Fastjet shares jump 136% after airline secures US$12m in rescue funding
Shares in FastJet soared after the company secured up to US$12m in emergency funding. The company warned earlier this week that it might go bust, but it announced Friday that it will raise $7m through a share sale, while Solenta Aviation, its biggest shareholder, will provide a further $3m. In addition Fastjet wants to raise up to $1.6m through an open offer. It came after the company revealed Wednesday it had just $3.3m in cash left. The funds will provide the group with “sufficient working capital for the remainder of 2018”, Fastjet said. Fastjet also revealed large annual losses and revenues down by more than a third from $68.5m to $46.2m. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-07-02/unaligned/fastjet-shares-jump-136-after-airline-secures-us-12m-in-rescue-funding
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Fastjet shares jump 136% after airline secures US$12m in rescue funding
Shares in FastJet soared after the company secured up to US$12m in emergency funding. The company warned earlier this week that it might go bust, but it announced Friday that it will raise $7m through a share sale, while Solenta Aviation, its biggest shareholder, will provide a further $3m. In addition Fastjet wants to raise up to $1.6m through an open offer. It came after the company revealed Wednesday it had just $3.3m in cash left. The funds will provide the group with “sufficient working capital for the remainder of 2018”, Fastjet said. Fastjet also revealed large annual losses and revenues down by more than a third from $68.5m to $46.2m. <br/>
