Fastjet

[redED]

No details yet but isn't the marketplace rather too crowded? Another bluff by Stelios?

Fastjet.com (http://www.fastjet.com)

Budget airline easyJet has been told that founder Sir Stelios Haji-Ioannou is setting up a new airline which will be branded 'Fastjet'.

easyJet says it has a number of rights under its agreements with Sir Stelios and easyGroup IP Licensing Ltd, a subsidiary of easyGroup Holdings Limited.

And it says it will take necessary action to protect those rights if they are infringed by Fastjet, Sir Stelios or any company controlled by him.

easyJet says Sir Stelios alleges that easyJet has breached the terms of the binding comfort letter between him and easyJet of 10 October 2010 and that that letter is no longer in force.

easyJet emphatically rejects these claims. easyJet says it continues to seek constructive dialogue with easyGroup and Sir Stelios.

[millerscourt]

Stelios has been complaining that Easyjet has been expanding too much so now we are to believe he is going to add even more aircraft into an overcrowded market.

I'll believe it when I see it.

[F14]

New start up by Stellios:D

Stelios Launches Rival To EasyJet Called Fastjet | Business | Sky News (http://news.sky.com/home/business/article/16077489)

[planenut321]

Will be really interesting to see what plan he has for this airline... Will he go head to head with Easy or find new airports/routes/aircraft? Suppose we will have to sit, wait and find out.

Agree with millerscourt though. Isn't it overcrowded enough?

[F14]

This is good news for the market and Stellios does have the track record to do well. Any ideas on Aircraft and Bases, I guess it'll be a UK operation.?

[davepearsall]

Fastjet: Stelios Launches Rival To EasyJet - Yahoo! (http://uk.news.yahoo.com/stelios-launches-rival-easyjet-141743364.html)

Rather interesting. Publicity stunt or geniune new loco airline??

[bad bear]

he is buying BMI !

[Torquelink]

Will he retain his controlling interest in easyJet? Is this his revenge for perceived slights by the easyJet board over the years? Nice work: fight for dividends, eventually get them and then then plough them into a competitor product (assuming it is a competitor product of course).

[bad bear]

Heathrow, A320 and A330?

[Flightrider]

Is this not the Stelios project name for his (rather than easyJet's) acquisition of bmibaby, hence why he's so tight-lipped about it?

[RHINO]

Torquelink......Stelios does NOT have a controlling interest in Easyjet.

[ericlday]

Already a thread on this subject in A,A &R

[BHD2BFS]

would be very interesting if he bought over bmibaby, he would be going back to where he started with the old -300 series boeings.
and would be very interesting to see him take on easyJet at belfast on a lot of the same routes
BFS - easyJet V BHD - fastjet

[Torquelink]

Rhino - not in strictly numerical terms but, in practice, his block of shares allows him to call the shots.

[Colonel Klink]

This could turn out to be the best thing ever for easyJet. To avoid a conflict of interest he has to sell his shares, we get taken over by a Private Equity firm or large inverstor and we will be free of easyGroup and the man himself and his bullying tactics and total inability to be satisfied with anything or anyone. I would not want to work for him again!

[Mr @ Spotty M]

He started by leasing in B737-200s.

[sam dilly]

ARE YOU SURE IT WASN'T A BWA BAC 1-11 ?

[Flightrider]

Yes, absolutely sure. It was two ex-Britannia 737-200s leased from GB Airways at the time, CG and CH. :confused:

[Mike-Bracknell]

Hmmm. Looks like Fastjet.com wasn't originally his (unless it's been 6yrs in gestation), but was repointed to a holding page on the 6th of this month:

FastJet.com - Fast Jet (http://whois.domaintools.com/fastjet.com)

[RHINO]

Torquelink......I think you will find he has NOT been calling the shots and there in lies the problem.

[PAXboy]

Oh dear. Hubris stalks the land once again. First rule of life - don't return to what you did yesterday, particularly what you did last century.

If this IS a bmi buy-out, he will buy all it's problems. If this IS a new start up, it's usually best to not be the last entrant into a crowded, saturated market in the middle of a deep recession taht still has a minimum of five years to run.

Bad move. If I worked in the UK airline world, I would not take a job with this outfit.

[paully]

Think you have nailed it Paxboy.....Far from being a super businessman he is in fact a serial failure.....Cinemas/Car/Cruises et al.....all lost him loads of cash. He has badgered the Easy board to pay a dividend which they have now done. I thought it wouldnt be long before he popped up with another crack pot scheme...Seems this is it..

What really pisses on his parade is that Easy continued to do well after he left:rolleyes:

[JSCL]

I have a few views on this. Stelios is only going to drive his shares in U2 down even further in value, if it was real - he would have at least tried to get the most wonga he could for them beforehand, surely?

Another view I have is, he's of Greek/Cypriot descent, right? I'm certain the Greeks have a habit of defaulting lately, might not be a good time for him.

My more realistic view along with the view on the share prices are ultimately, he can pull the Easy branding plug if he wants. Buy BMI, dispense of the long haul A/C, dispense of the LHR and other major airport slots and use the smaller A320's and associated variations to compete with U2/EZY - why not? He can afford to do that and he'll probably make a killing in doing it.

[Little Blue]

Doing better than ever, in fact. easyJet is a far far happier place to work than the one that I first walked into 15 months ago.

I'm torn, here....'IF' the plan is to buy baby, then I will be delighted, as that's my old airline and it would guarantee (hopefully) the jobs of my old friends and work colleagues.....BUT....As many of you have pointed out, the market is totally saturated so unless he is seeking or has found a really profitable niche market, I cannot see where this is going.

Still, hats off to the gent for seeking to create (or save) jobs in this crazy world in which we make our living !

:)

[GROUNDHOG]

Flightrider - If you are being really pedantic CG and CH were leased from IAG (Independent Aviation Group not International) and operated by GB. I signed the original lease. IAG celebrates its 21st birthday this year by the way so Happy Birthday to all.

