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8 months ago
CORRECTED-BRIEF-Fastjet takes peer Solenta on as investor; looks at $28.8 mln placing
January 5, 2017 / 8:55 AM / 8 months ago

CORRECTED-BRIEF-Fastjet takes peer Solenta on as investor; looks at $28.8 mln placing

(Corrects headline to show that Solenta deal and placing are separate transactions)

Jan 5 (Reuters) - Fastjet Plc :

* Proposed placing to raise gross proceeds of not less than us$28.8m

* Issue price of 16.3 pence per share is a c.2 pct discount to closing price on Jan. 4, 2017

* Conditional agreement with Solenta for provision and operation of three wet-leased aircraft on a full ACMI basis, supply other services over next 5 yrs

* Has agreed to issue Solenta c.95.6 mln new ordinary shares to acquire a Solenta group SPV

* SPV will own right to enter into three ordinary course wet-leases and to receive discounts to value of $19.2 mln on future cost of services provided by Solenta

* Agreement will see Solenta becoming a c.28 pct shareholder in fastjet

* Solenta will have right to nominate two directors to board of fastjet Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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