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I will, although he or she won't appreciate, that Marksman was not a ramper of this stock. There were some far more ramping of this stock.
Some kind of reverse takeover to allow Solenta to obtain a London listing??
"Such a development, if confirmed and if it happens, could turn Fastjet into a fully owned Solenta Aviation brand."
Does that suggest taking the brand/airline private? ..End of a London listing? ..or is London key to getting financial backing ?
" keeping yourself in check for when the next sure fire share comes along...."
this was never,ever a sure fire share and the costs or running the business were ALWAYS a risk against the seasonal revenues and politics
Funny enough it seemed the best chance Fastjet had was with ED just before the Tanzania elections ..but politics showed just how tough making it in African markets still is....after that election things turned for the worse and havent got any better since
A brave effort but boy...an expensive game of poker to play that needs deep,deep pockets to make any kind of success out of it all...
At least some of you can feel a touch happy that you paid for many,many Africans to fly for the very first time...I am sure they will gladly thank you for that
The only way you take a million dollars out of an airline is to originally put in ten million..or so it seems
Sir Stelios said on Wednesday: “Naturally I am very disappointed at this news. It had been my hope to see safe, low-cost air travel thrive in Africa – as elsewhere.
“However I have been increasingly concerned over the last few years at the way Fastjet was being run – first by Ed Winter and his team and now by Nico Bezuidenhout.
“This prompted me on several occasions to indicate my concerns about the company’s management and vote my shares accordingly. If Friday’s AGM goes ahead I will ensure my representatives continue to voice my strong objections and vote against the tabled resolutions.”
This day is all in rns “...It is expected that any equity fundraise will be concluded in conjunction with the announcement of the Company's annual results for the year ended 31 December 2017.”
Trading update in April 2018 CEO”..Rashid Wally, fastjet's Chairman, commented: "Whilst 2017 presented some operational challenges for the group, it has been encouraging to see the rightsizing of fastjet's fleet beginning to yield positive results. The recent improvement in our trading performance in Zimbabwe and Tanzania combined with the successful launch of services in Mozambique gives us increased confidence in our growth strategy and the Board is confident of achieving a positive cashflow from operations for 2018...” no way sounds like a company going under!
Not right, no matter who’s trying to have this company for a song, after getting loan just a few weeks ago $7.5M why would they then go out on a spending spree to buy two new jets??? To me they must have assurances of new funding in the bag..gla
Latino, think about it ........., Solenta waiting in the wings to take Fjet, and this is a very clever way to do it
Bit baffled by rns, surely if they don’t have funding lined up, why buy new planes!!
Buy/sell price identical now.
That’s a hugh buy..! Someone very confident.
Bizzarly buys are coming in and SP off its lows
Thx Zunky
This is a real shame, though not a surprise (since the second equity swap to Solenta this has always been the end game). I can see FJET surviving (and probably thriving) as a fully owned Solenta brand, though any growth will happen outside of Tanzania as I think that market is 'closed off' now (in favour of ACTL).
It's a shame as the idea is still sound, just I guess (politically) still not the right time in Africa. I was hopeful that Nico & Co would deliver better things and was willing to re-invest once things improved, I guess that chance is now gone.
At least when I got out 12 months ago (which in itself was 6 months later than I should've done, but failed to heed the Stelios inspired signs) I 'only' had to take an 85% loss (still 5 figures though)
Short covering probably
Why
Rufiji
SOLENTA are about to steal this from under our eyes, they will get it all for nothing and we will see it thrive ROBBING......... IMO
We all got sucked in on the hype and believed that this would make it. Unfortunately Ed Winter and Nico's interests were very different. They both left very rich and shafted all of yee. .
Fjetcrazy, I think we saw the Solenta game plan in its gestation. "Creditor Reduction" ?! So suppliers are withdrawing credit and will only accept cash against delivery. The Zimbabwe bank mess obviously has had an extremely negative impact but probably has only accelerated the crunch point. If whispers start that FJET is going bust then PAX numbers will no doubt fall away. Shareholders look like getting nothing. Plenty of warning signs along the way. Obviously I have developed Stockholm Syndrome as far FJET is/was concerned.
I have lost a few grand through stupidity and should have sold years ago but here is my tip to ensure you learn from it.
I have kept Fastjet on my portfolio as a daily reminder to not get fooled again and seeing a big red -95% is a way of keeping yourself in check for when the next sure fire share comes along....
On the 05th of June did Fastjet announce that it had entered into an unsecured loan agreement with third parties, Annunaki Investments (Private) Limited ("Annunaki") and SSCG Africa Holdings ("SSCG"), in order to make available a portion of the Group’s restricted cash held within Zimbabwe. Zimbabwe is one of the countries in Africa where airline funds are held in violation of international conventions which require member states to remit such funds promptly. In addition Fastjet announced at the time that it was entering into the quieter period of trading across the calendar year and on forecast projections, headroom over available cash resources was minimal, particularly in the early part of the next year.
The cash balance for the company as at 24th of May, in advance of entering into the above loan agreements, was given as $7.5m, $5.4m of which was restricted cash in Zimbabwe of which US$5m was utilised to fund the loan to Annunaki. Fastjet received a loan of US$2m from SSCG.
Since that date has the Company continued to spend cash and as of 18th of June had a cash balance of US$3.3m reflecting the recent purchase of equity in three ATR 72-600 aircraft, further operating cash outflows and a creditor reduction. US$1.75m of this remains restricted cash in Zimbabwe net of the loan swap agreements.
Fastjet is currently in close discussions with its major and other shareholders regarding a potential additional equity fundraising, in the absence of which the Group could be at risk of not being able to continue trading as a going concern.
Whilst discussions with certain shareholders have taken place are these discussions if not outright negotiations ongoing and there can be no guarantee of a successful outcome it is understood at this time.
It is expected that any equity fundraising effort will be concluded either way when the announcement of the Company’s annual results for the year ended 31st of December 2017 is made, which is expected soon.
However, should the fundraising attempt not be successful could it result in the annual results not being published and the Company being suspended from trading on AIM.
The company said that further announcements will be made in due course.
There have been growing suggestions that Solenta, the company’s top shareholder in percentage terms, could be holding out on further capital injection to have other shareholders lose patience with the company and perhaps in this way ‘encourage’ consent to sell their shares for a fraction of their hoped for value, in other words for the proverbial song.
Such a development, if confirmed and if it happens, could turn Fastjet into a fully owned Solenta Aviation brand.
Confirmation is being sought to get to the bottom of this while several shareholders of Fastjet are, metaphorically speaking, screaming bloody murder down this correspondent’s messaging platforms and email inboxes.
Share values, on these news coming across the horizon of pundits and observer
Yea rubbish firm 3 years ago and still are they have no idea
How to run a company deserve what they get lost my 2k
Expensive lesson I got sucked in by the hype in the early days
This month, this morally bankrupt organisation reiterated a buy rating on Fastjet. This company should be hunted down for its misleading recommendations.