Stelios told me once " You know all the experts say easyjet will never work." Would he do it again - Who knows but I wouldn't bet against it.

[racedo]

This could turn out to be the best thing ever for easyJet. To avoid a conflict of interest he has to sell his shares,

He has to do nothing of the sort.

There is no requirement to do anything with his shareholding in Easyjet.

[TwinAisle]

To my cynical commercial mind, the answer to this is clear.

Stelios has been having a shouting match with the folks who run easyJet for months now, and NEDs/EDs have been caught in the cross fire. He is clearly not happy with the way the board is running the show.

Now - if he starts huffing and puffing about easy2 - the Sequel - the other investors may well take fright, and start off loading their shares. Stelios has 38%. Let's assume one of his buddies has 10%. Get the other investors to sell, get the share price down, buy 3%, hey presto, it's his airline again. Then announce that the whole fast jet thing is a smokescreen, 'I looked at it in some depth and it wasn't the thing to do' etc etc, let it die a death.

As for a vehicle to take over baby. No. My guess is that if someone wants to sell part of their company, they will want a buyer who is not going to be mired down in legal fun and games for the next n months, whist the losses tick on and have to be supported.

Stelios does have covenants defining what he can and can't do, and setting up an airline in direct competition to easyJet is on the bad boy list. In any case, why would he really want to destroy something he owns 38% of?

TA

[TANGO100]

Interesting to see which no one has pointed out yet is that the business name "FastJet" isn't registered with companies house.

Could be all hype in the playground me thinks :hmm:

[Buster the Bear]

One of key gripes relates to the recent batch of Airbus deliveries which were to quote him, "twice the price" of those delivered a couple just a few years ago.

I thought that baby was to be bought by easyJet, something he disagreed with.

My guess would be some king of low cost fractional executive operation on the key routes that make money?

[Don't sink]

F14 quote
Stellios does have the track record to do well

Are you sure?? Ok he started up easyjet with his dads billions....everything else the entrepenuer has touch has come to nought!! easycinema/rentacar/cruises/internetcafe...anyone!

[EuroWings]

Are you sure?? Ok he started up easyjet with his dads billions....everything else the entrepenuer has touch has come to nought!! easycinema/rentacar/cruises/internetcafe...anyone!

You can't just write him off like that, he has been successful with easyBus, easyHotel (which keeps on growing!), easyVan and easyOffice among others. easyHotel is doing particularly well it seems.

That's business - not everything you touch turns to gold! He faced major challenges in the film industry with easyCinema which just wouldn't let them show first-run films, even if he paid the going rate! Who needs easyInternetcafe anymore? The market has changed.

I am not defending him, but I think it's unfair to judge him like you are doing. Yes, his behaviour is unprofessional. SRB has had failures too. Entrepreneurs take risks and sometimes they backfire!

[JSCL]

TwinAisle, I'm of the opinion that would be illegal... Insider trading...

[FR-]

OMG do you really think one of his mates has 150million invested in the company? The next biggest holder is M&G Investment Management Ltd which only hold 6.51%. The share price is actually up today, and if any market maker really shared your view the share price would be alot higher. Might I add if him and his family wished to buy the airline it would cost them some £950million.

fr-

[FR-]

I dont think it wuld be classed as insider trading, due to him not having anything to do with the running of the company. He should know as much as you and me . . . but im sure he has many contacts within the company.

fr-

[ncleflights]

This is probably going to be a different beast to easyjet, various 'experts' on rolling news stations have speculated that this is either a long haul operation or a premium service airline. Recent start ups have not done that well in recent years in either catergories. Does he still not own the brand name easyatlantic? if he was going long haul to North America I would have thought this brand would have been used first.

Of course the other possibility is that this is a non UK based airline, he is a savy businessman and I cant believe he is thinking of entering a already saturated UK airline market.

[EuroWings]

Of course the other possibility is that this is a non UK based airline, he is a savy businessman and I cant believe he is thinking of entering a already saturated UK airline market.

I agree, I just can't see another UK airline working at the moment. For some reason, I can picture a fleet of ATRs in the Greek Islands, but that's hardly a stable place economically at the moment...:ooh:

[nigel osborne]

Bad Bear,

What slots would he use out of LHR, hardly any left and those that are cost millions ?:confused:

Nigel

[Aero Mad]

A fleet of ATRs and a name like Fastjet?

[jabird]

I remember not too long ago, AH was coming up with a 'slowjet', branded the Ecojet - a next generation proposal for 2020 with a goal to burn 50% less fuel.

So I just find the name fastjet incredibly naff - relative to land transport, all jets are fast, so what? We're well beyond Concorde, no thanks to BA for reminding us.

I know a lot of thought (and bother) pre-dates this announcement, but no effort at all has gone into that holding page (except the logo is an image file, not text, so someone has spent 5 minutes in Photoshop). Easy make a big play on their brand of orange - so why white on red? Pick a random colour? A Swiss reference? Just because there is no Fastjet Ltd, how about Gmbh or Monaco? Or anywhere else for a holding company?

No hint of what market this airline would operate in makes it look much more like a bluff, but if it is ta, how long has the tempestous Irishman had his Aer Beds & BJ plans for?

[racedo]

Now - if he starts huffing and puffing about easy2 - the Sequel - the other investors may well take fright, and start off loading their shares. Stelios has 38%. Let's assume one of his buddies has 10%. Get the other investors to sell, get the share price down, buy 3%, hey presto, it's his airline again. Then announce that the whole fast jet thing is a smokescreen, 'I looked at it in some depth and it wasn't the thing to do' etc etc, let it die a death.

No can do.

Acting with someone who has 10% would be classified as acting "in concert" and is illegal and will get someone a nice big fine, its why Stelios's family holding are viewed as being all together.

Other sanctions including facing other shareholders as they sue for damages in a civil court claiming their shareholding has been devalued as other shareholders acting to buy their shares on the cheap.

In addition he cannot buy anymore shares, once you have 29.9% to buy any more shares you have to launch a formal takeover for all shares at a set price.

