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I agree, Solenta played a blinder, just flown Fastjet Jnb Vfa, flight full both ways, the erj equipment very tired, also I note ATCL about to announce Services to Lusaka joburg and Harare, is now a good time for new investors to buy in? Probably, but not for me , also closed the book on this one, but would love to see it succeed, let’s hope Nico does not spend it all at once in SA !
Into the realm of share homeopathy.
Roll up Roll up......
Could anyone please explain to me what this latest RNS means in reality to the small Fjet investor please? Is it good , is it bad? Have we lost our money?
No, it's a private entity.
I am really confused regarding Fjet. Are we still in business? Very little news being put out!!
Solenta seem to have a strategy for African airline ownership and have played their hand successfully pre and post FJet takeover. You can't blame them for stepping in to buy out FJet and they will make a success of it. It sad that we have had to take the pain for them to reap the gain.
I am thinking ....... Is it possible for UK nationals to invest in Solenta? Does anyone know the answer?
Looks like our expectations re Solenta are coming to pass.
I know Law Masha; he is a savvy lawyer who is porbalby looking to re-start his political carrer having surprisingly lost his Mwanza seat in the last election.
I think he was on the original Ed Winter crafted board back in the days of great optimism and is/was Chairman of Associated Portland Cement plus other buisness interests so no placeman.
THe mandate I would suggest is to merge FJET TZ in to Air Tanzania
Looking back over this saga I still pin point Winter's unfathomable decision to involve FJET in FLY540 without, it would appear, any substantial due diligence, and his weakness forr Anglo expats over line professionals
I am closing the book now.
I think Edenville Energy are the cause of their own problems as they have been unable to meet contract obligations on coal; but Magafuli is certainly frightening a lot of people
It's now owned by Solenta, Nico steered the company in this direction from day 1.
Sad end to an idea of a low cost African airline. I don't think Africa is ready for it just yet
easiet way to launder money. No one in their right mind would back this - yet there must be a corrupt core who are using fastjet to defraud shareholders. This company needs to cease imo.
Personally i don’t see TZ franchise survival at a continuation of unsustainable losses
So for $1 the new owners get no debt, no aircraft, no booking system, 100s of staff and have to sign up to a brand licence to use the name. Will it still be in the air on 1st December??
jeez ......to think they have already consolidated the shares before and it looks like they will end up doing it again
300m at 16p sounds somewhat better than 3 billion at 1.6p ...producing more shares here than Venezuelan bank notes !!
Good to see them survive, and interesting to see the forecasts /trading updates. I wonder what the SP will be on 10th December given the 5 fold increase in shares in the register (to ca 3bn!)
Still waiting on news of Fjet TZ
Re-issue! Re-package! Re-package!
Re-evaluate and dilute the position because the share holder is worthless.
Nicos salary is safe..........
16 November 2018
Proposed placing and subscription to raise gross proceeds of not less than US$15.6 million
Proposed open offer to raise up to US$5.3 million
Issue of equity for balance sheet restructuring of US$24.4 million
Transactions increase equity base by at least US$40.0 million
fastjet, the low-cost African airline, is pleased to announce a proposed fundraising and equity refinancing to issue equity with a value at the issue price of not less than US$40.0 million (the "Equity Refinancing") comprising:
i. a placing by way of an Accelerated Bookbuild to raise gross proceeds of not less than US$11.5 million before expenses (the "Placing") through the issue of at least 898,437,499 new ordinary shares ("Placing Shares") at a placing price of one penny per new ordinary share (the "Issue Price");
ii. a subscription by Solenta Aviation Holdings Limited ("Solenta"), who has agreed to subscribe for 316,738,282 shares at the Issue Price for gross proceeds of US$4.1 million; and
iii. the issue of 1,909,824,218 shares at the Issue Price with a value of US$24.4 million a) to acquire four Embraer 145 aircraft (the "Embraer 145s") from Solenta and to settle associated early termination lease charges, b) settlement of the majority of the Solenta long term loan and overdue interest, and c) professional fees.
Still now news here clock is ticking!
Tyche EDENVILLE ENERGY now being targeted by same Magufuli tactics
Back to fjet, they kept it virtually grounded for months bled it dry in Tanzania and about to buy it for a poxy Tanzanian shilling, And our CEO is letting this happen, Wonder what J Kibati is getting out of this having returned
such a Joke LOL unreal everyone else did all the hard work and now this hardly surprising. Anyway what comes easy will go easy so they will probably collapse after a while.
Talk about stealing people's assets!!
Not invested here but shocked at how things are panning out, having used Fjet flights many times and spent lots of time in TZ and speaking to locals whilst there it seems things are not rosey at the moment. This kind of thing should be a stark warning to companies looking to do business in TZ, the mining sector also has issues.
The budget airline Fastjet Tanzania could form a mouthwatering partnership with Tanzania’s national air carrier Air Tanzania Company Limited (ATCL), according to Fastjet Tanzania’s first executive chairman Lawrence Masha.
The former Minister of Home Affairs announced the company’s plans while updating the press on the developing news of Fastjet Tanzania being own by Tanzanian investors. In addition to the partnership which would scale up operations in the aviation industry, M. Masha hopes to steer the carrier to improve the tourism performance of the country by offering quality services for its travelers.
Fastjet Tanzania has experienced wobbling performance in the Tanzanian territory that has compelled the board to reconsider its operations in the country. The air company has fallen short of funds to support its day-to-day operations, with potential finance investors pulling out of the business.
The new changes, especially at the helm, should open a new chapter for the airline that has a fleet size of four crafts. The forecast partnership with Air Tanzania, which has a fleet of five is a signature of good tidings in the aviation sector in the country. Air Tanzania is gearing up efforts to make an international appearance having established itself in the East African region.
There could be more good news for Fastjet Tanzania that also looks to collaborate with international airlines as it set to expand its operations in the future beyond Tanzania. Its local destinations include Dar es Salaam, Kilimanjaro, Mbeya, and Mwanza. Since its inception in Tanzania in 2012, the air carrier has served more than 2.5 million passengers.
According to Tanzania invest, the total number of air passengers in Tanzania increased by 62 percent in the past five years, from 2.1 million in 2010 to 3.5 million in 2015. The robust growth shows the importance of air transport as a business connecting network. The government of Tanzania has hence boosted its efforts in ensuring the sector grows.
Headline should read ATCL set to STEAL fjet
Thanks for all that Fjetcrazy
Read above FT article if you have not done so already
Fjet Tanzania will have nothing to do with fastjet once deal goes ahead, the only future revenue would be for use of the Fastjet brand.