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Fastjet Group had signalled in March that it sufficient resources to meet operational needs until the end of June.
It says it has reduced monthly cash burn – assuming zero revenue from Fastjet Zimbabwe and its charter carrier Federal Airlines – to $550,000. It had cash reserves of $1.88 million on 3 April.
But it insists that Fastjet Zimbabwe has several “pillars of strength” including a low cost base, paid-off Embraer ERJ-145 jets, and support from authorities in Zimbabwe. Fastjet Group adds that the operation is set to benefit from lower fuel prices once flights restart.
Since then they have cleared 2.2 million debt. Set up new routes and stated they are looking to purchase new profitable airlines once debt dealt with.
Fastjet Group has been holding talks with creditors and several have agreed to repayment deferrals or creditor discounts.
It says such discounts have reduced its liabilities by $600,000 to date, and its management has identified additional discounts of $1-3 million.
“Such [additional discounts] would relieve significant pressure on the company’s current balance sheet obligations in the future,” it adds.
Fastjet said the consortium attempting to buy the Zimbabwean business was committed to the deal and that it had been given breathing space by its creditors to complete the transaction.
The directors believe Fastjet "will have sufficient resources to meet its operational needs until the end of June 2020 subject to forecast revenues not being impacted by any unforeseen circumstances or significant reductions triggered by the COVID-19 virus," the company said.
I think there is more to come here. People should do there South Africa homework. I will be buying more Monday. Hopefully a bit of selling will bring the price down. New team getting to grips with this company. Don’t think I would be lending cash to a company if I thought it was going belly up. But don’t listen to me.
Maybe my last 6k free float on this monday morning.
Very good detailed update. Finger cross, finger crossed.
interesting update at 3.59 pm. still got a few months to stay open.
That’s Wizz air plc back up flying from Luton
01-May-20 14:31:59 0.0853 178,027 Sell* 151.86 O
01-May-20 14:26:24 0.109 178,027 Buy* 194.05
Losing £40 in 3 mins. Why bother trading if you can't wait...lol
They all ready have a schedule start date and are taking bookings
We may see news next week about lifting lockdown in Zimbabwe imho.
by the looks of it they will be able to secure additional funding judging by the equity in aircrafts. pure gamble.
Even 1p is x10 from current price.
This use to be £1.70 under corrupt ex management. New management with good vision. This company could do a qxl style of recovery from same position x10000%. Its a risk I am willing to take.
It's worth a punt. Just unsure if we have seen the bottom.
Top up time
Change of management
News due
Takeover possibility
Debt reduced
Low oil price positive cost reduction for fastjet
I bought yesterday @ .14 + and add today to average down to .13. I an positive this will come good Very soon.
Nearly got spiked yesterday. Will buy in if it drops further.
I for one are holding and will continue to do so.
your choice, bail and fail.
or bail and save your money
Clearly time to get back in for more whilst down. At least then we can ride up to the next level.
Whilst we are on the subject of oil, not ramping at all, but have you seen the ridiculously cheap price that BP is @ this morning, also considering we are now over the peak of the virus and more transport will be flowing on the roads next week ??
If theres one sure way of making money, then thats buying BP under £3 a share. Loving it.
GLA , happy days.
Absolutely,
They will weather this and come out much stronger, the crooks of management are now gone.
I have big hopes.
From the bottom of my heart, If this share does what I think it will, then this will be the last share I ever buy £££.
Regards,
Clarification;
"fastjet Zimbabwe expects that the significantly reduced global oil prices will help to cushion the financial impact of the forecast lower passenger demand when operations restart. The April 2020 fuel price is 35% lower than it was in January 2020, at which point fuel represented 23% of total operating costs."