SilverJet (Merged 30/05)
Join Date: Sep 2004
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I can confirm the facts on AA and AB.
AA is still a TOM aircraft and is under care and maintnenance at DUB, AB is on stand at LTN and will re-enter service with TOM until further news comes from Silverjet, AB is now a week late and based on that I don't see it leaving the TOM fleet in the next few weeks either.
AA is still a TOM aircraft and is under care and maintnenance at DUB, AB is on stand at LTN and will re-enter service with TOM until further news comes from Silverjet, AB is now a week late and based on that I don't see it leaving the TOM fleet in the next few weeks either.
Join Date: Jul 2007
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Heard a rumour that the dart group (jet2) are interested in silverjet, fits into their longhaul plans
Not sure about that one........?????? Don't think it would fit into Jet2's low cost / charter plans some how??
Besides, I think Silverjet crew would get a bit of a shock at suddenly having to sell £5 'meal deals'!
Out of interest, what are Silverjet like to work for? I hear it is a friendly enviroment with good rapor between the Management and Staff.
Join Date: Jan 2005
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Press Association Reporting this:
Silverjet soars on takeover approach
4 hours ago
Shares in business-class airline Silverjet soared after the company said it had received a takeover offer.
The company, which operates from Luton Airport to Dubai and Newark in the United States, did not disclose the party or parties involved in the approach. However, it did say that it was in discussions regarding the proposal, which may or may not lead to an offer for the company.
Silverjet made the statement to the stock market after seeing an upward movement in its share price. The stock rose by another 25%.
The company, which made its first commercial flight in January 2007, achieved its highest ever monthly revenues in March, with more than 10,000 revenue-generating seats. Passenger numbers also grew by 23% over February despite an early Easter falling during the month, a traditionally quieter period for business travellers.
While Silverjet did not generate an operating profit and was not cash generative in March, chief executive Lawrence Hunt said the business made solid progress towards its objective of becoming profitable as quickly as possible.
He added: "While the economic climate is very challenging for all airlines, Silverjet's fares at up to 50% discount to legacy airlines business class fares are attracting an increasing number of corporate customers."
Silverjet runs two daily services to Newark and started a daily flight to Dubai in November.
Silverjet soars on takeover approach
4 hours ago
Shares in business-class airline Silverjet soared after the company said it had received a takeover offer.
The company, which operates from Luton Airport to Dubai and Newark in the United States, did not disclose the party or parties involved in the approach. However, it did say that it was in discussions regarding the proposal, which may or may not lead to an offer for the company.
Silverjet made the statement to the stock market after seeing an upward movement in its share price. The stock rose by another 25%.
The company, which made its first commercial flight in January 2007, achieved its highest ever monthly revenues in March, with more than 10,000 revenue-generating seats. Passenger numbers also grew by 23% over February despite an early Easter falling during the month, a traditionally quieter period for business travellers.
While Silverjet did not generate an operating profit and was not cash generative in March, chief executive Lawrence Hunt said the business made solid progress towards its objective of becoming profitable as quickly as possible.
He added: "While the economic climate is very challenging for all airlines, Silverjet's fares at up to 50% discount to legacy airlines business class fares are attracting an increasing number of corporate customers."
Silverjet runs two daily services to Newark and started a daily flight to Dubai in November.
Join Date: Jan 2007
Location: UK
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Reuters:
Silverjet reveals bid talks, shares take off
LONDON, April 10 (Reuters) - Beleaguered British business airline Silverjet said on Thursday it was in takeover talks with unnamed suitors, propelling its shares 36 percent to a two-month high.
The loss-making company, which operates flights to New York and Dubai from London and owns three aircraft, declined to comment on the identity of the potential buyers.
Its shares surged to 20.75 pence at 1249 GMT -- valuing the carrier at about 13 million pounds ($25.71 million) -- a tenth of their March 2007 peak, when they as high as 207 pence.
Silverjet declined to say whether the talks were crucial to the survival of the company, which last raised cash in November. But Daniel Stewart analyst Mike Stoddart, who caused the shares to crash in January when saying Silverjet would run out of money due to rising fuel costs, said the talks were vital.
"The company does need fresh equity. Without fresh equity it hasn't got a future," he told Reuters. "We are not a fan of the business model and we think that without major changes the company will run out of equity funds soon."
