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WOWOWOWOWOWO
Moving up
All those small trades to manipulate give me a good feeling, that if someone / some entity is going to that extreme level then there is a big prize at the end of this. BUY
Sorry - ignore me thought you were referring to LSA, my bad
100% you mean.....? where'd the 20% come from
There was a 700m valuation pre covid
Read somewhere that LSA was valued at 410 a few years ago (maybe higher now due to LHR deal), 250m ish debt...?
Still 16p+ of equity if they manage anything.....?
Great RR considering TOSCA have increased
All IMO
2 million buy
That TR1 has changed the landscape completely....you had 3 funds reducing, RG taking some up......looked like priced to bust
But largest holder has taken some just below takeover threshold, there must be life somewhere...?
Let's have the 7p sale and call it quits ;)
All IMO
Does the increase allow them to have people on the board?
Will it hit zero before ukog?
See Chairman wants Southend Airport to now work with local communities against additional noise, etc as he expects to at least double passenger numbers through Southend Airport this summer, where he has additional routes planned and the Airport has seen the best results this past winter in four years. Very exciting uplift for me. Momentum is starting to gather in business, as I expect AeroItalia to start adding additional routes, and as other airlines come to the Thames Estuary Airport that is ULEZ free. GLA we can expect a broker upgrade very soon!
I think it’s shot-the backdrop is pretty unpleasant and this company has few friends after the value destruction.
Left with two out of sorts airports-Carlisle is a local joke and Southend is looking like a white elephant born 2( years too early
SC - I think we all read what Esken say but can also read between the lines too. Of course they have to put a positive spin into these statements but the reality is they are backs against the wall and the longer term future of Esken, Southend Airport and the share holders is largely out of their hands.
The little bits of new business going to Southend Airport are encouraging but in reality it's a million miles short of what would be required for Esken to pull out of the nose dive. Might help the airports future going forward but probably at the expense of the existing Esken share holders.
The statement they sent out was dated 1st December just after the £100m was obtained from the Biomass sale. This section of the statement refers to Southend Airport. Since then new routes and airlines have been obtained :-
Completion of the Disposal follows satisfaction of the Cash Sweep Condition on 30 November 2023.
Following completion of the Disposal, Esken has also repaid the full monies borrowed under the Facilities Agreement and associated costs.
As detailed in the Group's interim results published on 29 November, Esken is making good progress in respect of addressing the maturity and terms of the Exchangeable Bond and towards the sale of its non-core assets. As such, Esken is continuing to progress the process to seek a new owner for LSA, with a view to crystallising shareholder value through securing the right long-term partner, who both recognises the inherent strategic opportunity and is best placed to support future growth.
I think it might be related to Esken arranging to borrow money from a major Shareholder to keep Southend open so that the sale process can proceed without undue pressure. Maybe Carlyle were banking on Esken going into Administration before a Sale could be completed.
Thanks Ex-Flight. In addition to the RAF too-remember. Southend is getting busier now -why not! A great location.
For Carlyle group lets not forget they have been making a lot of mistakes and errors recently resulting in a change of Management. They might also find UK law is different to that in the states too. Any contract here has to be balanced and fair. Once their loan is repaid there is no dispute anyway and the way rates are expected to fall, and business is increasing at Southend we will find the action is extinguished before a hearing even starts. Esken have referred to this as such once the loan is repaid the issue goes away on their last accounts. Aero Italia will not just be serving one route -lets wait for others to follow. I would not at all be surprised to see Ryan Air back soon, as they need to make up a few favours!
The court case was known but these details are new. The case was originally said to be regarding 'technical breaches by LSA' and seemed to be in response to Esken's decision to put LSA up for sale. It has now been accused of overspending during covid. Carlyle was always going to be a dangerous bedfellow.
This is old news. Esken issued an RNS relating this Court Case in September 2023.
Start up ACMI airline Ascend Airways have stated that they will be stationing aircraft at LSA in addition to Gatwick as previously mentioned. Their first aircraft will be a Boeing 738-82R-W G-HODL and crew training is likely to commence soon.
AeroItalia at that to Milan -yes. Things are starting to pick up and it looks like our new man from Birmingham International airport here at Southend is starting to get his feet under the table. Very surprised we are down today but suppose we have been up for the past couple of days now.
Can see more flights shortly following from AeroItalia as well as Easyjet.
Selling this airport is going to look like the stupidest decision ever in a few years time.
Aeroitalia will start scheduled services to London, Southend commencing 25th March 2024. So far Bergamo/Milan is bookable daily excluding Saturdays. Additional destinations may be announced shortly.
Go the Esken L.t.d
Unbelievable Easyjet Geneva flights are running from Southend Airport from just £15 each way to either Ski, or just further explore Europe.
Grenoble flights to start early February too.