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Jet2 owner bolsters finances with £170m share placing

Jet2 and Jet2holidays’ owner Dart Group has raised more than £170 million through a share placing.

The proceeds add to £300 million secured by the company in a government Covid loan and a £100 million credit facility.

Dart revealed that about £172 million had been raised through the issuing of new shares.

The shares being issued represent 20% of the existing share capital of the group.

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.

“The board believes that the proceeds of the placing, together with the recently confirmed Bank of England £300 million Covid Corporate Financing Facility and the group’s fully drawn revolving credit facility of £100 million, 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.”

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