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Hi Supercharger - No I haven't been to London Southend Airport.
I don't dispute any of the points you make as you are obviously much closer to it and have seen it at first hand.
My point was that although the airport will ultimately be a success it will not turn round quickly enough for Esken and it will be a great infrastructure asset for someone else in time.
As someone else highlighted the airport hasn't made money in the last five years and not even when it had 2.1 million passengers. The scary thing was seeing the financials which highlighted that the airport lost less money during lockdown than it did when it was doing the passenger numbers. It will never make money until it goes past a critical mass point which is north of 2.1 million passengers and it isn't going to recover to those levels this year.
I'm guessing if the warehousing / logistics part is more developed and operating well then it brings the break even passenger numbers down but still will be out of reach this year.
I think the telling point for me was that they had to hock up the crown jewels (in their view) which says that they couldn't get any firm bidders for the energy business. They are now in the worst position that Carlyle control the agenda if Esken runs out of cash again and they can decide to take ever bigger chunks of the core asset and wealth of the company.
I agree with Gerry's point that Covid has been an absolute perfect storm for the company and most shareholder value has been destroyed by events completely outside their control.
In a financial crisis is money / wealth actually lost ? ........ or does it just transfer from one set of people to another. In this case from existing shareholders to Carlyle.
The next few months will be interesting - as a sub note it looks like the capital raise only achieved £35 million but the plan was to raise £40 million. That £5 million shortfall means a bit less time for things to turn round.
Have you been to S/end airport - do you actually know it?
i.e. I know and cannot say too much more about the expansion over the last two to three years in warehousing and facilities for transportation and cargo (some affected by flights but not all).
The new station on the Liverpool st. line helps too with the infrastructure plan.
This is going to become London's fourth airport in my opinion and has left the likes of Biggin Hill and other London provisional airports way behind.
I know the work that has gone in to the project and it will succeed. The only reason for the fall in share price has been sentiment and the fear of the business going under. The second aspect in my opinion has gone, we have security in place, and longer term we can all now see us in the Uk coming out of lockdown. A lot to look forward to/ I might even suggest we could become a RR service centre and there is no way that the three London Majors are going to cope with their fleet servicing requirements where demand will suddenly hit the market at the same time when the USA agree to flight to the Uk, if not the EU to begin with. Still you are entitled to your view. I'm very optimistic, and to be honest have made so much money on Fresnillo, Hoc. Centamin etc, that it does not matter for me financially but it does from a personal sense where I live close to the airport itself and see the benefits of expansion. Good luck and fingers crossed with your own decisions.