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Omg so SOLENTA serviced fastjet aircraft at what rates. And then fastjet give solenta a plane to part pay invoices. ?
Read this the accusations are damming and very conflicting....
https://www.theindependent.co.zw/2014/04/04/ministers-clash-aircraft-lease-deal/
Happy clapper read this .....
The company’s managing director is Paul Hurst who went to school at St Georges College in Harare and worked for AirZim and other companies before joining Solenta. His brother Mark Hurst is group managing director.
The operation manager is Sharon Gray who also lived in Zimbabwe before moving to South Africa.
Aviation sources say government authorities felt the agreement was a rip-off as it was too expensive for AirZim.
While Solenta was charging the national flag carrier exorbitant fees amounting to over US$200 000 per month, similar aircraft could be leased from elsewhere for as low as US$50 000.
“Solenta Aviation was paid over US$3 million during the subsistence of the contract and is currently owed US$1,1 million by AirZim,” an aviation source said.
“This shows how expensive the contract was.”
The termination of the contract and anticipated re-tendering for new wet leases today has caused serious clashes in government and Zanu PF circles.
Sources close to the deal said on Wednesday Kaukonde and Khaya Moyo had a heated meeting in Harare with Mpofu where the two accused the Transport minister of interfering with the Solenta contract because of political considerations.
Khaya Moyo and Kaukonde belong to the Mujuru faction.
According to AirZim, the decision to enter into an agreement with Solenta was made on the basis that it was more economical to do that than use the much bigger AirZim’s Boeing 737 and 767 which are costly to run.
Sources said Mpofu’s ministry was now investigating the Solenta deal.
“This is a factional fight with a business dimension in which senior Zanu PF officials are at each other’s throats over a deal which went sour,” said the aviation source.
“Kaukonde is involved in the deal on Solenta’s side and Mpofu terminated the contract which was issued under his predecessor, Nicholas Goche, a Mujuru loyalist.”
However, Mpofu told the Independent yesterday the lease had already expired and that its termination had nothing to do with who is currently running the ministry and AirZim. “The tender had expired and in any case it is not the minister who deals with the tendering processes,” Mpofu briefly said, before the line cut.
Think people need to be worried?
Just thinking that’s the most idiotic statement this week Fastjet tell you of imminent failure, if you were solenta would you keep ploughing money into a dead duck. Solenta have everything to gain if it does go bust. M&G have bailed out , course your theory is they don’t want to make a profit. I think you should start printing guarantees for everyone’s investment here These will trickle down then people could take a punt but don’t see why they should support the happy clappers
Absolutely nothing your saying is fact or of any substance ironic chairman of fastjet is ceo of consortium
Happy clapper back.... what element is lies.....
On another note just read this....... Mr. Hurst continues to serve as Group CEO of the Solenta Aviation Group. mmmm conflict ? Not sure our interest may be best met there ?
Fastjet own FedAir which taxi tourists. Those planes are charted and leased. When lockdown hit they were all cancelled and most staff made redundant or serious pay cut. That’s the problem with this outfit they just don’t have a pot to pee in. I think they are just to close to solenta to care about us shareholders. ulterior Motives at play here now. It stinks. What I want to know is how the share price managed to rattle up recently. Even the happy clappers couldn’t do that and while M&G were selling as well that’s another stink !
No their no longer a big customer the last jet has gone they only now have the two Embraer aircraft which solenta have a charge on. I don’t know about you but it’s a poor doo when they can’t even be accurate when they are going bust.
Think we all forget as well this is South Africa and people don’t manage business the same as the western world. A lot of money can just vanish. Even the government is not offering any bailout money due to covid. I can’t understand what they plan to do if they get the deal through ?? Best parts would go to SOLENTA like the jet in April.
I am not convinced. There not jumping to a deal. What your saying is solenta should by rights support the deal because of its holding. But under the deal it takes assets and the best part of the business as part of a de investment. In other words solenta are fastjet biggest creditor. So being the biggest creditor it clears the debt to fastjet gets the meat on the bone and fundamentally not a lot left other than a debt free shell. If the deal doesn’t go through fastjet we likely fold and solenta with all its first charges get the lot. Alternatively fastjet go into further debt with someone else and solenta still have overall control and probably could not play ball in getting that further expensive funding. It’s a mess and stinks. Its all loaded in Solentas direction.
Ps what’s the share price at close ? Why? Nothing has changed. If anything negative facts and covid 19 has come to light The current price has no justification. The price will trickle back down to below its low and people will decide on punt / gamble .
I have never ramped or deramp a share. I have always stated facts people on here lately have not been stating facts, have used old data as though it’s recent and created hipe As more info comes out you have to reassess your assessment and investment. One of the problems with fastjet is they keep crying ‘wolf’ regularly they say now there running out of funds. Really the business has not been sustainable for a long time now with out borrowing money. Other airlines down there are doing well. If the deal goes through this company will fundamentally just be a shell with franchise ability. The company has not specifically stated what it will do if the deal goes through. So the gamble is will the deal go through either way SARL win. The investor doesn’t. If the deal does go through and especially with what has gone on lately what will be left that actually gives the company a valid value and surely with its view of a deal being done why is it not peddling its future and what’s its going to do ?? This now stinks to me of collusion which is not in the shareholders interest.
Yes , basically Solenta are getting assets on the cheap. Not good for us smaller shareholders. The only way forward if the BOD are committed to the smaller shareholders and sure of their convictions is yes another rights issue which would I know be ridiculous but cheap funding
That’s I think is very fair comment
See sense, fastjet even said these shares are over priced for all the risk.
Look. Fastjet really on local passengers and tourists. Local passenger trade is very unreliable as so their destinations. This is why they keep trying new routes. The tourist trade is predominantly American. The American trade is up the creak at least until next year. Fastjet have told you that. People are ignoring that When and ifand if they come back fastjet won’t be there any more. The European market is in a worse situation. Why is anyone going to fund a debt riddled company with bad history to stand still for an unknown period etc etc
Take your thoughts. Really would you lend them money. Little assets left, nominal income, what prospects??? It’s worth a gamble but only when the price is back down and you can afford to lose. But history speaks for its self. Truth is they have gone round the house’s borrowing money and now there’s no where left. Solenta are just waiting to grab the bits.
Haha good to laugh in the face of adversity
It’s just a brand name. That’s it Full stop.
Typical idiots behaviour. This board is about fastjet. You constantly frame it against others to detract from a company that’s done finished sucking money away. Get real folks stop insults. Your making it personal because you’re wrong and losing money. Seriously call your selves investors get a life.
Read back fool. Truth hurts you hence your attempt at childish talk which also backfired. LOL !!
Hey one saving grace you’ll be able to buy this company for a penny soon at this rate