Sep 18, 2019
Hōkyō-ji Temple, Fukui, Japan
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Hōkyō-ji Temple, Fukui, Japan
Standard Life Investments ups its stake in FastJet PLC - LSE:FJET
Standard Life Investments ups its stake in FastJet PLC
TR-1: NOTIFICATIONS OF MAJOR INTERESTS IN SHARES
1: Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: Fastjet PLC
2: Reason for notification (yes/no) An acquisition or disposal of voting rights yes An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached no An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments no An event changing the breakdown of voting rights no Other (please specify): no
3. Full name of person(s) subject to the notification
obligation:
Standard Life Investments (Holdings) Limited (Parent Company) -5.988% comprised of:
Standard Life Investments Limited – 5.988%
Ignis Investment Services Limited – 0%
4. Full name of shareholder(s) (if different from 3.): Vidacos Nominees\HSBC 5. Date of the transaction (and date on which the threshold
is crossed or reached):
27/02/2015 6. Date on which issuer notified: 02/03/2015 7. Threshold(s) that is/are crossed or reached: 6%
8: Notified Details
A: Voting rights attached to shares
Class/type of share If possible use ISIN code GB00BCW3PK51
Situation previous to the triggering transaction
Number of shares Number of voting rights 98,844,580 98,844,580
Resulting situation after the triggering transaction
Number of shares Number of voting rights Percentage of voting rights Direct Indirect Direct Indirect 98,344,580 47,251,000 51,093,580 2.877 3.111
FastJet trading figures are building upon market leading position says Ed Winter - LSE:FJET
FastJet trading figures are building upon market leading position says Ed Winter
Commenting on the figures, Ed Winter, Interim Chairman and Chief Executive Officer of fastjet plc, said: “January is traditionally the month of the year when airlines see the lowest consumer demand. We are therefore very pleased with our trading figures as we build upon our market leading position in Tanzania. We have clearly demonstrated that our low-cost model is stimulating the market and encouraging more and more people to use our reliable and affordable flights rather than road transport.”
fastjet operations in Tanzania carried a total of 55,695 passengers in January 2015 and achieved a load factor of 69%. This represents a 78% increase in the number of passengers carried and a 9% increase in load factor compared with the same month last year,
On-Time Performance remained excellent at 94%Note 3.
Year-on-year, the 78% increase in passengers carried in January is well ahead of the 53% increase in number of seats flown, producing a strong uplift in load factor.
fastjet launched its Spring flying programme last week featuring the commencement of the new route linking the two busiest destinations in the fastjet network (Kilimanjaro and Mwanza).
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Month ending January 2015 January 2014 Change
Passengers Note 1 55,695 31,258 78%
Load Factor Note 2 69% 60% +9pp
Rolling 12 months ending January 2015 January 2014 Change
Passengers Note 1 621,656 370,835 68%
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Notes:
1. “Passengers” are sold seats flown, excluding infants. fastjet bookings are generally non-refundable.
2. “Load Factor” is the number of ‘passengers” as a percentage of the number of available seats flown.
3. “on time” – arrival earlier than or within 15 minutes of schedule
Interview: Ed Winter, CEO Fastjet plc - First profitable month - LSE:FJET
Interview: Ed Winter, CEO Fastjet plc - First profitable month
Fastjet plc discusses its position in the market, it’s first profitable month and the way forward.
Fastjet PLC (LON:FJET) is a low-cost airline specialising in African destinations. It offers flights between African destinations within the boundaries of the continent, and aims to become the first African pan-continental airline. It has headquarters in England at Gatwick Airport as well as in Dar es Salaam.
Ed has over 40 years of airline experience spanning from the traditional full service model of BOAC/British Airways through to one of the most successful low cost airlines, easyJet.
First profitable trading month for FastJet PLC great achievement - LSE:FJET
First profitable trading month for FastJet PLC great achievement
Commenting on December trading, Ed Winter, Interim Chairman and Chief Executive Officer of fastjet plc (LSE:FJET), said: ”The announcement of our first profitable trading month is a great achievement and a huge milestone on the road to becoming the first pan-African low-cost airline. We have already proven that the low-cost model works to stimulate traffic and we have now shown that it can create a profitable business. The Tanzanian fleet of three aircraft is now producing more than double the monthly revenue compared to a year ago. This higher utilisation, combined with higher per passenger revenues and lower fuel prices, has been transformational for the business.
fastjet Tanzania, the group’s principal operating company, posted its first profitable trading month at an Earnings before Interest and Tax (‘EBIT’) level in December as it saw strong demand for its services during the very busy holiday season and benefited from low fuel prices. Yield per passenger rose 20% compared to December 2013 with total revenue for the month up 106 per cent year on year. The contribution generated by the Tanzanian operation was sufficient to create an underlying operating profit for the month at the fastjet Plc group level.