Ok he has 38% but that was because he has sold off his shareholding rather than buying more.

[racedo]

Are you sure?? Ok he started up easyjet with his dads billions....everything else the entrepenuer has touch has come to nought!! easycinema/rentacar/cruises/internetcafe...anyone!

Disagree and I'm not Stelios's biggest fan but he is a serial entrepreneur.

Having known a few they start many thing and fail in many things and then get back up and start again and again and again.

A 1 in 20 success rate was what someone stated as being good and thats not even being able to trade the 20 but getting the plans and proposals together.

[jabird]

OK, so where's the precedent here?

Serial starter of airlines - nothing new. If you've sold out your surname, just use your first name.

Compete against former company - happens all the time. But compete against an airline you still have a substantial stake in? That is self-destructive, it isn't like holding lots of brands in a conglomerate portfolio (Unilver etc), the airline biz is much to restrictive for that.

The low cost long-haul model has been tried, but they all ran out of cash. Is there any mileage in a premium short haul service, I don't see it myself.

[tommyc2005]

Everyone speculating on here is doing away with the LHR slots if it is indeed BMI he is eyeing up. Extremely wildcard suggestion, but perhaps what he's got in mind is starting a LCC centred on LHR. That is somewhere that EZY, FR, LS etc can't directly get him, no matter how big/dominant they are in the wider UK/European market.

Presumably Baby would be part of the package, ignoring potential need to re-equip all of a sudden he has a significant fleet on his hands with strong coverage in the wealthiest part of the south and across the Midlands.

[JSCL]

I suggest BA would launch an attack via Vueling if he tried a LHR loco.... LHR loco isn't an easy accomplishment.

[TwinAisle]

Thanks for the comments folks, I live and learn.

I do have to wonder, like many others, what his motive is for seemingly trying to destroy value in the company that represents such a large slice of his family's wealth. Surely one of the other family members would have a word with him?

Still think he is going to be bogged down in legal stuff for ages. EasyJet are bound to fight this as far as they possibly can - they have to in fairness - which is going to slow up his plans... The lawyers will be in clover, if you want to see one share price move, keep an eye on Aston Martin's :ok:

If he is serious about starting something quickly, it's going to have to be overseas and small aircraft.... If wants to take over baby, or anything else, or start something that really would give easyJet palpitations, he should dig in for a loooooong wait in court.

[talkpedlar]

SirStel is not obliged to register Fastjet at Companies House... and there are numerous good reasons why he may have chosen not to.

Firstly, he may choose to register the company in a state other than the UK but, more likely, he may already have a company registered as the proposed airline's proprietor..eg ScareBus2011 Limited .. Thus the operation becomes ScareBus2011 trading as Fastjet...

Just my two penn'uth... fascinating all the same... I bet he plays a mean game of poker! Cheers..TP

[chaz1001]

e-jet.com (http://e-jet.com/) This looks rather familiar, I really do wander whats going on!

[Trim Stab]

Maybe he is going to try to shake up the bizjet market? It would fit with the name. Maybe he will try (where many have tried and failed) to take advantage of the many empty legs flown by bizjets. Somebody with his ability to generate massive publicity might be able to crack the problem.

[stakeknife]

Is it correct that it was EZY who released this news and not Stelios, could they have called his bluff after he threatened them with this new start in writing? The holding page is rubbish and Stelios seems somewhat behind the drag curve on this 'new airline'! Who knows, maybe he has been planning this for months but it sure doesn't look like it at the moment. I honestly think he has shot himself in the foot, the EZY brand may well be gone in the next 12 mths with EZY re-branding back to GO or something new.

Its a mess and the next year is going to be interesting!!

[HH6702]

It was stated that the letter between him and easyjet said he couldnt set up another airline before the end of 2012.

by the time of the sale of bmibaby goes through the courts and a rename to fastjet we could be looking at 1st nov 2012 start anyway??

if he did get bmibaby he would be at EMA, BHX and CDF all 3 where easyjet arent are so not indirect competition then?

[ImPlaneCrazy]

WebCHeck - Select and Access Company Information (http://wck2.companieshouse.gov.uk/a8a4aa778ad79fd017fca145aced69cb/compdetails)

Interestingly looks like the company name has now been registered, although at an address that looks like it has / would not have anything to do with Stelios himself. Also the home of a company 'Children Uganda'... wouldn't be giving my credit card details over to that company in a hurry! :E

Looks like someone is trying to make a quick buck, and why not, that was the idea that I had. :suspect:

[Torquelink]

I do have to wonder, like many others, what his motive is for seemingly trying to destroy value in the company that represents such a large slice of his family's wealth. Surely one of the other family members would have a word with him?

. . . unless he's prepared to accept a diminution of the value of his 38% in order to buy back the balance at a much lower value - i.e. take the airline private again as SRB did with Virgin? After the float he never seemed to accept that he did not own the whole show and let management run it as they thought fit. He has continually interfered in management creating a hugely unsettling atmosphere in the board room and on the flight decks. If he wants to get back into the driving seat he should buy it back. It's not as if his criticisms are shared by the other (non-family) investors - they must be seriously p****d off at his antics.

[Stick Flying]

How long have Baby had a base in Cortina D Ampezzo?

[TwinAisle]

Assuming that CWL was meant not CDF, he'll have to hurry if he wants baby with a base there...

A lot of coverage today that is very negative to SHI. He is starting to look very petulant, and I rather think that if easyJet come to the conclusion that they are better off being free of him entirely, which they may have done already, then he is hardly going to be treated as hot property by anyone else...

And I still don't think it is baby he is after. Far more likely to start with a clean sheet, likely to be cheaper in the long run, and no history and issues to clean up.

[JTONeil]

This is a very amateurish way to start any business: announced by your competitor, website with nothing on it (owned by someone else since 2005), identical website under a different name (e-jet), no evident infrastructure, personnel, finances, or company. This is the sort of thing you could set up from your bedroom, with all the good intentions of a dreamer but none of the reality of a pragmatist.

I will eat my cap (if my airline issued them) if this is for real.

