Jet2.com owner pleased with £172m raised after popular share placing
THE OWNER of leisure airline Jet2.com has raised £172m in a significantly oversubscribed share placing to help it through the Covid-19 crisis.
Leeds-based Dart Group said it talked to a number of its major shareholders before the placing and was pleased by the strong support it received from existing shareholders and new investors.
Executive chairman Philip Meeson said: “The board remains of the belief that once able to do so, our customers will be determined to enjoy the wonderful experience of a well-deserved Jet2 holiday and that Jet2.com and Jet2holidays will continue to have a thriving future, taking millions of UK holidaymakers annually to the Mediterranean, the Canary Islands and to European leisure cities.”
Mr Meeson bought 10,000 shares in the placing and another five directors also bought shares.
“The group is grateful to both existing shareholders and new investors for their significant support of this equity issue at no discount to the prevailing share price.
“The board believes that the proceeds of the placing, together with the recently confirmed Bank of England £300m Covid Corporate Financing Facility (currently undrawn) and the group’s fully drawn revolving credit facility of £100m, will provide the group with additional headroom to deal with this most challenging of trading environments,” Mr Meeson added. Before the lockdown in late March, Dart said customer demand for its package holidays and flight-only leisure travel had remained consistently strong, with the important January and February booking performance resulting in its summer 2020 bookings tracking being well ahead of its 16 per cent summer seat capacity increase.
However, Jet2.com had to suspend its flying programme in mid-March due to the unprecedented travel restrictions imposed by governments across Europe as a result of the spread of the Covid-19 virus.
Our customers will be determined to enjoy a well-deserved holiday.
Philip Meeson, executive chairman of Dart Group plc, owner of Jet2.com.