Well said. I was in Lonrho a while back. got shaved, not scalped. There seems to be a pattern. Take company X to the market. Big African opportunity. Huge potential. Take a few journalists out to lunch and tell them to write a positive spin. Hang on, we are missing something. Oh yes, we need some trustworthy figurehead to front the business. what about a priest? Or a retired army general? or a Sir? No, those won't do for this business. I know, what about an ageing ex pilot who flew propeller planes? Bingo.
Hendersons' exit = they surely must know/have worked out something (appropriately informed of course). Based on previous cash burn, there is surely a January deadline looming as far as funding goes. Stelios has had no involvement with this project aside from licensing the Brand and taking the associated commission. He hasn't taken his seat on the BOD or appointed anyone in his place, as is his gift. Why?
In fact, who are the BODs? Ed Winter, and now a third CFO. The CEO not seeing eye to eye with CFOs number 1 & 2? The CCO's appointment to the BOD earlier this year didn't exactly change the dynamic given he was already the CCO, from day 1. Rob Burnham is the only other long-standing Board member and apparently has had no involvement either (although allegedly draws a fee for having provided the vehicle for the Plc being established - Rubicon). It doesn't appear there is the necessary governance in place, which is why market-makers and certain institutions can play so effectively with FJ. Have they made money over the past 2 years despite the business going nowhere? All the other experienced airline execs, including their Africa GM, no longer seem be part of the picture either.
I think the post-mortem on this will be fascinating and reveal just how uniformed PIs (including me) are in reality. We look to positively reinforce what originally justified our belief in this project, despite the clear and obvious warning signs.
Plcs are in the results game, and CEO's should expect similar treatment to Premier League Managers in my opinion.
Whilst I hope it isn't too late, although a change at the top is essential, I equally hope there is the opportunity to really unpick this one if it fails; putting all the major stakeholders under the spotlight, starting with James Joyce at W H Ireland, but going right back to how this started with Lonrho.
That wouldn't surprise me at all. When this is all over I think everyone, except the paid pumpers, will have learnt a valuable lesson. I hope so as they have paid a hefty price for the classes. Top up anyone?
henderson is actually darwin. they have a lot of shares and i suspect are pulling the plug completely.
i also suspect some of the people pushing the buy story here are paid rampers from henderson. time will tell but it would be interesting to see who disappears when the sell off is over. there are at least 2 i think.
anyway now they have declared, the share price will more than likely dip unless more mug pis continue to soak them up by topping up.
I bought my 100,000 shares at 0.80, which I kind of regret now, as I was holding out for sub 0.50. If they decide to consolidate these shares at about 0.50, I will sell and take a £400 loss. However, there's now talk of oil prices dropping as low as $40 and to remain low for at least another year. On top of that, we'll soon be rid of Henderson and who knows, Stelios may even decide to take (more) control of the company. All this combined with positive results in December and early next year could see this share sitting at around 5p - 7p in the summer.
Get real - no one ever represented the interests of PIs. They have been robbed in broad daylight. To suggest Henderson are also on the losing side is ridculous! They might not make money on every share, but they are well positioned to exploit the market. You see, the market isn't some sort of equal playing field. PIs have been a lovely source of financial support - giving up $4 million of their money in the last round despite many sitting on paper losses of 80% plus. Talk about PIs redoubling theit efforts to lose! There have to be some questions asked about the why, despite haemorraghing money for a year and a half, they continued to operate Fly540 - that had to have been their worst decision. As for Fastjet today, I cannot see appetite amongst PIs to buy more shares.
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