Jet2 raises £172m in oversubscribed placing

The owner of leisure airline Jet2.com has raised £172m in a significantly oversubscribed share placing to help it through the Covid-19 crisis.

Dart Group said Jet2.com and Jet2holidays will continue to have a thriving future

Leeds-based Dart Group said it talked to a number of its major shareholders before the placing and was pleased by the strong support it received from existing shareholders and new investors.

Executive chairman, Philip Meeson, said: "The group is grateful to both existing shareholders and new investors for their significant support of this equity issue at no discount to the prevailing share price.

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"The board believes that the proceeds of the placing, together with the recently confirmed Bank of England £300m Covid Corporate Financing Facility (currently undrawn) and the group's fully drawn revolving credit facility of £100m, will provide the group with additional headroom to deal with this most challenging of trading environments.

"The board remains of the belief that once able to do so, our customers will be determined to enjoy the wonderful experience of a well-deserved Jet2 holiday and that Jet2.com and Jet2holidays will continue to have a thriving future, taking millions of UK holidaymakers annually to the Mediterranean, the Canary Islands and to European leisure cities."

Mr Meeson bought 10,000 shares in the placing and another five directors also bought shares.