[jabird]

How was e-jet.com discovered?
Is this not a trademark of Embraer?

However, this domain is registered by Easygroup Ltd, to a Monaco address.

So he's proposing two new airlines, both with the same five minutes in Photoshop font?

I used to respect the man!

If he wants to get back into the driving seat he should buy it back.

He has been quoted along the lines of 'I like to start businesses, not run them'. That is natural. Two new airlines in tough times is not.

[mathers_wales_uk]

As of the end of the summer season assuming it is bmibaby he will have BHD, EMA and BHX.

Both the MAN & CWL bases are to close.

[Chidken Sangwich]

Fastjet - looks like the colours of another European low-cost that is reportedly bleeding €€€'s to me...

[rapidman47]

Plans by the founder of easyJet to launch a new airline will reportedly see it go head-to-head with British Airways and Virgin Atlantic on routes to North America.
Sir Stelios Haji-Iaonnou's Fastjet service is unlikely to directly compete with easyJet, which operates flights mainly in Europe, according to the Sunday Telegraph.
It was revealed last week that Sir Stelios wrote to easyJet, in which he and his family hold a 37% stake, saying he intends to form a new airline as his spat with the carrier's management worsened.
At the time it was thought that the venture might compete with easyJet, but the newspaper has learned the service is more likely to try to shake up the transatlantic market.
The newspaper also believes that Fastjet is only one of a number of names the billionaire is considering registering. He may also register "Stelios" as a brand, the newspaper said.
Sir Stelios is also thought to be working in partnership with other entrepreneurs who are already attempting to build an airline.
In a statement last week, easyJet said Sir Stelios alleges the carrier has breached the terms of a "comfort letter" dated October last year - making it null and void. EasyJet said it "emphatically" rejected the claims.
The comfort letter included a "mutual respect" clause that prevented Sir Stelios from speaking negatively of the airline, while also preventing him from either setting up a rival airline or becoming a significant holder in another carrier.
A spokesman for Sir Stelios has said the airline founder believes easyJet directors breached a clause in the comfort letter which stated they would remain committed to enhancing the easyJet brand's reputation.
EasyJet has vowed to fight Sir Stelios if Fastjet infringes the rights of the airline and its shareholders, although it "continues to seek constructive dialogue" with the Greek-Cypriot tycoon and easyGroup, the company he owns which controls the "easy" brand.
Copyright © 2011 The Press Association. All rights reserved.






(http://www.google.com/hostednews/ukpress/slideshow/ALeqM5gmrYjj1_ZdEKbcJDY1Gc0cFvqfuQ?docId=N070859131755339045 8A&index=0)

[babybaby]

Head to head with BA and Virgin on the Atlantic. So that will presumably be Heathrow then. Isn't there some Heathrow based airline with prior transatlantic experience and three times as many slots as Virgin up for sale?


babybaby :{

[Jamesair]

That will be BA/AA and Virgin, no easy task

[Airbourne-Adamski]

Here is an update from the city:

It was blue skies all the way for Flybe as rumours from a City hangar suggested that Sir Stelios Haji-Ioannou has the Exeter International Airport-based low cost regional airline on his radar.

Amid the turbulence elsewhere, the shares took off and touched 117p before closing 7p higher at 113p amid vague speculation the easyJet founder, who this week announced plans to set up a new discount airline called Fastjet, could possibly also buy Flybe currently valued at around £85m.

Broker Liberum Capital does not believe that Fastjet will pose a competitive threat to easyJet (9.5p cheaper at 344.25p) but if the aggressive Sir Stelios was to acquire Flybe and ‘bolt on’ a new business, Fastjet, that would certainly put the cat amongst the pigeons.

Sir Stelios’s move to set up Fastjet came a week after easyJet announced its first ever dividend to shareholders – worth £190m – with a mouthwatering £72m going to Sir Stelios who still owns 38 per cent of the equity.

He could easily part-finance a bid for Flybe which is trading 62 per cent below its December 2010 flotation price of 295p. But he would have a huge job persuading Flybe’s major shareholders to sell. A trust of the late Jack Walker, Blackburn Rovers’ former owner, holds a 48 per cent stake via Rosedale Aviation Holdings, while International Consolidated Airlines, the Anglo-Spanish holding company formed following the merger of BA and Iberia, owns 14.6 per cent.

[Ernest Lanc's]

Seems that Fastjet is not a thread to any short haul airline...

It was annnounced on TV news Sunday 2nd October that Fastjet was going head to head with British Airways and Virgin Atlantic,


Stelios's Fastjet to take on long-haul market

Sir Stelios Haji-Iaonnou is working on plans to launch a transatlantic airline which would pit him head to head with British Airways and Virgin Atlantic.

SOURCE: Stelios's Fastjet to take on long-haul market - Telegraph (http://www.telegraph.co.uk/finance/newsbysector/transport/8800929/Stelioss-Fastjet-to-take-on-long-haul-market.html)

Now I am no expert at all on these matters - But if Laker could not survive with the big boys - What makes Stelios think he can.

This puts Fastjet into perspective - But like I say I am no expert, so what is this: e-jet.com (http://e-jet.com/) and who is it competing with?.

[Aero Mad]

e-jet.com gives us a lot of ideas about what Stelios' intentions are - all you need are 3 extra letters there and you get easyjet.com . Whilst he might say long-haul (this isn't completely confirmed), it is fairly obvious what he is trying to do and that is sabrerattle his way through the easyJet board so he gets his way in the end. £72m not good enough for him? Apparently not...

[mikkie4]

if fast jet were to do long haul flights,what are the chances ryanair would do the same.cant see MOL leaving it all to stellios

[racedo]

if fast jet were to do long haul flights,what are the chances ryanair would do the same.cant see MOL leaving it all to stellios

Maybe, Maybe not...............MO'L is a bit more savvy than Stelios.

[xtypeman]

This is nearly getting to be an airline a day for Stelios.

1. Buying BMI
2. Fastjet
3. E-Jet
4. Flybe

We also have Loco, Trans Atlantic Business jets.

