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It's now owned by Solenta, Nico steered the company in this direction from day 1.
Sad end to an idea of a low cost African airline. I don't think Africa is ready for it just yet
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
He has only ever updated us when he has been fundraising or the odd media interview.Unless he has somthing up his sleeve things are not looking good
Fjetcrazy the job adverts look to be dated a few months ago ,I think the situation in Tanzania has deteriorated somewhat
The crew for Zimbabwe may be for the Bulawayo route hopefully more rotations and a connection to Joburg
Should be accompanied by a current trading statement, it would be better if they brought it forward to enlighten us
Potentially a serious situation developing again with loss of revenue on top of poor trading in the first 6 months
Cash will be disappearing especially if funds in Zimbabwe are not accessible
We are losing out so much against the other operators in Tanzania one hopes that the E190 could be utilized in Mozambique or Zimbabwie to make up the lost revenue
Tanzanian tax payers funding the Air Tanzania seats at present
Destroying Fastjet's best route
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
He talks a good game but it was all a con he never improved the losses and cash burn shocking management and a betrayal of the shareholders who believed him
I didn't think it was possible but Nico seems to have burnt the shareholders cash at a faster rate than ED
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.”
Expensive lesson I got sucked in by the hype in the early days
They are running out of options having only secured a small loan against their Zimbabwe locked funds With very little headroom and a negative cash flow Solenta is certainly one of those options
Well obviously they are not signed off due to lack of funds