At Fastjet's AGM and GM in Gatwick yesterday, the institutional shareholders (mainly M&G) decided to keep Colin Childs on. Sir Stelios said that he was happy with that as it now leaves M&Gs Tom Dobell and Colin Child to clear up the mess.
However, the (wholly expected) announcement that there would be a new rights issue (having just burned through almost £50 million in the last 15 months) has further depressed the share price to 24p.
Fastjet to raise more funds as cash dwindles