December 2014 Passenger Statistics
fastjet operations in Tanzania carried a total of 65,653 passengers, a 75 percent increase compared to the same month last year, and achieved a load factor of 76 percent, 2 percentage points up on last year.
On Time Performance remained excellent at 89 percent.
Q1 2015
Although the first quarter is traditionally a relatively low demand flying period, trading in the first quarter is expected to be much improved on last year as the excellent growth trends in both passenger numbers and yields seen in 2014 are anticipated to continue and as the Company benefits from lower fuel costs. The number of flights operating has been reduced to match capacity to expected demand and reduce costs.
Fuel
The fuel price in January will provide a further 13 percent reduction on December prices. The Company expects further reductions in February and March as the recent falls in the price of crude oil continue to flow through to African aviation fuel supplies. As stated last month, fastjet does not currently pre-purchase or ‘hedge’ its future fuel price. The Company pays current market rates for its fuel and is therefore realising substantial benefits from the reduction in the cost of crude oil.
Although fastjet operates fuel-efficient modern Airbus 319 aircraft, fuel represents a very significant percentage of its direct operating costs. As such, the fall in the price of oil delivers a large direct cash benefit to the airline.
Millionth passenger
fastjet Tanzania is also celebrating the major milestone of flying one million passengers across the African continent.
This milestone represents another significant achievement for the low-cost airline as it is embraced into the hearts and minds of travellers in Tanzania and further afield across East and Southern Africa.
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Month ending December 2014 December 2013 Change
Passengers Note 1 65,653 37,465 75%
Load Factor Note 2 76% 74% +2pp
Rolling 12 months ending December 2014 December2013 Change
PassengersNote3 597,219 365,508 63%
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FastJet flying in Zambia just took a step closer - LSE:FJET
FastJet flying in Zambia just took a step closer
fastjet, Africa’s low-cost airline, has told DirectorsTalk that fastjet Zambia Ltd has received confirmation from the Zambian Civil Aviation Authority that it has successfully completed the critical ‘Phase 1′ of its application for an Air Operating Certificate (AOC) This is a significant step towards the launch of fastjet operations in Zambia. The next stage of the AOC process, which is well underway, allows the authorities to evaluate fastjet Zambia’s planned company structure, gain first-hand understanding of fastjet’s Airbus aircraft and approve fastjet Zambia’s operational plan.
Commenting on the news, Ed Winter, interim Chairman and Chief Executive Officer of fastjet plc, said: “The process to obtain permission to operate in Zambia is proceeding extremely well. We have an excellent team in Zambia, who are working positively with the local authorities to complete the approval process as efficiently as possible.
“We look forward to bringing the high quality and low-cost fastjet operation to the people of Zambia soon”.
Zambia will be fastjet’s second base from which it plans to operate low-cost flights to various destinations in East and Southern Africa. Prices on regional routes from Zambia are currently very high, especially so where a monopoly operator controls the route. fastjet is confident that its low-cost model will stimulate the market.
fastjet intends to announce its passenger statistics for December 2014 on 12 January 2015.
FastJet PLC receive an Air Service Permit (ASP) from the authorities in Zambia - LSE:FJET
FastJet PLC receive an Air Service Permit (ASP) from the authorities in Zambia
Ed Winter, Interim Chairman and Chief Executive Officer of fastjet plc (LON:FJET) said “We are delighted to have found a suitable structure which allows for Tanzanian participation in fastjet Tanzania, whilst providing the opportunity to raise capital from local Tanzanian investors. This is a positive and logical step in the implementation of our model of local investment and local finance for growth, and will aid in fastjet Tanzania being granted additional rights under Bilateral Air Service Agreements with other African countries on the continent.
It is pleasing to see that as a result of Management focus on the regulatory framework, approvals in both Uganda and Zambia have been granted. This is a very significant step along the road to becoming a truly pan African Low Cost airline.”
fastjet plc told DirectorsTalk this morning that fastjet Zambia Ltd has received an Air Service Permit (ASP) from the authorities in Zambia.
The ASP approval marks a major step towards launching fastjet operations in Zambia and will give the airline the authority to operate air services to both domestic and international destinations within and from Zambia.
The fastjet Zambia team is now focused on continuing the submission of the necessary documents and manuals to complete the application process for an Air Operating Certificate (AOC) which will then allow the commencement of operations.
Ed Winter, Interim Chairman and Chief Executive Officer of fastjet plc, said:
“We have been working tirelessly to roll out the fastjet model across the region and obtaining the ASP in Zambia is a really positive step forward. We still have to obtain the full AOC, but this vote of confidence from the authorities is a major step along that road.
