Fastjet backer converts into shares

Budget African airline Fastjet (LON:FJET) has issued 45mln new shares to New York-based fund manager Bergen for £500,000.

It comes as part of the deal unveiled in March to raise £15.68mln through six separate tranches to Bergen Global Opportunity fund.

In other news, the company, along with its branding agency, won brand strategy of the year for its grey parrot at the Drum Marketing Awards in London.

It follows three award wins at the Transform Brand Awards earlier in the year.

Fastjet’s much anticipated entry into the key South African market is scheduled to start in early July, with flights between Johannesburg and Cape Town set to go on sale shortly.

The low cost carrier is already the dominant airline on the key routes from Dar-es-Salaam to Kilimanjaro and to Mwanza.