British airline Easyjet announced Thursday that it has raised 419 million pounds (493.8 million francs) through the issuance of new shares, which should allow it to further strengthen its finances to cope with the crisis.
This operation, the principle of which was revealed on Wednesday evening, concerns a little less than 15% of the carrier’s capital, according to a press release.
Easyjet is pleased with the support received by its shareholders and new investors during this placement, which took place in a few hours at a price of 703 pence per share, which is 5% less than the closing price on Wednesday.
The group had obtained the approval of its shareholders in February for a possible fundraising corresponding to 10% of its capital.
He will therefore have to ask for their authorization for the additional 5%, at the risk of opening a new front with the group’s founder and first shareholder Stelios Haji-Ioannou who holds more than 30% of the capital.
The latter criticizes the group’s strategy in the face of the health crisis and even asked for the departure of the directors before being defeated at a recent general meeting.
The group plans to use these funds raised to consolidate its finances, which have been severely tested by the health crisis and the long paralysis of air traffic.
Excess cash
Easyjet resumed its flights in mid-June but the restart will be very gradual and the sector is preparing for a few difficult years with depressed demand.
Thanks to the fundraising, the company will now benefit from a cash surplus of 2 billion pounds.
It had taken several measures in recent weeks to strengthen its finances, with a loan of £ 600 million from the public authorities, a postponement of aircraft deliveries to Airbus and a restructuring with the abolition of 4,500 jobs, or almost a third of its workforce.
The air transport crisis will have a very heavy impact on its financial results.
The carrier has already widened its net loss during the first half ended in late March, which takes into account only the very beginning of the paralysis of air traffic due to confinements, according to results released Wednesday.
/ ATS
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