Member Info for solomonkane

Interesting that in the formal rejection by Easyjet today - the EZJ board have said that EasyHolidays is continuing to 'gain significant market share'. The point being who is it taking market share from?

Agreed Stelios is no Mum & Pop mug punter - no way he is a seller down here

Problem is the people running this co have been there for decades, what is the catalyst for them to up their game? They want to stay at this co forever- they do not want the director term limits that would apply on the full list. £350m was spent on this pig of a stock and its gone down 30% over the buyback timeframe. Why can't CastleLake buy a large stake here as opposed to wasting their time with EZJ - it is a far more doable deal because there are a lot of ticked off s/h who would jump at a reasonable cash exit. They are never going to divest even part of the cash that is a stranded asset.

Early in 2025 AJ Bell told its clients that 2025 would be the year Jet2 would finally do the decent thing and move to the full list. They were confident of this and it was an expectation held elsewhere, but it was a prediction that underestimated just how stuck in the mud these guys are. They are terrified about the implications. One of the reasons for the timing of the share buy back was to head off criticism and institutional concerns about overcapitalisation and the lack of any real specific action to generate s/h returns. A year on they are still ducking the issue, they never mention AIM even though they are fully aware it is a major investor concern.

EZJ not wanting to down very much, only eased off 1p today, possibly some material news soon

I still can't see Stelios getting motivated down here ; this guy is very smart he is no Mum & Dad mug punter- there is no way he is wanting to exit down here and no way he wants to lose his brand deal either.

Not sure of overlap/ synergies with container shipping/ budget airlines - would seem an odd couple

the real issue is whether O'Leary comes charging in - all these other people, Wizz Air, etc are bit players really- the peer for EZJ is Ryanair- but that would be difficult in terms of market share - VBER issues and potential breach of 30% threshold

I agree but that is highly unlikely, because they are totally entrenched. The reason for AIM is so they can avoid director term limits on the full list. They will be there for life, and if they get away with that, then the afterlife! They are going to remain on the junior market come hell or high water. It is the only logical explanation as to why they have stayed but everyone else has left. And that is the reason for the cheap valuation. No such thing as a free lunch.

Also it has emerged on the ADVFN blog that their constant references to £2bn of net cash is misleading. They have persistently controlled the narrative so that investors and journos think they have very high net cash. It is not as cheap as the implied EV suggests using their net cash number.

given recent events, the real question that people should be asking is why Castlelake did not go for Jet2 but preferred Sleazyjet? I am sort of almost compelled to conclude that they did so and decided EZJ offered more upside.

Bank of America said yesterday a 'key constraint' is Castlelake/ US buyer is not able to take full control of EZJ and continue to operate the airline unchanged under EU airline ownership/ control requirements'.

Hence it would seem they can buy a big stake only. Its is also pretty obvious, Stelios is not some mug punter, he is not going to be selling down here. Some of the shorts are also getting squeezed.

Ok so if i understand you correctly you are saying it is disclosable 'as soon as practicable thereafter' as opposed to immediately disclosable.

But anybody acting in concert should have disclosed by now, not at the point of rule 2.7

I don't think that is right, under Rule 2.4 governing a proposal or potential proposal, a concert party is immediately disclosable

General Concert Party Details: Any relevant details regarding persons acting in concert must be announced. If it is not practicable to make full inquiries of all concert parties before the initial announcement, this must be stated, and the details must be announced as soon as practicable—at the very latest by the offeror's Opening Position Disclosure deadline

The opening position the 2% odd stake has already been disclosed- given that is the case, if they were acting in concert the other party would have to disclose

A joint bid? - i.e. a concert party would be disclosable - that has not happened - one way would be to buy Easyjet UK and sell off the EU business but that would defeat the object

Apparently load of nonsense because US company/ US owners not allowed to own/ control an EU airline due to the operator restrictions- would appear these guys have not done their homework

Btw HYDR Jet2 does not have the £2bn net cash it frequently claims it has - the £2bn net cash it claims to have includes £1.3bn deferred revenue/ customer deposits- its buried in the notes . Jet2 has the right to interest on customer deposits but not the deposit itself.

the constant presentation of such a high cash amount - it takes a lot of people up the garden path

The co badly needs to get off AIM and obtain ETF support, the board need to take tangible steps to address the co's shortcomings in the minds of investors.

The £100m share buyback has now concluded - somewhat ahead of schedule - there should be another on at the prelims

That is the AIM discount for you- co needs fresh management, not same old people hanging around for decades.

Quite right, the amounts being held in cash is absolutely ludicrous, it has gone to their head, it totally beyond any sort of realistic requirement, there should be special dividend to get it down quickly. Jet2 is massively overcapitalised. another major point is the fact that it has lost quite a lot of institutional support, a year ago everyone was a "buy" now it is a very mixed bag.

The endless pop ups and emails started last year and is being repeated despite the list decay / hit to reputation and margin loss

jet2 stock has almost halved from 2025 highs - suppose deep down, we all knew trump would **** everything up sooner or later.