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Let us pray
Im sure Nico will already have lined up his next job in the African market, having done a lot better than most shareholders out of FJET.
.
Chief executive officer Nico Bezuidenhout said: "Today's capital raising will give Fastjet the adequate headroom it needs for the remainder of 2018.
that was said in July..yeah right!!
1p coming here..
looking very grim here.
"Additional funding will be required by the end of October to enable fastjet to continue operating; The Company is currently in active discussions with its major shareholders regarding a potential equity fundraising, in the absence of which the Group is not able to continue trading as a going concern. Whilst initial discussions with certain shareholders have been positive, discussions are ongoing and there can be no guarantee of a successful outcome."
https://www.eturbonews.com/233886/new-tanzania-security-charges-to-hit-airline-travelers-hard
PS the Financial Control Authority is the regulator of the LSE. Anyone wanting to pursue some of Ed’s or Nico’s money might be well advised to get in touch with them
Oh, there will be a response from Nico in the next couple of days. He has nowhere to hide, either fastjet’s bankrupt or he HAS to publish the interims. I hold my tongue here, I have zero respect for either Nico or Ed. I would love to know their remunerations. Maybe this is something that the LSE regulators should be looking into.....
Last Few Days , and no response or update from Nico ?
Thx for update, not a very good way of handling it by your account
Not at all. My friends were given immédiats notice letters and had their medical insurance cards withdrawn
Phonewind,
I’m hearing these are on a voluntary basis and temporary? ,
https://twitter.com/bbgafrica/status/1044093943145799681?s=21
—-
If the above happens, there may be room for us in SA
Cabin
What roles? Flight/ Cabin? Engineering?
3 of my friends were laid off yesterday. They’re already talking to Air Tanzania
The buy and sell indicators mean nothing. I think Fastjet will survive, it has for years against all the odds but only with huge injections of capital, thanks to the shareholders, some of whom of late with an eye on buying the company. It needs to be scaled down further and start to look more closely at the environment in which it operates. It started with big planes. The Easyjet of Africa idea based in Gatwick, south east England. The idea was that thousands of Tanzanians would be jetting around Africa, rather than travel by bus. Share price 40 pounds. That did not work out too well. Then there was a rethink. Smaller planes, suited to land at the airports they wanted to fly into was suggested and taken up. That was a shrewd decision. A very clever one, made by people drawing astronomical salaries. But, whilst that addressed the problem , it didn’t solve it. Share price 7 pence today. As many managers of Fastjet, and other small African airlines have said in the past, it is very difficult for an airline to make money in this part of the world. What they didn’t say is that it is not so difficult to make money being a director of one.
B787
The sp at time of trade 7.10/7.20
Fjetcrazy, It looks like that was a sell. Actually looking at the trades yesterday, it would appear that there were 440,000 shares sold in three trades, I would guess by the same seller. The trades will show as a buy if the traded price is above the listed price at time of transaction. I base my assumption on the basis that the trades were at 7.1 and 7.2p, the lowest traded values in weeks. If they were buys, I’d expect them to be at a higher price. I could very well be wrong, this is just my strong suspicion.
Someone did buy 240.000 shares today ahead of the very late interims, clever or plane stupid?.
It’s back to full schedule in December so both aircraft will be needed,
http://clubofmozambique.com/news/air-passenger-traffic-grows-in-the-second-quarter-of-2018/
That they have delayed publishing the Interims until the last possible week is a little disturbing. I hope I’m proved wrong, however I can only imagine that they will not be pleasant reading for shareholders. I think if this airline is going to be around much longer, Nico needs to regain trust from shareholders. One simple step would be transparency such as publishing monthly traffic stats. I was very critical of Ed Winter when he stopped publishing these - he cited the reason as being that he didn’t want the competition knowing. I think that is rather dubious and more likely that he wanted to withhold poor traffic stats from investors as long as possible. I guess, next week, we find out one way or another how the finances are holding up.
After the sudden huge drop the SP continues to be in free fall with no sign of any recovery and no urgency on behalf of the BOD to restore the fortunes of this ailing company.
Too late to bale out now so is there any hope of the engines being restarted or is the end now inevitable?