Jet2 fuels up with £422m ABB

摘要

UK airline JET2 raised £422m in fresh capital on Thursday evening to help it weather ongoing disruption to the travel industry amid the pandemic. Thursday evening's placing expanded Jet2's share capital by a chunky 20%, and investors were said to be pleased with the sizing of the capital raise as a longer-term resolution. It is the first accelerated capital increase of 20% since the relaxation of fundraising guidelines expired in November. The Pre-emption Group investor body in April 2020 suspended its guidelines for six months to allow accelerated bookbuilds for up to 20% capital increases, rather than the normal up to 5% of existing capital (10% in the case of acquisition funding). That relaxation was extended to the end of November but no further despite the exceptional circumstances.