“Timescales before the first flight will be dependent on the time taken for the authorities to review the AOC application documents. We look forward to going on sale and commencing operations in Zambia once that process has been completed.”
fastjet commenced the process of obtaining the necessary licences earlier this year. Receiving an ASP means that the Zambian Civil Aviation Authority and the Ministry of Transport has approved the business plan, aircraft choice and proposed structure of the planned airline as appropriate to operate in Zambia.
Zambia will be fastjet’s second base from which it plans to operate low cost flights to various destinations in East and Southern Africa. Prices on regional routes from Zambia are currently very high especially so where a monopoly operator controls the route. Fastjet is confident that its low cost model will stimulate the market. Uganda 5th Freedom Flights approved by Uganda
In addition, fastjet plc is pleased to announce that it has received permission from the Uganda Civil Aviation Authority to operate flights from Uganda to Juba, Nairobi, Kigali and Johannesburg under “5thFreedom” rights using Tanzanian based aircraft. Once the authorities in the relevant countries provide their approvals fastjet Tanzania will be able to offer flights linking Entebbe with these destinations.
fastjet commenced operations from Dar es Salaam to Entebbe on the 16th September, and added additional flights in October and this new permission will further establish fastjet in Uganda and assist in the process of offering additional destinations to fastjet’s growing network.
Since Air Uganda ceased flying, the fares offered by other carriers for flights linking Uganda regionally have risen steadily. With fares, starting from as low as US$50 plus government taxes, fastjet is confident that it will attract considerable customer support.
Ed Winter, Interim Chairman and Chief Executive Officer of fastjet plc, said: “5th Freedom rights present a fantastic opportunity to increase the Tanzanian network, increasing aircraft utilisation and also establishing the fastjet brand in Uganda without the immediate establishment of a full Ugandan base. ”
IATA definition 5th Freedom: This freedom is also sometimes referred to as “beyond rights”. It is the right of an airline from one country to land in a second country, to then pick up passengers and fly on to a third country where the passengers then deplane
Tanzania
The Company is pleased to announce it has signed an agreement to enable Tanzanian participation in the ownership of fastjet Airlines Limited, its Tanzanian based airline (fastjet Tanzania).
fastjet Plc and fastjet Tanzania today entered into an agreement with Enterprise Growth Market Advisors Limited (EGMA) for the purpose of selling an interest in fastjet Tanzania to Tanzanian investors. As part of that agreement, fastjet Tanzania today issued 835 shares in its share capital (the Tanzania Shares) to fastjet International Limited, a company incorporated in Tanzania (fastjet Holdco), which is in turn is owned by four Tanzanian nationals including Ami Mpungwe, George Carmichael Theobald, John Corse and Sophia Rwegellera (the Tanzania Shareholders). fastjet Tanzania also issued a further 17 shares in fastjet Tanzania to each of Ami Mpungwe and Lawrence Masha, the two Tanzanian non-executive directors of fastjet Tanzania, being 34 shares in total and representing 2% of its enlarged share capital. The issue of these shares, which were issued nil paid, brings the total Tanzanian legal and beneficial ownership of fastjet Tanzania to 51%.
Under the terms of the arrangement, the Tanzania Shareholders have agreed to sell their interest in fastjet Holdco and/or fastjet Tanzania to such Tanzanian investors (Subsequent Tanzanian Investors), at such price and on such terms as may from time to time be specified by fastjet Plc (the Placing Arrangements). Each of the Tanzania Shares (and the shares held by them in fastjet Holdco) which has not been transferred by the Tanzanian Shareholder to a Subsequent Tanzanian Investor is at all times subject to a call option in favour of fastjet Plc for the sum of USD 0.01 for each of the Tanzania Shares.
As a consequence of these changes fastjet Tanzania is expected to benefit from entry into new markets and have greater access to more international African destinations through the various Bilateral Air Service Agreements to which Tanzania is a party.
The Board of fastjet believes that the issue of the new shares and the Placing Arrangements will provide the near term benefit of local shareholding in Tanzania. It will initiate the process of finding suitable long term Tanzanian shareholders with the aim of fulfilling fastjet’s ambition of having airline companies in strategic African jurisdictions which are part owned by nationals of the countries in which they are based to help in creating a truly pan-African airline.
The issue of the Tanzania Shares will not provide any immediate cash release as the Tanzania Shares will be held by fastjet Holdco on a non paid up basis pending their sale to Subsequent Tanzanian Investors.
Funding
As set out in the interim results in September, until the contribution from operations exceeds central costs, there will be a requirement for additional funding for the Group. Furthermore, additional funding will be required for each significant phase of expansion including that in Zambia and Uganda, outlined above, as well as its near term working capital.
The Board is in discussions with a number of potential funders, including industry partners and specialist African investors, with a view to investment both at the Group level and at the individual operating company level. The Company is aiming to complete this necessary funding by early in the New Year.