Astraeus
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Now we know
Last edited by Evileyes; 9th Sep 2006 at 11:23. Reason: Engish Vesion
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Swedish LoCo FlyMe about to take over Astraeus!
Swedish paper Dagens Industri tells the story today. Article only in Swedish, so I won't bother posting a link to it.
Edit; Onions has found the same article, but in english! Thanks Onions!!
Edit; Onions has found the same article, but in english! Thanks Onions!!
Last edited by An2; 1st Sep 2006 at 10:16.
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FlyMe Has Bought Astraeus
STOCKHOLM (Dow Jones)--Swedish budget airline FlyMe Europe AB Friday said it has signed a contract to buy 51% of shares in the British airline Astraeus Ltd. for GBP6 million.
The remaining 49% shares are held by the previous majority owners Aberdeen Asset Management PLC (ADN.LN) and the carrier's management.
Astraeus was founded in 2002 and has its main base at Gatwick with 800,000 passengers a year and around SEK1.2 billion in revenue. The company flies both package holidays and scheduled traffic. The scheduled traffic focuses mainly on West Africa and the former Soviet Union from Gatwick. It has 391 staff, whereof 318 are aircraft personnel. The airline has four Boeing 757-200, four 737-300 as well as two 737-700.
Through the acquisition, FlyMe's aircraft fleet will increase to 15 from five.
"There are a lot of synergy effects between FlyMe and Astraeus. The acquisition gives us more optimal use of the shared fleet thanks to matching season variations," said Finn Thaulow, new chief executive of FlyMe. "There are also good opportunities for increased efficiency and profitability for both FlyMe and Astraeus since we bring out the strengths in both companies." ]
Thaulow was named CEO on Thursday, when the company also announced that it had reduced a proposed preferential issue to SEK194 million, from a previously proposed SEK1.3 billion as a planned project hadn't yet been completed.
In an interview with Dow Jones Newswires, the company's chairman Bjoern Olegaard said that the acquisition of Astraeus was funded by a share issue the company completed earlier this year.
Thaulow told Dow Jones Newswires that the acquisition was the "extra step" in FlyMe's planned expansion and that once the carrier has all the synergies in place it will look at further expansion opportunities.
1 September 2006
Dow Jones International News
STOCKHOLM (Dow Jones)--Swedish budget airline FlyMe Europe AB Friday said it has signed a contract to buy 51% of shares in the British airline Astraeus Ltd. for GBP6 million.
The remaining 49% shares are held by the previous majority owners Aberdeen Asset Management PLC (ADN.LN) and the carrier's management.
Astraeus was founded in 2002 and has its main base at Gatwick with 800,000 passengers a year and around SEK1.2 billion in revenue. The company flies both package holidays and scheduled traffic. The scheduled traffic focuses mainly on West Africa and the former Soviet Union from Gatwick. It has 391 staff, whereof 318 are aircraft personnel. The airline has four Boeing 757-200, four 737-300 as well as two 737-700.
Through the acquisition, FlyMe's aircraft fleet will increase to 15 from five.
"There are a lot of synergy effects between FlyMe and Astraeus. The acquisition gives us more optimal use of the shared fleet thanks to matching season variations," said Finn Thaulow, new chief executive of FlyMe. "There are also good opportunities for increased efficiency and profitability for both FlyMe and Astraeus since we bring out the strengths in both companies." ]
Thaulow was named CEO on Thursday, when the company also announced that it had reduced a proposed preferential issue to SEK194 million, from a previously proposed SEK1.3 billion as a planned project hadn't yet been completed.
In an interview with Dow Jones Newswires, the company's chairman Bjoern Olegaard said that the acquisition of Astraeus was funded by a share issue the company completed earlier this year.
Thaulow told Dow Jones Newswires that the acquisition was the "extra step" in FlyMe's planned expansion and that once the carrier has all the synergies in place it will look at further expansion opportunities.
1 September 2006
Dow Jones International News
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Join Date: Feb 2004
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Astraeus sold to Fly Me.
The business section of Morgunblaðið ( leading Icelandic newspaper ) claims
that Fly Me ( of Sweden ) has bought 51% or a controlling interest in UK charter airline
and ACMI provider Astraeus. Fly Me is controlled by Mr Pálmi Haraldsson,
best known for his heroic take-over of Sterling and the subsequent merger
with Maersk, which he has now sold to FL Group, btw at a huge profit.
