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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 My friends were given immédiats notice letters and had their medical insurance cards withdrawn
I’m hearing these are on a voluntary basis and temporary? ,
If the above happens, there may be room for us in SA
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.
The sp at time of trade 7.10/7.20
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,
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?
One assumes that's where the Toulouse three come in....And why Nico is sooo quiet with his head down 24\7
In light of the difficult outlook for operations north of the Limpopo River, the Group has now turned its attention to the South African market where, earlier this year, it commenced the process of exercising its option to acquire local carrier and brand licensee, Federal Air (7V, Durban Virginia).
"The intention, beyond this current financing, is for the Company to explore financing and/or joint venture options in South Africa to support full-scale entry into that market," it said. "As the largest aviation market in Africa, the Board believes that South Africa, particularly routes to and from Cape Town, is[sic] strategically important to Fastjet, which can utilise the current FedAir platform as well as fastjet management's relations and track record in the country."
The FedAir acquisition is dependent on all relevant South African regulatory requirements being met and completed. The Group expects to commence Fastjet South Africa-branded services in South Africa no later than early 2019, subject to obtaining the suitable additional aircraft for its fleet and the associated financing
At the time of the capital raising wasn't there a deal to buy FedAir? What has happened to that???
Hyde to step down
fastjet, the African value airline for everyone, announces today that Peter Hyde, a Non-Executive Director (NED) since April 2017, has resigned as a Director of the Company. With the recent appointment of Mark Hurst and due to his other time commitments, Peter has decided that now is an appropriate time to step down from the Board.
Rashid Wally, Non-Executive Director and fastjet Chairman, commented: "Peter has chaired the Audit Committee through a challenging period and demonstrated a total commitment to the development of the Company. We thank him for his contribution as a fastjet NED."
Peter Hyde said: "Although the trading and operational environment has been challenging, I have much enjoyed my time on the fastjet Board."
For more information, contact:
To start London VFA HRE
Perhaps we could expand further in Zimbabwe, having said that Air Zimbabwe is set to receive 4 E190 and two of the Four B777 , the remaining two will be leased, it has also plans to bring back the A320.
This is a RAPID and to be commended response to the fast changing market in Tanzania, ATCL have as I pointed out weeks ago flooded the Tanzanian skies with unsustainable cheap fares and available seats , this will continue until the 787 heads off to longhaul routes and will not improve anytime soon as Atcl will then have the A220, we were caught with our pants down .
I’m hearing SA is being spearheaded and hoping to start operating there sooner rather than later.
Exists only in Talks, as actually no progress seems to have been made as The Countries Leaders are prepared to support loss making State Airlines and deliberately withhold routes to competitors to try to make them un-economic and hope they will throw in the towel and give up.
In this way the State Airlines could continue with their outdated, in-efficient, over staffed, Airlines with friends in positions of Authority.
There is no Prestige in losing millions to vanity Airlines. Follow the rest of the World and let private enterprise keep down the cost of flying so that the ordinary citizens can afford to travel by Air Too.
It has been clear to me for some time that we should have been looking to expand outside Tanzania as was our stated intention. We have been, under the present regime treated unfairly with aid and financial support to the State Airline and are not playing on a level playing field. We desperately need to lessen the reliance on a single Country and spread the risk, by increasing the number of Countries/Destinations that we serve.
If we are laying off staff and only need to use one E190, What on Earth are we going to use the extra 3 ATR Aircraft, which we have presumably been paying for, for six months without a single paying passenger on them to my knowledge.
Fastjet in Tanzania has issued a notice to staff of retrenchments by the end of September and is asking for those willing to accept voluntary redundancy to come forward in the next 3 days! According to the letter from the General Manager, staff from all departments will be affected.