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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!)
Continues operations
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.
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
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.
https://www.exchange.co.tz/fastjet-eyes-partnership-with-air-tanzania/
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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
https://www.ft.com/content/1a8fa5f4-e429-11e8-8e70-5e22a430c1ad?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8
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Read above FT article if you have not done so already
Masaimara
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.
Big question, for current holders like me we will never get our investment back ( never say never , highly unlikely)the disposal of Fjet Tanzania equates to the disposal of the huge losses which come from TZ, it’s difficult to make judgment for new investors as we don’t have details of the buyout
Who will pay for the costs incurred re ATR72
How much revenue will be recieved for use of brand by Fjet TZ
Will Fastjet be able to access locked funds in Zimbabwe soon
Mozambique could potentially become a cash burner once Ethiopian starts it’s Mozi Airline
Will Nico be wreckless and start operations in SA BEFORE we are financially healthier
These are some of the questions i would want answers too before investing as a new investor, having said that, you may have INVESTED just at the right time!
Hi there
I have recently taken a punt on Fjet ( obviously knowing it can go either way ) and wondered what your opinion was of the future viability of Fjet. This takeover of the Tanzanian arm , what does it exactly mean as regards Fjet as a whole. Will it still be part of Fjet as a whole as regards income or is it now lost to them?
Deal still being discussed
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https://bit.ly/2FeYQhY
Masha after only a few days has started the turnaround !
https://www.ippmedia.com/en/business/masha-takes-over-struggling-fastjet-promises-turnaround
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Laurance Masha takes over struggling fastjet, promises turnaround
ippmedia.com/en/business/ma…
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Looks like Jimmy Kibati is back with the new Tz board
https://twitter.com/uhuru_digital/status/1062020747911143425?s=21
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The deal is done , from what i can make of the video, new CEO FJET TANZANIA, under license
You're great with the updates FJcrazy,
Agree RNS by 7am.
Noticed the buys on the bid today,nothing substantial so could go either way.
Gl
Airlines from Tanzania Lusaka is now owned by Tanzanians after the decision of the mother company ownership of Fastajet PLC of the English to withdraw into the ownership of the Agency. Read more > > channelten.co.tz/shirfsatjet
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We should get RNS today/tomorrow
https://www.bbc.co.uk/news/world-africa-46166985
European Union had recalled its ambassador to Tanzania, Roeland van in Geer...
https://www.theeastafrican.co.ke/news/ea/European-Union-envoy-recall-shakes-Tanzania-relations/4552908-4845494-14irbr7z/index.html
Push ups....
https://www.pulse.ng/bi/politics/european-union-moves-in-to-cut-president-magufuli-to-size-id9081490.html