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due to LAM cancelling planes as could not afford to buy fuel, and directors sacked after stranding their Prime Minister.
Board of Directors dismissed as PM left grounded...
http://www.tam.co.za/article/181892/LAM-Board-of-Directors-dismissed-as-PM-left-grounded
THE uncertainty around regional budget airline Fastjet's future partly due to unremitted cash from its Zimbabwean operations has added credence to the view that Harare's currency problems "are killing business", analysts say.
http://www.businessdaily.co.zw/index-id--zk-45834.html
Fuel shortage grounds Mozambique's flag carrier...
http://apanews.net/en/news/fuel-shortage-grounds-mozambiques-flag-carrier
Correction: cock up not cockpit.
You are absolutely right PMJINVEST. Nico has made a major cockpit and then covered it up with these 3 ATRs.
There is no hope of flying them in Tanzania, as the government won't allow it. Same goes for Zambia and Uganda. South Africa is out too as finding a local partner is not going to happen soon. Flying them in Zimbabwe is possible but is the point if you cannot recover earnings. Mozambique seems the only possibility, but there is no mention of that.
Best option is to sell them and do nothing but build load factor on the routes we have with the aircraft we have. No options e it's except slow steady growth. This airline if it survives will take a decade to achieve meaniful stature.
8p ?....good luck with that..... if shareholders had wanted more they would have bought them at 3p
That things have not gone to plan, I cannot believe that it was planned to have not 1 not 2 but 3 Aircraft sitting on the Tarmac for 6 Months before hopefully eventual usage. The statement says one in Tanzania with no routes stated, one for Zimbabwe with only Bulawayo mentioned and no mention of the 3rd. It all seems to be vague with the answer made to fit the question. This time lag from paying for them to ultimately getting revenue from them flying is too great for it to be on plan.
This then begs the question, have lessons been learned again to go at a pace that is in line with approvals and agreements to fly with the relevant authorities.
We cannot allow further commitments to Aircraft without 100% irrevocable assurances and relevant documented approvals to fly.
Shareholders are only just hanging on, another big failure would sink us.
Ah well, maybe I’ll make the effort to listen to it, then! I met Nico briefly at last week’s AGM, mainly to apologise for missing almost all of its brief 15 minutes duration thanks to a train delay. He did tell me that the gist of the meeting was to assure investors that “all is carrying on much as it always has, for the foreseeable future.”
Good morning Marksman, as time consuming as it is , 21 minutes of Nico going on record does offer some clarity on the brick walls we face, still very tight lipped mind.
Fjetcrazy:
Thanks us usual for all of your recent research and contributions.
To me, while we’ve read most of what FurtherAfrica covers in its article, in the latest RNSs and much other media coverage just based on press releases (and I note their footnote credit to CH-Aviation as their source), FurtherAfrica’s own article takes some beating for its clarity and comprehension with its own succinct take on fastjet’s latest plans for its recent funding.
I daresay Nico does the same and more in your other post but I’m not sure I can sit through 21 minutes of that interview!
https://furtherafrica.com/2018/07/02/fastjet-secures-us10m-in-funding-moves-to-acquire-fedair/
No chance, we have a long way to go and we will be lucky to see an sp above 8P
After also changing the financial year to fall in line with parent corporation Kenya Airways did Jambojet, effective 31st of December 2017, report a loss of 101 million Kenya Shillings. This compares to just 25 million Kenya Shillings loss for the entire 12 months of the previous FY.
https://atcnews.org/2018/07/02/jambojet-posts-another-loss/
ATR has today published its new Market Forecast (2018-2037), where it estimates a market for 3,020 turboprop aircraft in the next 20 years.
http://www.africanaerospace.aero/atr-sees-demand-for-3-000-new-turboprops-over-the-next-20-years.html
Its still rising! Wil it get double digits today?
avoid Zimbabwe like the plague.
https://insidetravel.news/fastjet-still-strong-on-south-african-launch/
https://www.dailynews.co.zw/articles/2018/06/29/fastjet-on-verge-of-collapse
at 4.27 was a buy, they dipped the price to 7p for a minute, presumably mates rates again!!
Another mouth to feed....
https://za.linkedin.com/in/mark-hurst-35b95428
Shambolic....and really Suspicious..... blamed largely on engine fail.
Neil Wilson, chief market analyst at Markets.com, said: 'Lower costs in particular should be welcomed by investors, but how they got to this state where they are risk of running out of cash today is pretty shambolic.'
The chief executive of Solenta, Mark Hurst, will join FastJet's board as of next week.
How many months will that last? I wonder what the strategy after the cash is burnt through? Easy money to be made on the way down.