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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...
There are legs in this on Monday and I for one topped up late on @ 0.06. Good luck to the rest...
Those who don't know speak those who do DON'T!!!
Leave you with this thought tonight... law. Law of contract? Whose law of contract ? The reffered contracts as to Solenta are private born in South Africa not the uk. Think about it !
Look, the South African government raised concerns years ago. We know what is going to happen for fact.
Solenta is a private group. The hurst brothers have control of both. It costs money to build an airline. In this case shareholders paid over and over. The happy clappers can not accept that effectively Solenta and fastjet are one of the same. You all think it was about getting survival funds from Solenta. It never was Solenta have legal charges on everything. They were never going to finance this. There future is grabbing a cheap airline and have all the financial gain. Did you not think it bizarre that the way Solenta gained such a controlling shareholding ? That despite several, no many times they said they were going to go bust but always managed to keep going to the next demand ? The way fastjet so readily gave a jet to Solenta to pay of what previously as described by government ministers questionable rates for maintenance charges ? Look even there own broker quickly distanced themselves. How the plan started going wrong a few weeks ago when the share price almost reached a penny. Look what company would object to the share price going up ?? Well now you know why. Because for this delisting plan to work the share price had to be kept low. The buyer of the shares are the people who will see this grand scheme voted through. Think about it government ministers were objecting to why Solenta were charging $200,000 to maintain a plane when the maximum going rate was $40,000 You can soon put a airline in to debt at that rate. There is far worse to come. Watch this company Phoenix rise again under the management of the hurst brothers. English law..... what nonsense... there will be know claims here. Shareholders well and truly stuffed
"most of my Fastjet shares are in a share ISA with Barclays, if they go private can they remain in there. Or do I have to sell ? "
Barclays may do the work for you to offer them for sale on another platform..but would no doubt charge you a fee ..you would need to ask
"most of my Fastjet shares are in a share ISA with Barclays, if they go private can they remain in there. Or do I have to sell ? "
No..you dont have to sell them but Barclays may not be able to sell them for you on their broker platform
You would have to find one of the online trading platforms that deals with private company non listed shares and offer them for sale yourself ..
"...wrongly concluded that the transactions with Solenta were *Reasonable and Fair*, only to be told they were wrong by Liberum Capital Ltd. "
It states today that
" Liberum has not been able to advise that they are fair and reasonable insofar as the shareholders are concerned"
which may mean they are unfair but doesnt actually state that
you get the feeling that they were in a position where beggers cant be choosers ...they were in a desperate situation to keep financially afloat .....interesting to see how that issue unfolds
quick question to anyone.
most of my Fastjet shares are in a share ISA with Barclays, if they go private can they remain in there. Or do I have to sell ?
" I hope they don't get the 75% votes, then we'll see if they really are prepared to lose the company along with the planes if it goes into administration."
Solenta will take the assets from the administrator ...it is only the shareholders that will get nothing ..but at 0.07p a share they dont have anything anyway ..
They will vote to leave AIM ....it makes sense ...no reason to stay
I think most of you should have realised that staying on AIM was a daft idea and this was pretty much a foregone conclusion..The trouble is they have had so much going on and been battling against the hurricane of moeny problems that they have never made the decision...it would have saved a lot of money earlier.
There is no reason to be on AIM - they arent goin to be raising equity in the City - there arent Institutional Investors interested ...the shares hardly trade as a % of the total , and for very little money each trade...
They can be fine as a private company with shareholders...they will still produce accounts and shareholders can still buy and sell shares but through a different trade platform....although not really for trading in pocket money....
They are in dire financial situations and that has been said many , many times ....Solenta dont want to lend them money in one hand and they waste it on AIM fees with the other , when that is the last thing they need to be spending money on..
Leaving AIM makes absolute sense ....they should have done it a lot sooner...
Breakfree you should be ashamed of your behaviour, yes you were right but you always have come across as a petulant infant. You are a twisted individual.
Agreed, they had total disregard for the AIM rules. How could they suddenly allow bookings upto November and beyond yet forget to issue RNS? In my opinion they knew they were intending to delist so didn't bother following the rules.
It appears there's collusion with Directors nevermind that the CEO is Solenta related. The way the RNS is presented suggests duress to existing shareholders in that if you don't agree de-listing then no funds. I think they're bluffing, they'll provide finance either way. Not for any reason other than the massive loss they'll make if FJET folds. I hope they don't get the 75% votes, then we'll see if they really are prepared to lose the company along with the planes if it goes into administration. They have more to lose, I dare them
OMG. YOU WERE TOLD I TOLD YOU ! This is why they issued an Rns to keep the share price down. The hurst brothers are laughing. Solenta owns 60% they only need 15% more. And now you know who has been buying the stock and why. You were told. Where are the happy clappers now. Fraud is an understatement
thou shalt not invest in dodgy, shoestring AIM companies
Agree- the leadership shown here by the Company has huge questions to answer- the first RNS today speaks volumes but unfortunately most didn’t recognise it.
Libernum were not consulted it would appear about a lot of things. Immediate resignations....might be in order. Investigation by FCA???
You were all told and chose to be aggressive to me. You were all told about the very very close relationship between Solenta and the management of both companies. The over charging etc etc etc. Let it be a lesson to you all. What fools you were for not listening. I do hope the happy clappers hang there heads in shame.
Quite a few big buys even after the bad news
Might have a punt myself on Monday
They think it's best to go private. And think it's best to do a placing. So best to be listed on the stock exchange. Eh. Who knows. Who cares.
Too hot for me. I will take the loss on the chin and make it up again elsewhere.
The directors whose opinion we're being asked to follow didn't know that trading with a 60% shareholder is considered related party transactions. In addition, they had used their judgement (the same one we're now being asked to follow) and wrongly concluded that the transactions with Solenta were *Reasonable and Fair*, only to be told they were wrong by Liberum Capital Ltd.
Could this have happened in reverse order,
1) they didn't consult Liberum
2) because they knew/should've known that the transactions were NOT Reasonable nor Fair
3) Didn't recognize the transactions/contracts as RELATED party transactions until last week because they'd have been subjected to reasonableness and fair tests and Liberum would have been consulted and concluded they were NOT Reasonable and Fair?
This has had an adverse effect on both company financial position and share price and they want to benefit off it ?????
I smell something
I would say that the way the Directors reported to RNS today was done in away that they must have known yesterday that there would be condition to delist if financial help was to remain. This sort of threatened behaviour does not come in the last RNS. It must have been tabled, It’s the same with a lot of AIM shares. They see a future but create a delisting and or a dilution. Them at the top of the shareholding don’t really care or give a dam, they are in a good position of near monopoly, There’s more to this then meets the eye.