Africa-focused
low cost carrier fastjet said it has
begun proceedings in the English High Court seeking a declaration it has
fulfilled its obligations under a sales and purchase agreement last year with
Donald Smith.
Specifically,
it wants to establish definitively Smith has been paid in full for his shares
in Fly540, a forerunner to fastjet.
It
is also seeking an order that Smith immediately hands over “all the necessary
documents” to complete transfer of control of Fly540 Kenya to fastjet.
Chairman
David Lenigas said: "We are always reluctant to take legal action to
enforce a contract, so we are disappointed that the company has had to resort
to this measure to force Mr Smith to complete his part of the commercial
transaction that he agreed and signed off in June last year.
“The
company has paid Mr Smith a fair and reasonable price for his controlling
interest in Fly540 Kenya and we expect to receive in full what we have paid
for."
"fastjet
is adamant that Mr Smith has been paid his full consideration and we will now
ask the High Court of Justice to rule on this matter."
"We
sincerely hope that the process will be dealt with speedily, so that the
unnecessary and apparently contrived confusion surrounding control of the
Kenyan operations can finally be put to rest."
www.proactiveinvestors.com.au
www.proactiveinvestors.com.au
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