It means that Nico and Ed have completely screwed the shareholders over the last 6 years.Millions thrown at this with nothing to show for it.All the rubbish about the change of aircraft etc. What's left a small airline in Zimbabwe and Mozambique using 50 seater planes Nico has achieved nothing except closing bases routes and playing with different ideas none of which have generated a profit.He and others have managed to draw their salaries out of the shareholders pockets with no risk to themselves
Nico has been as big a disaster as Ed.He has not cut costs in the last 12 months burned cash etc.The 3 aircraft sitting in Toulouse the mind boggles on what plans he had for them . He knew what the 6 months accounts were in June when he went to the shareholders and fed them with a rosy picture
An expensive lesson in not knowing enough about the market or the management team The latter Ed and his cronies and lately Nico are and were never capable of running any type of business,they never understood that cash flow is the lifeblood of business unfortunately they managed to keep cashing their pay checks at the epense of all the shareholders
The schedule has been significantly reduced in Tanzania over recent months ,how can we need more equipment to fly less rotations. Maybe Zimbabwie for one and Mozambique for another. One gets the feeling that we are not making progress and the half year results may confirm this
Sir Stelios said on Wednesday: “Naturally I am very disappointed at this news. It had been my hope to see safe, low-cost air travel thrive in Africa – as elsewhere.
“However I have been increasingly concerned over the last few years at the way Fastjet was being run – first by Ed Winter and his team and now by Nico Bezuidenhout.
“This prompted me on several occasions to indicate my concerns about the company’s management and vote my shares accordingly. If Friday’s AGM goes ahead I will ensure my representatives continue to voice my strong objections and vote against the tabled resolutions.”