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.