fastjet has agreed the sale of its sole owned Airbus A319 with Avtrade Limited for $8.0 million in cash with a 10% deposit payable on signature of the agreement and the balance on delivery.
Included in the agreement is an option to continue to operate the aircraft from today until 17 Octobeer with a reduction in proceeds of $200,000 for a usage of up to 100 cycles.
The proceeds will be used as working capital for the implementation of fastjet's stabilisation plan as outlined in the Company's interim results announcement.
fastjet is reducing the size of its fleet and is transitioning its fleet from the existing A319 aircraft to smaller aircraft, a move which is expected to yield an approximately 15% cost reduction for fuel, maintenance, handling and navigation charges. At 8:05am: (LON:FJET) Fastjet PLC share price was +2.38p at 24.5p