The African budget airline launched by the founder of Easyjet and the businessman behind the “Gatwick Gusher” nosedived yesterday after it warned it would go bust without emergency funding.
Fastjet, which was founded in 2012 with ambitions to become a pan- African airline, has continued to burn through cash since an update on its precarious finances three weeks ago.
The Aim-quoted company said it was in talks with its major shareholders over an equity fundraising, without which it was “at risk of not being able to continue trading as a going concern”.
The latest warning sent the shares crashing 78 per cent to 3½p. The brand was launched in 2012 by Sir Stelios Haji-Ioannou, the founder of Easyjet, and David Lenigas, who as chairman.
Source: thetimes.co.uk
