$FJET.L – FastJet – consolidation

FJET is, as of today, trading at its new 10X consolidation amount. The
price has dropped by 9.6% as of writing to 9.00p. 
Share dilution can now carry on in earnest, as the company was not able
to issue new shares at 1p due to legal reasons. The consolidation
skirts circumvents all this, so now the Equity Finance Facility
can continue to operate as intended.
I had written about FJET on 5 August (http://is.gd/GTXd7d), when the
share price was 1.12p. This is equivalent of a post-consolidation price
of 11.2p, so the shares have dropped nearly 20% in a little over 2
weeks. Ouch.
The price drop of 9.6% this morning tells you all you need to know.
Avoid.
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About mcturra2000

Computer programmer living in Scotland.
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