week ago in Tanzania, in which time it has carried 6,884 passengers with an average load factor of 85.4 per cent.

fastjet, Africa's first low-cost airline which started commercial flight operations one week ago in Tanzania, in which time it has carried 6,884 passengers with an average load factor of 85.4 per cent.

The company has also reported the fastjet has sold 18,090 tickets to only two destinations with bookings now being taken as far out as March 2013.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

From Friday 7th, the company will start to run additional routes to its key destinations of Mwanza and Kilimanjaro from Dar es Salaam.

Chief Executive Ed Winter said: "A great deal of hard work has gone in from the fastjet team, Tanzanian Government, agents, contractors and suppliers to make this launch such a success. We are looking forward to having all three initial Airbus A319's fully operational over the coming weeks so that we can adequately cater for the expected holiday surge."

Advertisement
Advertisement - Article continues below

The update comes as the company announced that it is increasing its working capital through a new successful fund raising with gross proceeds of £2.0m via a placing with an existing institutional investor of 66.67m shares at 3p each.

The company has also drawn down on its £5.0m equity financing facility (EFF) with Darwin Strategic, a majority owned subsidiary of Henderson Global Investors Volantis Fund, raising £514,386. These EFF shares will be issued at 3.6p each.

The share price fell 2.03% to 3.62p by 12:43.

NR

Advertisement

Recommended

Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600636/class-acts-going-cheap-buy-into-europes-best
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020

Most Popular

Visit/economy/global-economy/600991/helicopter-money-is-coming-very-soon-but-what-form-will-it-take
Global Economy

Helicopter money is coming very soon – but what form will it take?

We’re heading for a”new normal”, says John Stepek – fiscal stimulus, and lots of it. Here’s what that really means.
16 Mar 2020
Visit/investments/600992/the-helicopters-are-being-warmed-up-we-might-be-closer-to-a-bottom-than-you
Investments

The helicopters are being warmed up – we might be closer to a bottom than you think

Governments are starting to act to bolster their economies against coronavirus. But, asks John Stepek, will throwing money at the problem slow the mar…
17 Mar 2020
Visit/investments/funds/investment-trusts/600975/now-could-be-a-good-time-to-bag-an-investment-bargain
Investment trusts

Now could be a good time to bag an investment bargain

We like investment trusts here at MoneyWeek. And they can be even better during a market crash.
16 Mar 2020
Visit/investments/commodities/600729/the-rare-earth-metal-that-wont-be-a-secret-for-long
Sponsored

The rare earth metal that won't be a secret for long

SPONSORED CONTENT – You can’t keep a good thing hidden forever; now is the time to consider Pensana Rare Earths and the rare earth metals NdPr.
31 Jan 2020