20 February 2014 – placing and open offer

The company has announced that it is to raise £150m through a placing of 141m shares at 110p a share.  Existing shareholders can participate in the offer on the basis of 2 new shares for every 3 shares that are already held.   The proceeds of the offer are to be used to strengthen the company’s balance sheet which will help improve operational flexibility whilst the group will also look to reduce fleet ownership costs as it will move away from operating leases to direct ownership of its planes which is cheaper.  Efficiency will also be improved through investment in IT systems whilst new routes will also be introduced.  Those who hold the shares should consider TAKING UP THE OFFER.