Icelandic budget carrier Play’s chief of finance, Olafur Thor Johannesson, is stepping down from his position, resigning just a few weeks after the departure of chief executive Birgir Jonsson.

Johannesson will stay in the role until a successor is appointed.

New chief executive Einar Orn Olafsson says Johannesson has been “instrumental” in the fundraising exercise conducted during the first quarter.

“After a successful capital raise, I feel it is the right time for me to step aside and turn my attention to other ventures,” Johannesson states.

Play Airbus-c-Play

Source: Play

Play undertook a fundraising effort in the first quarter

Play’s board of directors, earlier this month, increased the company’s share capital by issuing more than 1.02 billion new shares.

The company had been granted authorisation for up to 1.2 billion new shares, but had previously indicated that it would not use the entire scope.

Play delivered the new shares to investors on 29 April. As a result the carrier has more than 1.89 billion outstanding shares.

The airline had obtained subscription commitments from shareholders and other investors for 1 billion shares at a price of IcKr4.5.

Play also subsequently offered some 111 million shares at the same price under a shareholder equality scheme – potentially raising another IcKr500 million, although it actually received commitments for about IcKr105 million.

This means the combined offers have raised around IcKr4.6 billion ($32.8 million) for the carrier. Olafsson says this quantity is “considerably higher” than the company had expected.