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NO News is good news GL
I have decided long and hard what my next move and decided not to sell my shares iam holding to the end
If there is a court ruling that fraud has been committed (which looks highly likely) if the shares are stilled logged as active and if there is compensation then there is monies come my way
If you sell there is nothing
Let’s see where this goes in the coming years
When is this due to delist? Should we buy more in the hope that it will be relisted?
New to all these games that are played out on AIM, any advise would be welcome.
Frenchletter, you have a good point.
One of the twitter poster mentioned how lwrf went about 400% since it got delisted. Yes delisting is different from going into administration, although it is a possibility.
Overall FJET is multiple times valuable than the current mcap but in AIM anything is possible.
The number of share trades on Friday says it all.....666.
Far too optimistic.
Dividends?
If and when fjet de lists, you still own shares, what happens if it gets funding, expands, and eventually pays dividends.? Even though the shares will be difficult to trade, they will still have a worth, and you still own a part of the company,... Or am I being too optomistic..?
Anyone who has lost on this share should forget about it, learn, move on and try not to get fooled again.Also, I don't think anything will happen with legal action. Anyone thinking of buying for the first time, go ahead if you like a gamble.
I've probably not made myself clear enough, I'm not suggesting for anyone especially those who've already lost to buy a similar amount of shares. Whatever you can AFFORD is good.
TanyaX6.Ive read what you have said but most here tried to catch a falling knife and it has cut us all.We could try to fight this but I think the damage is done and throwing any more money at FJET would be financial suicide for a private investor.I personally have lost 90% of my original investment and will consign this to the bin.I have made my decision and I wish you all well in whatever you decide.
@astec123 if you read my comments above you'll see that I mentioned that I'm fully aware of South Africa and in fact beyond 1 country. I know how these exploiters work, their techniques are based on bullying. If you just take it then they win, they need to respect you and for that you need to fight back. Also don't forget FJET has planes and it is on them that the fake/unfair and unreasonable transactions are based. FJET has financial problems mostly because of Solenta. Solenta lends money to FJET so that FJET can pay Solenta exorbitant fees. This is not fair or reasonable even in hell
For those who have lost, yes hold or get some shares to protect FJET because as long Solenta doesn't have 75% we're in.
I'd like to emphasize that if Solenta bought shares and didn't disclose then our case is getting better. If they bought shares while or during discussions with FJET Directors or anytime before RNS then that amounts to INSIDER TRADING. Yes a CRIMINAL CASE for which sentences run into several years. Also read on MISAPROPRIATION another criminal offence. Basically we're being asked to rubber stamp criminal activity and pay in the process. The misDirectors seem very dodgy from a FJET shareholder point of view
I think you are all forgetting, this is Zimbabwe we are dealing with ,not some hot shot unit flying out of Heathrow.They could cease trading monday and start up again under a different name on tuesday.They have no assets, nothing ,zero,zilch,it is all leased.
Thank you Tanyax6. I will be part of the united front. I will definitely hold. Hopefully the institutional investors will be obliged, under their duty of care to their investors, to take the situation to regulatory authorities.
The vote means nothing Solanta own 60%,so they're word is final.They want out of aim to get funding.No one can change that,so your and my shares are worthless.
The biggest mistake some shareholders did was to sell at ridiculously low prices at great loss. Voting against the privatization is in our personal interests but MORE importantly it is in FJET best interests because Solenta has effectively defrauded us and FJET and expects us to wave a happy goodbye. We should hold the shares to make sure a fair price is achieved should Solenta be buying shares to achieve the 75% mark.
Thankfully and interestingly it seems from the volume of shares traded, that NONE of the other major shareholders (5%+ shareholding) has traded their shares. This suggests they'll vote against privatization which is obvious because I don't see them being part of a dodgy private company. If we give Solenta the thumbs up then we're finishing ourselves. It is very important that Solenta fails to get 75% votes because the only left after that is suing them for the unfair and unreasonable transactions. The reported figures of US$160K monthly above fair and reasonable transactions NEED and MUST be paid back. This will IMMEDIATELY sort the financing issue eg 1 year refund is $160k ×12 months = $1.92m. This is almost twice the $1m that they've been using since March therefore should at least last the company March next year.
