Nationwide Sold

[FUG]

I hear that Nationwide has been sold (60%) to the AGE Group - African General Equity - headed by Wiseman Nkuhlu.

Can anyone confirm?

[dickyd737]

its been for sale for a while? is it real this time?:confused:

[Brutes]

He will never sell to full of sht, maybe he should look at options this time, Heard things are not looking good over there,

[FUG]

Dear Employee:
As you are well aware there has been a great deal of speculation in the media about Nationwide Airlines, our future, and
potential investment or acquisition. We are aware that this has been quite unsettling for you. It is unfortunate that we
have not been in a position to communicate with you on these matters due to non‐disclosure agreements that have been in
place therefore restricting communication about our ongoing negotiations.
We have now concluded negotiations with black investment partners and are pleased to advise you that we have signed a
Memorandum of Understanding which ultimately will result in the investment partners acquiring the majority shareholding
of Nationwide Airlines and the group of companies.
This is a very exciting process as this will bring many new resources to the table including the recapitalization of the
company. In the upcoming weeks we will be planning the way forward in a participative manner with all employee groups
and will openly discuss plans for fleet renewal, employee share holding options, improvement of services, current
resources/reporting structures and opportunities for improvement to mention but a few.
This process will commence at the start of March and will continue through April and possibly May.
It is widely recognized by our new partners that our employees are the strength of the company. Although new structures
and improvements may be implemented, we wish to assure you that the jobs of all employees remain secure. The
intention is to grow the airline, introduce more expertise in key areas and expand our network. We intend to communicate
with you regularly and would urge you to take the time to communicate your ideas and suggestion to us to enable us to
grow Nationwide into a formidable force.
Once again, may I extend my personal thanks to each and every employee for the hard work and dedication that has been
shown. I am fully aware that the last few months have been particularly taxing for all. The news of our new partners is only
good and I ask that you embrace the changes that will come as we can only but benefit in this process.
Sincerely,
______________________________
Vernon Bricknell
Chief Executive

[trubru]

:eek:The abovementioned Memo has been released earlier today to the office...it looks like it can be true this time...

Just Googled AGE Group and got this...

Prof WL Nkuhlu (Wiseman)
Qualifications: B.Com., CA(SA), MBA
Positions Held: - Chairperson, African General Equity Consortium
- Director, Development Bank of Southern Africa
- Chairperson, Eastern Cape Development Corporation
- Director (Non-Exec.), Kagiso Trust Investments
- Chairperson, Metropolitan Financial Group
- Director, Nkunzi Investment Holdings
- Chairperson (Non-Exec.), Randfontein Estates Limited
- Chairperson, Swissair




Background


Professor Nkuhlu is considered an important player in the area ofsocio-economic development in South Africa. He is a director of Gencor and Chairman of the Development Bank of South Africa (DBSA) which provides loans for projects such as housing and entrepreneurial development.

Professor Nkuhlu also serves on the board of the IDT. The main focus of the IDT is on the needs of the poor, ensuring the availability of services to communities that cannot afford to pay. He is also Chief Executive ofthe Independent Development Trust and president of the Black Management Forum (BMF). Previously he was rector of the University of Transkei (1987 - 1992); and a partner in a private accounting firm in Umtata.

During his youth, Professor Nkuhlu attended political meetings and was a member of a banned organisation which led to his arrest. He spent two years on Robben Island and on leaving, worked as a clerk at the Loraine Gold mine. He completed his schooling via correspondenceand in 1967 was able to register for a B.Com degree at Fort Hare University. In 1976 he qualified as the first Black Chartered Accountant in South Africa.

[FUG]

He also happens to be Thabo's economic advisor.

Deputy Chairman at the AGE Group is Max Sisulu - no. 19 on the NEC list.

[vagabond 47]

BUKAVU, 50% DIRT/50% SEAL SEEMS A LONG TIME AGO VERNON.:cool:

[Morphieus]

"Nationwide Air Africa
Air travel growth in South Africa is at it’s highest level, and shows further growth potential. The AGE Group has launched the first black charter airline in partnership with Nationwide Airlines called Nationwide Air Africa.
Boeing Fleet
One (1) B767-300ER
Eleven (11) B737-200 Advanced
Two (2) B737-500S
Two (2) B727-100
Four (4) B727-200 Advanced"


This is for real this time, got the above from the AGE group website: http://www.agegroup.co.za/Logs.html

[afreekanhoar]

Dear Past & Present employees of Nationwide,

There is but one response to the Vertical finally selling…

SWEET SCREAMING JESUS!

