silverjet plc has successfully raised £25.3m from institutional and other investors, placing 24m Ordinary Shares at a placing price of 112p, valuing the Company at £33.6m. This puts silverjet on course to launch its low fare, all business class, long haul airline service within 6 to 9 months.
silverjet intends to commence operation with a twice daily service between London and New York, each aircraft configured with inclined flat beds. Silverjet’s anticipated average fare for the London-New York route is £999 which is substantially below current average fares for business class travel and also below current average fares for premium economy travel.
Lawrence Hunt, Chief Executive Officer, commented: “We are delighted with the overwhelming response we have had from investors and are delighted that so many highly rated institutions have invested in silverjet. The funds raised from our listing on AIM will provide us with the necessary working capital to launch the airline within 6 to 9 months with an initial service operating between London and New York and to add a number of attractive destinations over time.
“This is an exciting time for business and leisure travellers as we set out to revolutionise the long haul business class market. From day one, we will be offering silverjet passengers the opportunity to fly the Atlantic at an highly affordable price and yet experience a luxury business class product with inclined flat beds throughout. We will look to offer our customers a superior service through the entire booking, transfer, embarkation, in-flight and disembarkation experience.
“We look forward to delivering a great service to our customers and creating significant value for our shareholders.”
The shares will be listed on AIM under the symbol SIL.
Arden Partners is acting as sole Nominated Adviser and broker to silverjet.