Eujet Takeover
Thread Starter
Join Date: May 2004
Location: UK
Posts: 29
Likes: 0
Received 0 Likes
on
0 Posts
Eujet Takeover
Announced in the last half hour on Radio Kent, that eujet is to be taken over by planestation the operators of Manston airport, Planestation have injected £5.17 million into EUJET this week raised from selling land assets to keep the airline afloat, PJ Mcgoldrick will take a place on Planstations board of directors.
The deal is subject to City approval. good luck to all involved
The deal is subject to City approval. good luck to all involved
Last edited by bish-bash; 24th Sep 2004 at 13:40.
Join Date: Dec 2002
Location: UK
Posts: 53
Likes: 0
Received 0 Likes
on
0 Posts
Planestation raises 5.17 mln stg in placing, to buy remainder of EU-JetOps
AFX UK (Focus); Sep 24, 2004
LONDON (AFX) - Planestation Group PLC said it has raised 5.17 mln stg before expenses in a placing of 111,229,395 ordinary shares at 4.65 pence each.
The funds raised will be used to provide working capital for EU-JetOps Ltd ("EUjet"), the low cost regional airline in which the company acquired a 30 pct interest in May 2004.
The company also announced that it has today entered into an option agreement to acquire the remaining shares in EUjet it does not own.
Planestation also said it is in advanced talks for disposals which would realise a total of 10.8 mln stg before next March and potentially further amounts thereafter.
The talks relate to the sale of its 15 acre freehold site at Lincoln, the sale of an interest in the business park at Kent International Airport ("KIA"), and the disposal by auction of the 125-acre site at Redworth and the 3-acre site at Hellaby. The company stressed that the sale of these properties remains conditional on a number of factors and there can be no guarantee as to the timing or the amount of any receipts.
The directors have also received a non-refundable payment of 1.5 mln stg from Langtree Group PLC for the sale of its interest in the International Garden Festival site in Liverpool.
Whilst the sale remains conditional on certain approvals the directors are confident that this will occur by March 31 2005.
Planestation said income from the activities at KIA and the group's other airports is not sufficient to meet its operating costs. The directors have been taking action to cut costs and introduce other measures aimed at reducing overheads.
It is currently estimated for the current year that head office costs have been reduced to approximately 4.5 mln stg from 7.8 mln for the year to March 31 2004 and the costs of running the airports to approximately 6.6 mln stg from 11.1 mln in the previous year.
ENDS
Good luck to all concerned
AFX UK (Focus); Sep 24, 2004
LONDON (AFX) - Planestation Group PLC said it has raised 5.17 mln stg before expenses in a placing of 111,229,395 ordinary shares at 4.65 pence each.
The funds raised will be used to provide working capital for EU-JetOps Ltd ("EUjet"), the low cost regional airline in which the company acquired a 30 pct interest in May 2004.
The company also announced that it has today entered into an option agreement to acquire the remaining shares in EUjet it does not own.
Planestation also said it is in advanced talks for disposals which would realise a total of 10.8 mln stg before next March and potentially further amounts thereafter.
The talks relate to the sale of its 15 acre freehold site at Lincoln, the sale of an interest in the business park at Kent International Airport ("KIA"), and the disposal by auction of the 125-acre site at Redworth and the 3-acre site at Hellaby. The company stressed that the sale of these properties remains conditional on a number of factors and there can be no guarantee as to the timing or the amount of any receipts.
The directors have also received a non-refundable payment of 1.5 mln stg from Langtree Group PLC for the sale of its interest in the International Garden Festival site in Liverpool.
Whilst the sale remains conditional on certain approvals the directors are confident that this will occur by March 31 2005.
Planestation said income from the activities at KIA and the group's other airports is not sufficient to meet its operating costs. The directors have been taking action to cut costs and introduce other measures aimed at reducing overheads.
It is currently estimated for the current year that head office costs have been reduced to approximately 4.5 mln stg from 7.8 mln for the year to March 31 2004 and the costs of running the airports to approximately 6.6 mln stg from 11.1 mln in the previous year.
ENDS
Good luck to all concerned
Join Date: Sep 2004
Location: London
Posts: 68
Likes: 0
Received 0 Likes
on
0 Posts
Could turn out to be a shrewd move by all concerned. Eujet ensures loyalty from the airport and should keep out competitors whilst the airport shares in any success from the airline rather than being screwed down on price as has historically happened with FR etc. Good luck to them.
Join Date: Dec 2000
Location: Isle of Thanet
Posts: 391
Likes: 0
Received 0 Likes
on
0 Posts
Herrn Jaeger,
You're spot on. Bergamo has disappeared from the EUjet website already!
CPH doing very poorly, as you intimate. No good for business travel - one pm dep Mon-Fri - and not much good for leisure.