Rumor has it that PH will sell AEU to FL Group for the latter to use in its efforts to gain a strong foothold in the international charter/acmi business
without involving Icelandic pilot union FÍA and its fatcat members in the venture. The Icelandic holding company is rumored to have tried to
acquire AEU earlier this year but without success. It now remains to be seen
what comes out of this deal, but one thing is sure: PH will enrich himself
handsomely as before in similar transactions. BTW the adventurous investor
Pálmi runs Iceland Express behind the scenes and got well acquainted with
AEU when the latter provided B737 equipment on ACMI basis to the
Icelandic low cost airline from early 2003 till spring 2005, and is therefore
well informed on the professionalism and dedication of the AEU Crawley based
staff.
that Fly Me ( of Sweden ) has bought 51% or a controlling interest in UK charter airline
and ACMI provider Astraeus. Fly Me is controlled by Mr Pálmi Haraldsson,
best known for his heroic take-over of Sterling and the subsequent merger
with Maersk, which he has now sold to FL Group, btw at a huge profit.
Rumor has it that PH will sell AEU to FL Group for the latter to use in its efforts to gain a strong foothold in the international charter/acmi business
without involving Icelandic pilot union FÍA and its fatcat members in the venture. The Icelandic holding company is rumored to have tried to
acquire AEU earlier this year but without success. It now remains to be seen
what comes out of this deal, but one thing is sure: PH will enrich himself
handsomely as before in similar transactions. BTW the adventurous investor
Pálmi runs Iceland Express behind the scenes and got well acquainted with
AEU when the latter provided B737 equipment on ACMI basis to the
Icelandic low cost airline from early 2003 till spring 2005, and is therefore
well informed on the professionalism and dedication of the AEU Crawley based
staff.
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Hello Ashland,
Thanks for the info from the Islandic newspaper, but please tell me that only the first two and a half lines of your post where quotet from the newspaper, and the rest is your personal opinion/experience.
On one point I'm sure you are right, and that is that PH will try to enrich himself. (guess anything else would be bad business)
But exactly what was heroic about his take-over of Sterling and subsequent merger with Maersk Air???????
Don't get me wrong, both where fine companies to work for, both with their own unique company spirits, built over 35-40 years in a tough industry.
But unfortunately, what has happened is tragic. Sterlings management today (chosen by PH) is running their ship through management by fear and intimidation. In fact the scene at Sterling could aptly be described in one word "ASHLAND". (I take it the name refers to the scenery in Iceland)
You're right, he has sold the merged company to FL group, but the actual selling price has never been made public. The agreed selling price was dependent on the performance of Sterling (apparently it was to be judged on the cashflow as of 31.12.2005, I quess there is not much else to judge it by, since Sterling does not have any other assets, seeing everything has been leased) and therefore Palmi's management stayed with Sterling after the sale, to make sure that the outcome would be to Palmi's advantage. This same management is still with Sterling nearly a year after the sale to FL group.
Perhaps Sterling has not performed as well as has been expected, why else have there been rumours for the last 4 months, that FlyMe is looking at buying Sterling from FL group. (essentially Palmi is buying back Sterling from FL group) That is strange to say the least, IMHO.
Uncle Albert, Swedish meatballs aren't that bad, are they?
Thanks for the info from the Islandic newspaper, but please tell me that only the first two and a half lines of your post where quotet from the newspaper, and the rest is your personal opinion/experience.
On one point I'm sure you are right, and that is that PH will try to enrich himself. (guess anything else would be bad business)
But exactly what was heroic about his take-over of Sterling and subsequent merger with Maersk Air???????
Don't get me wrong, both where fine companies to work for, both with their own unique company spirits, built over 35-40 years in a tough industry.
But unfortunately, what has happened is tragic. Sterlings management today (chosen by PH) is running their ship through management by fear and intimidation. In fact the scene at Sterling could aptly be described in one word "ASHLAND". (I take it the name refers to the scenery in Iceland)
You're right, he has sold the merged company to FL group, but the actual selling price has never been made public. The agreed selling price was dependent on the performance of Sterling (apparently it was to be judged on the cashflow as of 31.12.2005, I quess there is not much else to judge it by, since Sterling does not have any other assets, seeing everything has been leased) and therefore Palmi's management stayed with Sterling after the sale, to make sure that the outcome would be to Palmi's advantage. This same management is still with Sterling nearly a year after the sale to FL group.
