FASTJET SET TO EXIT LONDON STOCK EXCHANGE
(Posted 13th August 2020)
Solenta Aviation has finally succeeded to extend their stranglehold over Fastjet PLC to a point where they will totally control the company, after a virtual General Meeting of the company resolved – against most of the votes of small scale private shareholders – to take the company out of the London Stock Exchange and turn it into a private limited liability company.
Reads an excerpt of the public notice to the LSE as per regulatory requirements, received from an affected shareholder who now fears to lose the entire value of the initial investment made:
Re-Registration as a private company
Further to the passing of the Re-Registration Resolution at the General Meeting, the Company will also now apply to the Registrar of Companies for the Company to be re-registered as a private limited company. Re-registration as a private limited company is expected to occur by 15 September 2020.
Further details of the Cancellation, the Re-Registration and the Share Reorganisation have been set out in both the Circular and the announcement published by the Company on 24 July 2020.
Capitalised terms used but not defined in this announcement have the meaning given to them in the Circular. A copy of the Circular is available on the Company’s website: www.fastjet.com.
Also contained in the notice was the following additional information for existing small scale shareholders:
Cancellation of Admission to Trading on AIM
Following the passing of the Authorising Resolution at the General Meeting, pursuant to Rule 41 of the AIM Rules, the Company will now proceed with the cancellation of trading of its Ordinary Shares on AIM. The last day of dealings in Ordinary Shares will be Friday 21 August 2020 and, at 7:00 a.m. on Monday 24 August 2020, the admission to trading on AIM of the Ordinary Shares will be cancelled. Thereafter trading in the Ordinary Shares will be transferred to the Asset Match trading platform put in place by the Company – further details of which are set out in the Circular.
At the Effective Time, being 6.00 p.m. today 12 August 2020, each Ordinary Share will be sub-divided into one new Ordinary Share of £0.0001 nominal value and one deferred share of £0.0099 nominal value. Following the Share Reorganisation, the Ordinary Shares are expected to be admitted to trading on AIM at 8.00 a.m. on Thursday 13 August 2020. The ISIN code for the Ordinary Shares will remain unchanged.
The only operating entity of Fastjet PLC has been Fastjet Zimbabwe, after previous operations in Tanzania and Mozambique were closed down
The Zimbabwe operation stands suspended as of now due to restrictions placed on air transport by the Zimbabwean government during the ongoing #COVID19 pandemic. The Zimbabwe airline has earlier on indicated a possible resumption of flight operations by early September, but the tightening of restrictions by the Zimbabwe government over fast rising case numbers could further delay a return to the skies by Fastjet (Z).