You're spot on. Bergamo has disappeared from the EUjet website already!
CPH doing very poorly, as you intimate. No good for business travel - one pm dep Mon-Fri - and not much good for leisure.
Join Date: Dec 2000
Location: Isle of Thanet
Posts: 391
Likes: 0
Received 0 Likes
on
0 Posts
PJ has put out a message to staff today.
MSE-AMS and MSE-DUB down from 3 to 2 per day, with later starts to suit business market more.
MSE-MJV and MSE-AGP to get an additional mid-week service.
MSE-AMS and MSE-DUB down from 3 to 2 per day, with later starts to suit business market more.
MSE-MJV and MSE-AGP to get an additional mid-week service.
Join Date: Jun 2004
Location: Manchester
Posts: 49
Likes: 0
Received 0 Likes
on
0 Posts
Looks as if EU Jet are going from having a substattial owner (debis, part of Daimler Chrysler) to having an insubstantial owner, who is having to sell land assets over the coming months. EU Jet is also having to cut costs and operations within seemingly days of starting operations. Does not look good to me.
Join Date: Aug 2000
Location: UK
Posts: 285
Likes: 0
Received 0 Likes
on
0 Posts
Irishguy
See MarkD and Eh Hello? responses on the following link for the answer to the DUB-SNN route questions...
http://www.pprune.org/forums/showthr...n&pagenumber=7
See MarkD and Eh Hello? responses on the following link for the answer to the DUB-SNN route questions...
http://www.pprune.org/forums/showthr...n&pagenumber=7
Join Date: Sep 2004
Location: ireland
Posts: 152
Likes: 0
Received 0 Likes
on
0 Posts
Believe they only had four pax last weekend from SNN to AGP. SNN v. worried about service. It is very difficult to persuade SNN people to use their own airport. LIMERICK to DUBLIN is very fast now with new bypass. Also road has improved dramatically to KERRY. Rumour has it that - the big fat guy who used to do a good job marketing Kerry - what is his name - is back on the streets. EUJET should look at Derry to replace Ryanair.
Join Date: Sep 1999
Location: EIDW
Posts: 271
Likes: 0
Received 0 Likes
on
0 Posts
I am starting to have serious worries about EU Jet operations, I have just had my third change of schedule e-mailed to me for a flight booked only 3 weeks ago with the company
How in the name of God, can a company expect to encourage customer confidence when it changes schedules so frequently in such a short space of time
After this, I will give them till end of January 2005 before they are gone and PJ Mc will have another company on his list of companies run into the ground
How in the name of God, can a company expect to encourage customer confidence when it changes schedules so frequently in such a short space of time
After this, I will give them till end of January 2005 before they are gone and PJ Mc will have another company on his list of companies run into the ground
Join Date: Sep 2004
Location: Suffolk
Posts: 54
Likes: 0
Received 0 Likes
on
0 Posts
I have flown at least teo sectors a month over the last 18 months using BA, Monarch and Easy. I have never had any schedule changes on any sector.
Incidentally I have just been looking up prices for MSE-AGP out on Oct 30 Rtn 06 Nov. Their prices are higher than Monarch out of LGW and much higher than EZY. Depending on which EZY flight was selected the difference could be as much as £40. I just wonder in these circumstances how on earth EU think that they can possibly attract traffic to such a distant airport as MSE. It is beginning to look like a suicide mission.
Incidentally I have just been looking up prices for MSE-AGP out on Oct 30 Rtn 06 Nov. Their prices are higher than Monarch out of LGW and much higher than EZY. Depending on which EZY flight was selected the difference could be as much as £40. I just wonder in these circumstances how on earth EU think that they can possibly attract traffic to such a distant airport as MSE. It is beginning to look like a suicide mission.
Join Date: May 2002
Location: london
Posts: 169
Likes: 0
Received 0 Likes
on
0 Posts
Chipsbrand,
The tourist routes are apparantly doing really well and flights are filling up well. Presumably they have less seats left to fill than monarch and easyjet on those dates.
The tourist routes are apparantly doing really well and flights are filling up well. Presumably they have less seats left to fill than monarch and easyjet on those dates.
Join Date: Dec 2000
Location: Isle of Thanet
Posts: 391
Likes: 0
Received 0 Likes
on
0 Posts
Just had a look myself. The base price of £68.25 out is available for the maximum bookable of 30 seats, and the return goes up to £88 something. This is yield management in practice. Some of the half-term flights (eg Murcia) are booked solid. We in East Kent think it well worth extra money to avoid the LGW hassle and extra surface travel costs.
AGP and MJV are getting extra flights, and these are still very cheap.
AGP and MJV are getting extra flights, and these are still very cheap.