So what next Aer Lingus? maybe Olympic or any other struggling Airline.

Ok lets start Stelios Fantasy Airlines could be good for The Sun or the Daily Mirror

[AppleMacster]

UPDATE 1-EasyGroup and Rubicon to study Africa airline | Reuters (http://www.reuters.com/article/2011/12/05/rubicon-easygroup-idUSL5E7N50EO20111205)

[runway08]

Hehe what about Silverjet pt.2 Longhaul from LTN? :p

[xtypeman]

Anymore bids for my fantasy Airlines...............

[runway08]

Aer Arann>Stelihopper. :ok:

[dog in park]

YORKSHIRE EUROPEAN AIRWAYS

[VOM1T]

Fly Five Farty ?

[clareview]

Jet easy - same as easy jet but goes backward

[Fairdealfrank]

Is there really room for another carrier on the overcrowded North Atlantic, particularly ex-LHR?

It has gone very quiet on the "fastjet" front of late, just like the announcement "soon" that VS will be joining an alliance!

[jabird]

Jet3(.com!) Bring back the graceful trijets!
Flynottobe - new opportunity at Birmingham South Wellesbourne
FlyAtlanticSpanTrotters (FASTjet)?

[xtypeman]

Of course you could have Del boy, Rodders and co. on board -

Trotters Air gets you there.......

[bluepilot]

AirUK?

ill get my coat :-P

[jabird]

xtype,

If Stelios carries on the way he's going, this time next year he will be just a millionnaire (as Laker said)!

Then he might take a serious look at setting up a much needed intercity bus service in his beloved Switzerland - SBB marketing need a good kick up the backside, but I guess that's for ptdrne!

[PAXboy]

vctendernessIn every sphere that the Virgin brand operate they moan and complain at every turn of the coin.Indeed - that's their job. Some years ago (mebbe five) in one of the BA/VS spats, I recall an interviewer asking Branson why he was always complaining and he said (as I recall) "That's my job. If I was the CEO of BA, then I would be saying exactly what Willie Walsh is saying - because that's HIS job"

nigel osborneI have to curse Virgin, not interested initially then limply coming to the table at the last second I don't think they are late? VS have been trying to by BD for 15 years. It's just that Bishop would not even talk to Branson and insisted on delaying the sale until he could get DLH to take it. In my view, if VS had been able to buy BD years ago, the staff at BD would be looking at a much more certain future than they are now.

Ernest Lanc'sNow I am no expert at all on these matters - But if Laker could not survive with the big boys - What makes Stelios think he can?Indeed. Also, at the time that Laker was hacking away at the big boys, there was tons of money and untapped demand. Now there is no money and (at best) stagnant demand.

This is all huffing and puffing.

[RAT 5]

Rubicon share holders were due for a meeting on Dec 13th to discuss whether to proceed with a feasibility study for this project. Does anyone have any news?

[VOM1T]

Rubicon raises £9m for low-cost African airline - FT.com (http://www.ft.com/cms/s/0/1109e2b4-259b-11e1-9cb0-00144feabdc0.html#axzz1hvYTXGOc)

[AppleMacster]

So, maybe they'll buy fly540: I suppose imitation really is the sincerest form of flattery!

http://www.aircraftimages.net/pics/0/463_800.jpg

http://www.nailseapeople.co.uk/images/localpeople/ugc-images/275670/Article/images/13755256/3305464.png

[RAT 5]

Any activity on the fastjet front?

[totomechanic]

A319's looking to begin in October apparently. 5 planes to be acquired within the next 6months? Anybody know what hub they plan to launch from? accra or nairobi?

[Aero Mad]

AppleMacster had more foresight than anyone gave him/her credit for :D

[AGPwallah]

Here is the latest Stock Exchange announcement.

FASTJET PASSENGER STATISTICS FOR JULY 2012



Month ending July 2012 July 2011 Change



Passengers 60,367 40,673 48.4%

Load Factor 65.2% 62.8% 2.4%





Rolling 12 months to July 2012 July 2011 Change



Passengers 609,108 336,333 81.1%




Note 1: Statistics are for the current Fly540 network operating out of Kenya, Tanzania, Angola and Ghana.

Note 2: An Embraer 170 (76 seats) and an ATR72-200 (66 seats) will join the Fly540 fleet in the second half of August.

Note 3: The FastJet brand is scheduled to add to passenger number from November 2012 with the launch of the first 156 seat Airbus A319 aircraft.

[AGPwallah]

FASTJET PASSENGER STATISTICS FOR AUGUST 2012

____________________________________________________________ ____
Month ending August 2012 August 2011 Change

Passengers 60,069 47,270 27.1%
Load Factor 64.7% 58.5% 6.2%


Rolling 12 months August 2012 August 2011 Change

Passengers 620,997 357,312 73.8%
____________________________________________________________ _____

[AGPwallah]

FastJet Plc ("FastJet"), the AIM listed African airline in which Lonrho owns 67.4%, announces today that it will establish its first operating base at Dar es Salaam, Tanzania.

The airline will commence flying in November with seats going on sale online a few weeks earlier. Fares will be available for as low as $20 one-way excluding taxes and charges.

The lease for FastJet's first Airbus A319 aircraft has been signed with lessor BBAM and will arrive in Dar es Salaam next month. Recruitment for crew and ground staff is already well advanced.

FastJet Chief Executive Ed Winter said:

"Our initial focus will be on East Africa with the airline's first base at Dar es Salaam, Tanzania, where the A319 aircraft has already been approved by the Tanzania Civil Aviation Authority. This will be followed by a second base in Nairobi, Kenya, once the A319 is approved there. We look forward to bringing a great, reliable and affordable service to the people of East Africa."

Once established in East Africa, FastJet has plans to launch in Accra, Ghana and Luanda and Angola

[LGS6753]

EasyJet founder Sir Stelios' new budget African airline FastJet has unveiled its new branding ahead its website going live a week today.

