Artemis and Hargreaves Hale buy into start-up African airline

Artemis smaller company manager John Dodd has taken a near 10% stake in the business behind FastJet – a joint partnership with easyJet (EZJ.L) founder Sir Stelios – which plans to set up a low-cost African airline.

Dodd took 25 million shares in a placing by Rubicon Diversified Investment (RUBI.L), which plans to raise finance for the project, worth £1 million at an issue price of 4p.

The shares are held in the £274 million Artemis Alpha Trust, a pick of Citywire Selection, co-managed by Adrian Paterson. The fund invests primarily in small, micro-cap and unlisted UK businesses.

Rubicon announced in early December its intention to develop a 'low-cost, point-to-point, no-frills, all-jet' airline along the lines of easyJet, serving regional hubs across the African continent.

The company has agreed to pay Sir Stelios’ easyGroup £505,000 to carry out an initial feasibility study.

Also buying heavily into the company in recent weeks has been Citywire A-rated Giles Hargreave, head of Hargreaves Hale, arguably one of the most successful UK smaller company managers of recent years.