A United front is important against privatization. We can use minority interest protections for as long as FJET is NOT privatised and as long it is listed even more protection. Directors need sacking as they're representing Solenta interests rather than FJET. To make sure Solenta doesn't instruct the Directors to put FJET in administration, a lawsuit against the UNFAIR and UNREASONABLE transactions will be handy because it removes the protection Solenta is relying on which is its "creditor" status. The "creditor" status would allow it to get the biggest assets, the planes but if the amount is reduced by 80% then they'd be in our position and think properly
Breakfree. I should have listened to your advice, but maybe at times it seemed as if you were on a mission to get this to fail. Little did I know or take actions to your advice, for that I apologise.
What was the reason for the one day large rise, was this manufactured?
Me too
So what is the outcome likely to be for us private investors?
It doesn't matter where the related party transactions were done, in fact its irrelevant. The AIM requirement still stands that related party transactions be Fair and Reasonable. May I say I'm very familiar with legal and financial requirements in South Africa and can 100% categorically say there's no law that permits such conduct. It is their (Solenta) Maltese background that they want to use to extort shareholders.
In summary it seems Solenta (through questionable FJET directors) came up with a fraudulent/money laundering plan to overcharge FJET creating losses in the process and thereby avoiding paying African taxes. The transferred profit (from FJET to Solenta) then landed in the tax haven Malta. In very simple terms, it seems they created related party contracts to siphon/take our money from FJET and negligently or deliberately thought transactions with a 60% shareholder is not related party transactions. Shocking that. Further, those transactions are NOT fair and Not reasonable and NOW Solenta wants to run away with our stolen money.
Maybe it's my forensic Accounting background or maybe this is scheme involving tax avoidance, fraud etc.
As I said the contracts were carried out in South Africa under South Africa law. This has been set up purposely. Which ever way this goes Solenta gets the planes and the brand Simple ! The clever part is that not only the questionable debt to Solenta allows Solenta to take everything....but there alleged lose of a company collapse goes against tax. Hey they don’t need shareholders any more. As they say the best way for the company to survive is as a private entity. Being owned by the hurst brothers. If this runs through at best shareholders may.... get to own part of a company that they can sell as there is no platform to do so. This is typical of smart arse people doing what they want.... rather like Flybe. Anyone that thinks Liberum are free from guilt is a fool. Clearly they have not acted with due diligence and care. You will always come back to the action and relationship of the two brothers. They did not distance themselves and behave in a transparent way clearly beneficiaries of any outcome We told you all this... hey comments like go play on the M25 and threats to break our legs are coming home to haunt you now. You were warned. They were sitting in South Africa laughing at this unfold. To get this through they need an additional 17% approval. That has already been sorted. Ask your self who has been buying the required 17% in the last 3 weeks ?? So is this why the company issued an RNS stating they knew of no reason why the increase in share price...... so that legally they could get the delisting through..... better still so the required 17% could be bought cheap! Done deal Hurst Airways opening soon.
"Liberum has not been able to advise that they are fair and reasonable insofar as the shareholders are concerned"
The AIM requirement for related party transactions is that they be Fair and Reasonable, so in effect the transactions did NOT meet AIM requirements as they should for as long as the company is still listed. Solenta was charging 5 times more than the average for servicing planes. This needs addressing/ correcting BEFORE de-listing. Legal action against both Solenta and the Directors: wrong Directors to be specific (because they wrongly directed the company). Directors should be sacked, Solenta related party transactions corrected to meet Fair and reasonable test. This will limit severely Solentas "creditor" claim which they may rely on should FJET go into administration. Once they are in ordinary shareholders position this nonsense threat will vanish immediately. Anyone can start the Legal proceedings for the unfair losses but to make maximum effect the guys holding 5% plus need to be on same side.
They need to be stopped because this practice is not good at all. If people feel the same way, buying even a few shares now will make their voice heard on decision day. Once the de-listing doesn't go through, new Directors in, proper discussions can begin with Solenta with a legal case waiting if they refuse to make their related transactions Fair and reasonable
It may be a pointless gesture but I wouldn't like the proposals to be completely unopposed.
The fat lady has flown,sung, eaten her last donought and gone to the toilet.
That’s what they said about SXX and DEB...