Solenta Aviation Invest in Fastjet
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Solenta Aviation Invest in Fastjet
Since its formation, due to gross mis-management, Fastjet has so far lost $300 million 
. However, after pressure from Sir Stelios Haji-Ioannou, many of the original senior management have now (thankfully) departed and there have been expectations that new CEO Nico Bezuidenhout, who took up the post in August 2016, may start to turn the company around with a new stabilisation plan, including getting rid of the loss-making A319s and moving the HQ from Gatwick to Johannesburg (due to happen by March 2017).
The company has still been bleeding money and severely cut its operating routes, but it will be interesting to see if today's announcement of a major injection of cash by South Africa's Solenta in return for a significant stake in Fastjet, will see the start of a turn around in the company's fortunes as predicted by Nico.
African Aerospace - Solenta Aviation to acquire 28% of Fastjet
. However, after pressure from Sir Stelios Haji-Ioannou, many of the original senior management have now (thankfully) departed and there have been expectations that new CEO Nico Bezuidenhout, who took up the post in August 2016, may start to turn the company around with a new stabilisation plan, including getting rid of the loss-making A319s and moving the HQ from Gatwick to Johannesburg (due to happen by March 2017). The company has still been bleeding money and severely cut its operating routes, but it will be interesting to see if today's announcement of a major injection of cash by South Africa's Solenta in return for a significant stake in Fastjet, will see the start of a turn around in the company's fortunes as predicted by Nico.
African Aerospace - Solenta Aviation to acquire 28% of Fastjet
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Not sure that Nicole Bezuidenhout is the correct man for the job. Contrary to popular belief his record of producing profits is not quite what it really appears to be. It is very easy to hide behind SAA.
However he is good spin doctor.
I really wish him good luck.
However he is good spin doctor.
I really wish him good luck.
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Fastjet shareholders back share sale | Airlines content from ATWOnline
Shareholders in African low-cost carrier (LCC) fastjet have approved the sale of a 28% stake to Johannesburg-based Solenta Aviation Holdings.
Fastjet confirmed the approval in a stock market disclosure, detailing the results of a general meeting held Jan. 23.
The company will now proceed, as planned, with the listing of 239 million new shares on Jan. 24. Solenta will take 95.6 million of the total and the remainder will be issued as a share placement.
The transactions, which take fastjet to a total of 335.8 million shares, are expected to generate gross proceeds of $28.8 million.
Solenta, which operates a fleet of 49 aircraft, is a commercial aviation group that holds five African air operator’s certificates (AOCs) and has strategic alliances, or AOCs pending, in a further seven African countries.
Under the agreement, Solenta will receive 95.6 million fastjet shares and two board nominations. In return, Solenta will provide fastjet with three wet-leased aircraft and other services over the next five years.
The move forms part of fastjet’s stabilization plan, under the leadership of new CEO and interim chairman Nico Bezuidenhout. This strategy will see the group transition from 145-seat Airbus A319s to Embraer E190s. The LCC is rationalizing its network and will relocate its headquarters from London to Johannesburg by March 2017.
Fastjet launched operations in Tanzania in November 2012 and has been trying to establish itself as a pan-African LCC. However, the group’s strategy has progressed more slowly than anticipated because of regulatory hurdles and shifting demand in the African market.
Shareholders in African low-cost carrier (LCC) fastjet have approved the sale of a 28% stake to Johannesburg-based Solenta Aviation Holdings.
Fastjet confirmed the approval in a stock market disclosure, detailing the results of a general meeting held Jan. 23.
The company will now proceed, as planned, with the listing of 239 million new shares on Jan. 24. Solenta will take 95.6 million of the total and the remainder will be issued as a share placement.
The transactions, which take fastjet to a total of 335.8 million shares, are expected to generate gross proceeds of $28.8 million.
Solenta, which operates a fleet of 49 aircraft, is a commercial aviation group that holds five African air operator’s certificates (AOCs) and has strategic alliances, or AOCs pending, in a further seven African countries.
Under the agreement, Solenta will receive 95.6 million fastjet shares and two board nominations. In return, Solenta will provide fastjet with three wet-leased aircraft and other services over the next five years.
The move forms part of fastjet’s stabilization plan, under the leadership of new CEO and interim chairman Nico Bezuidenhout. This strategy will see the group transition from 145-seat Airbus A319s to Embraer E190s. The LCC is rationalizing its network and will relocate its headquarters from London to Johannesburg by March 2017.
Fastjet launched operations in Tanzania in November 2012 and has been trying to establish itself as a pan-African LCC. However, the group’s strategy has progressed more slowly than anticipated because of regulatory hurdles and shifting demand in the African market.
