Shareholder news
Sir Stelios welcomes Fastjet progress |
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Posted: 13 June 2012 |
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Commenting on the relisting of Rubicon Diversified Investments and the reverse takeover by Lonrho Aviation, easyGroup chairman Sir Stelios Haji-Ioannou said: "This is another small but significant step in bringing the dream of low cost air travel to millions of people in Africa – the aviation industry's last frontier. "Past experience shows by halving fares, a successful low-cost carrier can encourage those people, who have never previously travelled by air, to fly. "For Africa, with its densely populated cities separated by great distances - this means a potential new market of millions."
Notes for editors: 1. On 8 May 2012, Rubicon announced a 10-year brand licence agreement with easyGroup whereby Rubicon acquired exclusive rights to the Fastjet brand, conditional on the reverse takeover by Lonrho Aviation. As part of the agreement, easyGroup will receive a royalty of 0.5% of revenues, shares equating to 5% of Rubicon's issued share capital and an option to acquire a further 10% at a price equal to a 30% premium to the price of the last fundraising by the Company. easyGroup will also provide consultancy services to Rubicon throughout the 10-year term. 2. In addition, easyGroup has the right to nominate two directors of the Rubicon board. Its chairman Sir Stelios Haji-Ioannou and Ed Winter, formerly COO of easyJet and founding director/COO of low-cost airline, Go, are expected to join the board following completion of the acquisition. Mr Winter is expected to be named Rubicon's CEO-designate. |
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