This must be Nationwide’s finest hour! To all you ladies and gents driving those fluffy’s around good luck, it can only get better from here.

The ONLY way Nationwide will ever change is when VB lets go – AMEN :D


You’re all in for very exciting times, lets all hope and pray the rumours ring true on this one :O

[Maurice Chavez]

Typical NTW management correspondence.... You never hear $hit from them for months and now this.....To all my ex collegues there, good luck and hope it will all work out for you!

Cheers!

Maurice

[PAXboy]

afreekanhoar
The ONLY way Nationwide will ever change is when VB lets go
Don't forget that, any organisation that has been built around one man - will continue to have his shadow for many moons to come. Despite lots of reorganisations and new people and procedures ... the 'old way' of doing things will survive - often unintentionally.

It's a bit like Apartheid: that was built into the country over hundreds of years then 50 years of official implementation and it will take time to build it out again.

[Solid Rust Twotter]

New owners appear to have some clout. Wonder how the grounding of Nationwide affected the price during negotiations?:suspect:

[Flying Bean]

Quote
The main focus of the IDT is on the needs of the poor,
Unquote

Ah well. That should help the Aircrew then!!:):)

Good Luck Guys and Girls

[ChiyaWena]

Anyone got any accurate details of the deal, %'s, cost, etc??? And how exactly is this going to affect 'Nationwide Airlines', according to the AGE statement all they have done is start a new charter company, (like SA needs another one of those) just using the Nationwide name. Or was that one of Vernon's conditions to sell, must keep the Nationwide brand. I recall something to that effect with a previous deal that fell flat.:ugh:

Anyway, any change in this sort of direction can only be good for the company and lets hope for good things there. Who knows, maybe the news has come just in time to stem the flood of expected resignations at the end of Feb.:confused:

anyone with accurate good gen out there let us have it.:ok:

[Flyer14]

News24 is also reporting the sale....

[LittleMo]

NTW charter and Airlines are 2 seperate entities, on paper at least. 2 seperate AOC's etc. Wouldn't suprise me in te least if Vermin has sold the charter 'company' to the BEE boys and now the focus of NTW changes to charter flying with the BEE company as the vehicle for this.

Only snag is the pilots are all contracted to Nationwide Airlines not Charter and can't be made to fly for charter unless they give explicit, written consent. Imagine when the BEE guys' shiny new charter company gets its 1st flight but eish there is nobody to drive...:ugh:

[ChiyaWena]

That's what I was wondering about. Heard that VB wanted out of airline operations to focus more on the charter/ contract side of flying again. But hey, this is a rumour forum after all. So who knows. :hmm:

[Boeing Rules]

All I can say is you can expect a lot of fun and games in the following few weeks. :)

good luck to all the employees of CE, you going to need it.:ok:

[RSQ]

"It's a bit like Apartheid: that was built into the country over hundreds of years then 50 years of official implementation and it will take time to build it out again."

Yes, and looking at the parlous state of everything that needs maintenance it seems as is it is getting built out rather rapidly!!!

[PAXboy]

RSQ, Yes, indeed!!! Maintenance needs to be done continuously - at a low level. So, when the funds stop, there is a period of time when the good stewardship runs on. Then it runs out ...

We saw this in the UK. Thatcher chopped off maintenance to British Railways to save money. Ten years later, and we started to have derailments and minor prangs, then we had the first medium sized one. Those that said, "Told you so" were ignored. Then the BIIIG prang - NOW the politicos jump in and start huffing and puffing and blaming the commercial companies.

Your electric power infrastructure has used up all the inbuilt leeway and fat and sensible over capacity. To catch up will take more than 13 years and, if history is any guide, will never happen.

[Juliet Sierra Papa]

"Your electric power infrastructure has used up all the inbuilt leeway and fat and sensible over capacity. To catch up will take more than 13 years and, if history is any guide, will never happen".


AMen to that PAXboy