EasyJet aims to raise £90 million ($132 million) in a share placing to private investors and an open offer to existing shareholders later this month. EasyJet will use the cash to fund new short-haul European routes and purchase new Boeing 737s. The move is also expected to net over £45m for founder Stelios Haji-Ioannou. The move demonstrates EasyJet's confidence that low-cost carriers are set to profit from the present economic slowdown and major airlines' problems. The Luton-based operator's confidence is backed by preliminary full-year results released in late October - the first since the airline floated - which include a pre-tax profit of £40.1 million, up 82% from last year and revenues up 35% to £356.9 million.
Source: Flight International