Perhaps Sterling has not performed as well as has been expected, why else have there been rumours for the last 4 months, that FlyMe is looking at buying Sterling from FL group. (essentially Palmi is buying back Sterling from FL group) That is strange to say the least, IMHO.
Uncle Albert, Swedish meatballs aren't that bad, are they?
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Gr8 News for Astraeus
Uncle Albert doesn't like Meatballs, but great to get a new joint venture with the "Ice-men"...!
Had a great time whist working at AEU and saw a great deal of hard work put into getting FLYSTAR to where it's at now!!
Good luck to all the crew at AEU and hope all goes well for them in the future.
Madtexmex
Had a great time whist working at AEU and saw a great deal of hard work put into getting FLYSTAR to where it's at now!!
Good luck to all the crew at AEU and hope all goes well for them in the future.
Madtexmex
Last edited by BOAC; 2nd Sep 2006 at 14:27. Reason: Unecessary quote of previous full post
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Mr Skinner,
I thought the employees were going to be told first - how comes you are 10 days behind everyone else
Its a Swedish company but seems to be Icelandic money, so expect some Viking input soon
I thought the employees were going to be told first - how comes you are 10 days behind everyone else
Its a Swedish company but seems to be Icelandic money, so expect some Viking input soon
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It is Miss, not Mr and I was told before the announcment even went onto the staff website.
I was simply remarking that it was not excel as everybody thought.
But thanks for the concern.
I was simply remarking that it was not excel as everybody thought.
But thanks for the concern.
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Perhaps due to the ungodly hour that most of the passengers arrived at the airport for the 7:15am departure, the crew wished to minimise the disturbance in the cabin, to allow people to get some sleep. I'm sure if you asked, the crew would be more than happy to rustle up a drink or two, and earn a bit of commission.
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Do you know something we all don't? There has been no confirmation as yet! that AEU/Fly Me are going to undertake such a contract.
Dissident
Try www.ppjn.com for the information you require! however not sure how updated it is. All I am prepared to say about is that we are no worse or better than many similar carriers in terms of renumeration...if you want lots of money join ryan air or easy jet but you will work alot harder there.
Hope it helps, good luck!
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Nivsy
I believe the addage go's "only beleive half of what you see and nothing of what you hear in aviation". I work for one of the companies mentioned and we have been told nothing of this. Not that this means it's not true just that recently if we were to beleive certain websites or posts we would be owned by a company that sounds like a walls ice lolly.
As we all know now this is not the case however anyhting is possible, but I wouldn't get too excited just yet. But you never know,?
Rgds
Monkey
I believe the addage go's "only beleive half of what you see and nothing of what you hear in aviation". I work for one of the companies mentioned and we have been told nothing of this. Not that this means it's not true just that recently if we were to beleive certain websites or posts we would be owned by a company that sounds like a walls ice lolly.
As we all know now this is not the case however anyhting is possible, but I wouldn't get too excited just yet. But you never know,?
Rgds
Monkey
What you say is indeed quite true.
It is known that the Ministry of Defence, having an interest in this "start up"operator, have been pressing quite hard as to where the proposed aircraft for the routes proposed will come from. While it may be a bit premature for the web site to say that the aircraft are coming - would it not be foolhardy to state such things when it is likely to be met with criticism and distrust by the sceptics in Gibraltar.
However my question has been answered by you- in part- and it is of interest that this appears to be unknown within the company before - never mind after the new" owners" have taken control. It remains to be seen (should it be true of the alledged leasing) if the new owners will have different plans.
Nivsy
It is known that the Ministry of Defence, having an interest in this "start up"operator, have been pressing quite hard as to where the proposed aircraft for the routes proposed will come from. While it may be a bit premature for the web site to say that the aircraft are coming - would it not be foolhardy to state such things when it is likely to be met with criticism and distrust by the sceptics in Gibraltar.
However my question has been answered by you- in part- and it is of interest that this appears to be unknown within the company before - never mind after the new" owners" have taken control. It remains to be seen (should it be true of the alledged leasing) if the new owners will have different plans.
Nivsy