All the directors/initial investors had to put their hands in their pockets again:
http://archives.tcm.ie/businesspost/...y409009435.asp
28th december (SBP)
Cork airline raises €740k in backing
By Gavin Daly
Cork airline Jetmagic raised €740,000 in backing in recent weeks from existing investors including former Aer Lingus boss Michael Foley.
More than €354,000 of the investment came from Foco Developments, a Cork property firm controlled by Brendan and Deborah Delaney.
Alex McCarthy, the Limerick businessman with radio interests, put up more than €140,000. Remedios, a company controlled by IAWS executives Philip Lynch, James Moloney and David Martin invested almost €80,000 in the airline.
Other investors included Jetmagic directors Gary Duffy and Ciaran Desmond, Cork builder Templeford and the Punch family in Cork. Filings at the Companies Registration Office in Dublin show the €740,000 was invested late last month.
The airline, launched in February with €5 million in backing,was recently reported to have secured a further €4 million.
A spokeswoman would confirm only that an investment had been made and said the funds were used to expand Jetmagic's fleet.
The airline flies to 11 destinations in the North, Britain and Europe but has faced increased competition from Aer Lingus and recently scrapped its Cork to Brussels route.
Patrick Raftery, its chief executive and major shareholder, recently quit the airline and was replaced by Barry Perrot.
Perrot was previously chief executive of regional carrier British European, now Flybe.
Jetmagic plans to create 145 jobs in Cork.Terry Liddiard, a director of Jetmagic, was a founder of Manx Airlines and British Regional.
Also they are far too overstaffed & may have done a deal with TCH (who own the examiner newspeper in Cork) on a advertising for equity basis. They [TCH] have done this with a number of fledgling Cork companies in the past- JetMagics current advertising presence on the examiner & sunday business post websites is proving same (to me anyway).