The new branding, featuring the well-known African Grey Parrot, was selected following in-depth market research in Africa and reflects the Company's mission, values and target audience.

The new web site Home - FastJet Plc (http://www.fastjet.com) will go live next Tuesday to coincide with a big consumer launch from its first base in Tanzania.

Tickets will be sold online as well as through travel agents and fastjet's own sales desk, call centre and offices throughout East Africa.

Richard Bodin, chief commercial officer, said that the airline has a target date for the end of the month for its first flight but some of the regulatory issues were still being tied up so they are unable to say which route that will be.

Fastjet chief executive Ed Winter said: "The African Grey is renowned for its intelligence and is therefore a perfect personification of fastjet's motto; smart travel."

The airline now has three Airbus A319s as part of its fleet. All three aircraft are in the process of being painted with the fastjet livery before being dispatched to Tanzania ready for the launch.

Low cost airline grounded pending liquidation

Sir Stelios' budget African carrier is reported to have been in talks to buy a troubled airline which was grounded last weekend.

Low cost South African airline 1time ceased flying on Friday as the airline applied for business liquidation.

The rescue practitioner told South African news site News24 there was no prospect of survival after a' potential investor pulled out'.

South African trade union Solidarity, which represents 540 workers expected to be left jobless by the airline ceasing to trade, claimed budget African airline, FastJet, was the investor.

However fastjet said it was unable to comment on this. The African budget airline launched its new branding this week, see other story.

Passengers were left stranded in Zanzibar and Zimbabwe by the failure and were told via facebook that the airline would assist them with a cash reimbursement on arrival in South Africa up until yesterday.

A statement by 1time group CEO, Blacy Komani on the website said: "It is therefore with utmost regret,disappointment and heartfelt disbelief that we have to file for liquidation which means the end of a dream and an era for all of us."

1time applied for business rescue in August.

Source: Travel Mole

[groundagent]

CompanyFastjet PLC (http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary-via-tidm.html?tidm=FJET) http://www.londonstockexchange.com/media/img/void.gif TIDMFJETHeadlineReady to Launch with New Brand and Press ReportReleased07:00 05-Nov-2012Number2754Q07
/**/
RNS Number : 2754Q
Fastjet PLC
05 November 2012


5 November 2012

For immediate release


fastjet Plc
("fastjet" or the "Company")

fastjet Ready to Launch with New Brand
and Responds to Newspaper Report

fastjet, Africa's first pan African low cost carrier, today unveils its new brand and announces it will begin selling tickets next week ahead of the airline's first flight this month.

The new branding, which replaces the existing placeholder logo, features the well-known African Grey Parrot which was carefully selected following in-depth market research in Africa and reflects the Company's mission, values and target audience.

Commenting on the new branding, fastjet Chief Executive Ed Winter said:

"The African Grey is renowned for its intelligence and is therefore a perfect personification of fastjet's motto; smart travel. We are delighted to be unveiling this new branding today, which better reflects our individual corporate identity and speaks to our key audiences.

"We hope that our friendly new mascot and logo will soon become universally recognised as symbols of reliability, efficiency and safety."

The airline now has three Airbus A319s as part of its fleet. All three aircraft are in the process of being painted with the fastjet livery before being dispatched to Tanzania ready for the launch.

The airline's new web site www.fastjet.com (http://www.fastjet.com/) will launch next week providing information on routes and fare schedules. The site will soon allow tickets to be bought using credit/debit cards as well as mobile phone technology that debits the users phone accounts. Additionally, tickets will be sold through travel agents and fastjet's own sales desk, call centre and offices throughout East Africa. Tickets will be available from as low as $20 one-way excluding taxes and charges.
fastjet Chairman David Lenigas added:

"We are excited that the launch is now imminent and that fastjet will be turning from a concept into a reality.
"A recent story emanating from East Africa and picked up by the Daily Telegraph contained material inaccuracies regarding disputes with two Fly540 (Kenya) suppliers. Whilst we are not able to comment directly on these specific cases, we can confirm that the amounts in dispute are not deemed material, and that we will vigorously defend the company's interests as these cases progress. Our shareholders would expect us only to settle invoices that are accurate and appropriate.
"The launch of fastjet has generated enormous interest in East Africa and we are delighted with the strong partnerships being forged with suppliers and Governments across the region.
"Our announced launch and growth plans remain firmly on track."
ENDS

For further information please contact:

fastjet Plc Tel: +44 (0) 20 3651 6355
Ed Winter
David Lenigas
Richard Blakesley
Geoffrey White

Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
Angharad Couch
Sally Marshak
Eleni Menikou

W.H. Ireland Ltd. Tel: +44 (0) 20 7220 1666
James Joyce
Nick Field
NOTES TO EDITORS
About fastjet Plc
fastjet Plc is the holding company for African airline Fly540, which operates from four bases in Kenya, Tanzania, Ghana and Angola. Fly540 currently has 10 aircraft serving around 25 domestic and regional destinations, carrying approximately 750,000 passengers per year with a strong emphasis on safety, security and reliability.
Following a consultancy assignment by easyJet founder Sir Stelios Haji-Ioannou's easyGroup focused on determining the feasibility of launching a European-style low-cost carrier in Africa, we are now preparing for the launch of fastjet, Africa's first low-cost carrier, flying a modern fleet of jet aircraft based on the Fly540 platform of licences and routes. First flights under the fastjet brand are expected to take place late November, bringing an entirely new flying experience to the African market.
fastjet Plc is quoted on the London Stock Exchange's AIM market. For more information see www.fastjet.com (http://www.fastjet.com/)
Significant African Aviation Market Potential
Africa is a growth aviation market with regional and intercontinental traffic both growing rapidly as a result of the continent's continued economic expansion. With over one billion people, Africa is hampered by poor infrastructure, a lack of roads and railways and long distances between urban populations. The African aviation market is significantly underserved with air travel spending as a percentage of GDP a fraction of that of other emerging markets. With rapid economic growth and, as a result, the growing wealth of African citizens, more and more people will be able to benefit from aviation and fly for the first time. Airbus forecasts total passenger traffic in Africa will grow at an average yearly rate of 5.7% between 2010 and 2030, well above the 4.8 per cent world average growth rate and expects to deliver more than 1,100 new passenger aircraft, 4% of world deliveries, in the next 20 years to satisfy growing demand. Seven of the top 10 fastest growing global economies are now in Africa with consumer spending for the continent forecast to reach US$1.6 trillion by 2020. A recent McKinsey report (June 2010) forecast that 128 million households in Africa are expected to have discretionary income to spend by 2020, while 50% of Africans are expected to live in cities by the same date with urban jobs bringing rising incomes. The McKinsey report concluded that today the rate of return on foreign investment in Africa is higher than in any other developing region and that early entry into African economies provides opportunities to create markets, establish brands, shape.


