Fastjet issues mayday as cash reaches critical levels

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Fastjet issues mayday as cash reaches critical levels
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Shares in low-cost African airline Fastjet (LON:FJET) plunged by 71.94% to 4.30p (as at 13:45 BST) after the company announced that it was seeking additional funding due to its current cash position. The firm has been hemorrhaging cash through the month of June and warned that without additional funds it may be forced to cease trading.

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Management said that early discussions with major shareholders had been positive, but that there was not yet any guarantee that it would take place. If it does, the company expects it will be concluded at the time that annual results are published in December.

Comments (2)

  • Gordon Tough says:

    Is the ex CEO going to be brought to book on this or are the FCA only interested in ftse companies? He should have been done for lying to investors when he was there-but now it is blatantly obvious that after the new boss followed advise from Stelios to reduce the size of aircraft as a starter -this has not been enough toput rightcwhat Mr Ed Winter had done wrong. Sue the dog.I have lost 98% of my original investment b4 today,on the orig7nal advice of Faraday research who are also negligent

  • Gordon Tough says:

    Is the ex CEO going to be brought to book on this or are the FCA only interested in ftse companies? He should have been done for lying to investors when he was there-but now it is blatantly obvious that after the new boss followed advise from Stelios to reduce the size of aircraft as a starter -this has not been enough toput rightcwhat Mr Ed Winter had done wrong. Sue the dog.I have lost 98% of my original investment b4 today,on the orig7nal advice of Faraday research who are also negligent. I repeat

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