The Times - 6 Feb
Exclusively business class airline Silverjet plummeted by 23 percent, losing 8.75 pence to 29.25 pence, after the group announced its aircraft were only 54 percent full in January and that it will continue to lose money until the end of next month. Chief executive Lawrence Hunt nonetheless expressed optimism the group can make up January's shortfall in February and March. He said: "The board continues to be confident that Silverjet will achieve its first month of pre-tax profit and be cash generative in March 2008."
FT - 11 Feb
Billionaire UK property developers the Reuben brothers are ditching plans to take an equity stake in Silverjet , the first UK all-business-class airline, after a sharp decline in the company's share price. The brothers agreed last November to a 10 million pound convertible loan to the airline, which could be converted no later than Feb. 11 into equity at 60 pence a share. But with the share price falling on Friday to a new low of 24 pence -- having floated at 112 pence in May 2006 -- the airline is expected to announce on Monday the loan will remain as debt.
Come on folks... as they say you can't polish a turd! The future is hardly rosy for Silverjet, as much as I would like them to succeed!
The deal as a S/O is in all honesty a crap one. No hands on flying at all whilst doing the same if not at best, a very limited selection of routes. The only thing stimulating in the cruise will be reading the woeful tales of the airline industry in the broadsheet newspapers in between fuel checks. All for £28K as well and quite clever from Silverjet’s point of view since in that 2 year period you won't leave since you will be as attractive as a chocolate teapot since your flying skills will be rusty at best! So they get cheap 'labour' for a ‘guaranteed’ two years and you have to be type rated as well. Finally you can guess who devised this cunning scheme - yep the beancounters!