This information is provided by RNS
The company news service from the London Stock Exchange

[AGPwallah]

fastjet Passenger Statistics for October 2012


_________________________________________________________
Month ending October 2012 October 2011 Change

Passengers 51,015 40,305 26.6%

Load Factor 56.4% 57.9% -1.5%




12 months ending October 2012 October 2011 Change

Passengers 638,654 395,381 61.5%
________________________________________________________


Note 1: Statistics are for the current Fly540 network operating out of Kenya, Tanzania, Angola and Ghana.

Note 2: The Fly 540 Tanzania operation ceased on 12th October in preparation for the launch of the fastjet brand with A319 aircraft in November. This has reduced the Fly 540 seats available by approx. 10,000 seats per month

[jarino]

Aviation in Africa is not a walk in the park, even for Stelios...

Fastjet faces having planes repossessed - Telegraph (http://www.telegraph.co.uk/finance/newsbysector/transport/9845524/Fastjet-faces-having-planes-repossessed.html)

Is the air getting thin up there for FastJet? (http://wolfganghthome.wordpress.com/2013/02/04/is-the-air-getting-thin-up-there-for-fastjet/)

Let’s face it, Stelios’ boys messed up. The failure of FastJet to commence operations in Kenya first is from what the grapevine says entirely due to their dispute with Fly540. This is the lucrative market they wanted, not Tanzania. That was a second or third choice but in the end they had no option. Aircraft were purchased, crews recruited and they had to start earning revenue.

[Vc10Tail]

Aviation in Africa is not a walk in the park, even for Stelios...

Quite right. It might be the reason why last week all pilot applications have been put on hold...?

[LGS6753]

Fastjet has won its first international route licence, to operate Dar Es Salaam to Johannesburg. Flights start in late September.
It has also announced a share restructure to enable it to raise additional capital when required.

Anyone heard how it's really doing? I've read the financial stuff, but it's all PR.:cool:

[bacp]

Its burning money like theres no tomorrow, but you can't expect much else starting an airline pretty much from scratch in Africa. A colleague has a friend who has just been recruited as a training capt. and he's no mug, so it could be going places. Well worth a gamble at 1p a share. Whats the value of EZY after 15 years in the business. :ok:

[Capetonian]

Looking skyward for a price war | Business | Mail & Guardian (http://mg.co.za/article/2013-08-16-00-looking-skyward-for-a-price-war)

[LGS6753]

Well, I've been watching, and the share price, adjusted for the capital change, has dropped 25% in two weeks.:eek:

[bacp]

Whilst it is not uncommon for a share to retrace after a consolidation, FJ, I suspect, is approaching a critical turn. If it can make its initial international routes work I still think it will survive and grow, but it could easily go horribly wrong and fold before Xmas. Fingers crossed for the investors.

[Narrow Runway]

bacp,

I am confused. About 2 weeks ago, you said the shares were well worth a punt at 1p based on the view of your friend joining them.

Now, you fear they may go bust by Xmas?

I wouldn't touch the shares for a while yet. If they make a success of it, the sky is the limit and there will be plenty of upside.

BUT!!!!! Just because a share is a penny, it isn't cheap. If you invest £10000 in shares at £100 a share and the company goes bust you lose £10000.

Same goes for a penny share.

Therefore, the investment case is not there solely on that basis.

[bacp]

Hi, NR
I do think they are worth a punt! Indeed, my own hard earned is already invested and I have a great deal of hope that FJ may prove to be the exception to the rule!
But, a punt is a straightforward bet and my hopes may be unfounded and I'm fully prepared to lose my money.
I was merely adding to the info I gave a week or so back in that a retrace was not unexpected after consolidation.
It may be that FJ is 10 years too early for Africa and will not survive the difficulties of operating there.
But, and its a big if:ok:, if it gains traction, it could return a massive profit for the early punter, sorry investor.
Hugely risky, do your own research before buying in.

[Capetonian]

As part of a consortium, three friends and I have bought some FJ shares. Opinion is split, two of us expect to lose our money, two of us expect to show a profit. It will be interesting to see how this goes.

[LGS6753]

Capetonian -

Are you a pessimist or an optimist?

[Capetonian]

Let's put it this way : I will be neither surprised nor disappointed if I lose all of most of my investment. Should we show a profit, an almighty piss up involving lots of fillet steak and Shiraz is on the cards! Whether that makes me an optimist or pessimist is for others to judge.

[ericlday]

I used to be undecided now I am not so sure !!!!!

[LGS6753]

30-second interview ? Ed Winter, CEO and acting Chairman fastjet | anna.aero (http://www.anna.aero/2013/10/24/30-second-interview-ed-winter-ceo-and-acting-chairman-fastjet/?utm_source=anna.aero+newsletter&utm_campaign=a6e9aa62e4-anna_nl_241013&utm_medium=email&utm_term=0_ecdbf41674-a6e9aa62e4-86727561)

Update following start of international services.

[LGS6753]

Shares now down to 3.3p.

Additional shares have been issued at 4p to raise money, but Lonrho look as though they are selling their major stake - now down to around 22%.

