Stelios takes up Fastjet cash call

African budget airline Fastjet yesterday raised £11m through a private placement of shares, including a £1m investment from a unit of EasyGroup, the firm led by EasyJet founder Sir Stelios Haji-Ioannou. EasyGroup has also agreed to waive £4.3m in consultancy fees in exchange for £1.5m-worth of new shares. The Aim-listed airline, which expects to post a loss of $47m for last year, more than doubled its total shares in issue through the placing.

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