[tarnehat]

Ahh, I feel for the investors, I really do. FastJet really is a great idea for Africa, but the funding required is so large to get something like this set up. There's so much corruption in certain parts that require bribes, and so many parties that don't want a newcomer there that it's almost impossible to do it "low-cost".

They've so far achieved great things, and their marketing is fantastic for a small 3 aircraft airline, but unless FastJet can have a core profitable route network soon, well... we've all seen it before - Best of intentions and all that

[EK77WNCL]

I think they need to try and break into some new markets ASAP (obviously) but what happened with all this business that was supposed to be happening in Nigeria or whatever? I think the places they need to try and get into are Ethiopia, further into South Africa, Nigeria, Ghana, Egypt and Morocco. They could even bridge the gap to places like the UAE, Qatar, Jordan, Spain, France, UK. Obviously this is thinking 5 years down the line but they need to be aggressive if they want to work. There is so much potential there for short, medium and long haul low cost operations... There is such a wide array of markets. I hope that one day they might be a pan-African carrier like Easyjet is now in Europe. I really do have high hopes for them but it is an extremely tough environment.

[safetyisparamount]

Fastjet is locally run by idiots! the accountable manager was never in tanzania until after he got his A320 type rating and had had no previous management experience apart being briefly chief pilot for fly540 in kenia, the dfo and chief pilot was only line captain before. the project is potentially very good but these people, for example, changed the company name few months ago without bothering of the consequences, just to discover them when they had to cancel the first flight to SA by the end of september!
PS: the fact that locally they are idiots should make you ask about the kind of people who put them in those positions

[LGS6753]

From today's Telegraph city report:

Finally, small-capper Fastjet dropped as much as 17.5pc before closing down 0.4, or 11.7pc, at 3.025p after Lonrho offloaded the remainder of its stake in the African budget airline. Some 52.4m shares were sold at 2.85p apiece, raising £1.49m.

The sale marks the end of Lonrho’s involvement with Fastjet, which was spun-out of the 104-year-old conglomerate last year.

Geoffrey White, Lonrho’s chief executive, told the Daily Telegraph that the group sold down its stake because aviation was not a core business for the company.

Lonhro, made famous by businessman Tiny Rowland, left the London market earlier this year following a £175m takeover by a group of Swiss investors. Stock market filings show it had been steadily reducing its Fastjet holding over the course of October.

[tailend]

The recent shutdown of Fastjet's 540 operations in Ghana and Angola has been explained by Fastjet focusing on their LCC model elsewhere in Africa.

OK, but why shut down West Africa completely?
Is West Africa already saturated with airline capacity? Surely growth has only just begun? Or are Ghanaian conditions proving difficult (other airlines have also pulled out recently)?
Is there another story here?

Any insights or is it as simple as little real demand for LCC's in West Africa?

[Capetonian]

Fastjet has suspended all Fly540 operations in Ghana pending further restructuring, but is going ahead with plans to launch its low-cost model elsewhere in Africa, including a new base in South Africa.
The Group said that although Ghana had presented very significant long-term opportunities for the fastjet low-cost model, in the short term it planned to “fully focus on the considerable potential of opportunities in East and Southern Africa”.
Fastjet Chief Executive Officer, Ed Winter, commented: “Trying to transform something from an old-fashioned, African-style airline has been actually quite difficult... East and southern Africa are the key places in terms of the consumer markets, but when the time is right we can go over there... Aviation is definitely the way to move around that country.”

Not holding my breath.

[LGS6753]

Their full year figures look truly awful. Revenue $53m, operating costs $132m.

Management talk about better utliizing assets (3 x A319), which is undoubtedly possible; economies of scale (growing to 24 aircraft by 2018); and disposal of loss-making Fly540 operations. But that's a big hill to climb, especially with a bombed-out share price.

[LGS6753]

From Travel Mole:

Fastjet CFO resigns

Budget African airline Fastjet, which is backed by easyJet founder Sir Stelios Haji-Ioannou, is to lose its chief financial officer.

Angus Saunders has announced he is stepping down for personal reasons. He is also quitting his role as executive director of the Boad.

Last week, the airilne announced a full-year loss of $47.6 million.

Nick Caine, currently chief financial officer of Fiji Airways will take over both Saunders' roles on August 11.

The airline said Saunders and Caine will work together over the next two months "to ensure a smooth and orderly succession".

Interim chairman and chief executive Ed Winter said: While we are sad to see Angus leave, we thank him for his contributions during an important growth period in fastjet's history and wish him well for the future. We are pleased to welcome Nick, who has a strong track record in the aviation industry, in particular with airline start-ups, and we look forward to his involvement in fastjet's next stage of growth."

Tuesday, July 1, 2014

[Yeah]

How about plans for two new aircrafts?

[INeedTheFull90]

There's been one parked up in BOD for at least a year.

[Pelopes]

anyone here knows the required mins to apply as FO?

thanks in advance! :ok:

[JTONeil]

I think they'd want hours not mins

(sorry, couldn't resist)

[LGS6753]

From today's "Daily Telegraph":

Fastjet shares flying high as it announces first ever monthly profit - Telegraph (http://www.telegraph.co.uk/finance/newsbysector/transport/11340015/Fastjet-shares-flying-high-as-it-announces-first-ever-monthly-profit.html)

[LGS6753]

From "Travel Mole":

Fastjet launches flights to Kenya



Fastjet, Africa's low-cost airline, has been given clearance by the Kenyan government to operate flights between Kenya and Tanzania.

Two new routes, Dar es Salaam-Nairobi, and Kilimanjaro-Nairobi are on sale from today, with one way fares starting from as low as at US$80 and US$50 respectively, plus tax.


From January 11 2016, fastjet Tanzania will operate a daily flight between Dar es Salaam-Nairobi and between Kilimanjaro-Nairobi.

Flights between Zanzibar -Nairobi and Dar es Salaam-Mombasa are also expected to be added to the network later in 2016.



Wednesday, December 23, 2015

[compton3bravo]

Oh dear, on the brink again. Asking for more cash from shareholders if not forthcoming it will be time to close the hangar doors.