Silverjet raised 21 million pounds in November, including a 10 million pound loan from property tycoons the Reuben Brothers. A source familiar with the matter said the duo were not one of the parties behind the talks.
A spokesperson for the company declined to comment on how much of the 21 million pounds was left, adding that a pre-close trading statement was due later this month.
A separate industry source added TUI Travel, which sold Silverjet its last two airlines through its ThomsonFly subsidiary, was not in talks with the group, while Thomas Cook Chief Executive Manny Fontenla-Novoa distanced the travel agency from the bid.
British budget airline easyJet sparked a sell-off in European airline shares last month when it warned record fuel costs would erode profits unless prices fell soon.
A number of airlines have since collapsed, including Oasis, a pioneer of cheap flights to Hong Kong, earlier this week.
"Silverjet is a new breed; the concept is good, but it takes a long time to establish themselves, to build a reputation and a client base," said Panmure Gordon analyst Gert Zonneveld.
The company said in December it was in talks to buy two aircraft, with the deals expected to be completed this month. A spokesperson said Silverjet was "still in negotiations" over the purchases.
Silverjet reveals bid talks, shares take off
LONDON, April 10 (Reuters) - Beleaguered British business airline Silverjet said on Thursday it was in takeover talks with unnamed suitors, propelling its shares 36 percent to a two-month high.
The loss-making company, which operates flights to New York and Dubai from London and owns three aircraft, declined to comment on the identity of the potential buyers.
Its shares surged to 20.75 pence at 1249 GMT -- valuing the carrier at about 13 million pounds ($25.71 million) -- a tenth of their March 2007 peak, when they as high as 207 pence.
Silverjet declined to say whether the talks were crucial to the survival of the company, which last raised cash in November. But Daniel Stewart analyst Mike Stoddart, who caused the shares to crash in January when saying Silverjet would run out of money due to rising fuel costs, said the talks were vital.
"The company does need fresh equity. Without fresh equity it hasn't got a future," he told Reuters. "We are not a fan of the business model and we think that without major changes the company will run out of equity funds soon."
Silverjet raised 21 million pounds in November, including a 10 million pound loan from property tycoons the Reuben Brothers. A source familiar with the matter said the duo were not one of the parties behind the talks.
A spokesperson for the company declined to comment on how much of the 21 million pounds was left, adding that a pre-close trading statement was due later this month.
A separate industry source added TUI Travel, which sold Silverjet its last two airlines through its ThomsonFly subsidiary, was not in talks with the group, while Thomas Cook Chief Executive Manny Fontenla-Novoa distanced the travel agency from the bid.
British budget airline easyJet sparked a sell-off in European airline shares last month when it warned record fuel costs would erode profits unless prices fell soon.
A number of airlines have since collapsed, including Oasis, a pioneer of cheap flights to Hong Kong, earlier this week.
"Silverjet is a new breed; the concept is good, but it takes a long time to establish themselves, to build a reputation and a client base," said Panmure Gordon analyst Gert Zonneveld.
The company said in December it was in talks to buy two aircraft, with the deals expected to be completed this month. A spokesperson said Silverjet was "still in negotiations" over the purchases.
Join Date: Jul 2006
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Wild card I know but !
Could it be EOS they have the same routes or soon will have
and if it was, Eos would end up with two London bases or
they might just up sticks to LTN, giving them what they wanted at STN
a terminal to themselfs.
and if it was, Eos would end up with two London bases or
they might just up sticks to LTN, giving them what they wanted at STN
a terminal to themselfs
.
Join Date: May 2006
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A long shot - what about Monarch, already LTN based operating the 767 (although 767-300 series). MON wanting to replace 2 x 757 by the end of this summer season, although they are very hard to find and THEY need replacements for the A300. MON is well established in scheduled routes (although s.haul at the moment) and will be looking to expand L.haul routes charter & scheduled for when the 787 eventually arrives.
A long shot like I said but stranger things have happen at sea.
A long shot like I said but stranger things have happen at sea.
Join Date: Dec 2006
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And what of the workers!?
Are there any Silverjet employees who are willing to say what the inside atmosphere is like? Is the news welcomed or is there a mad dash to re write the CV?
Join Date: Dec 2007
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EOS no i don't think so, Jet2 unlikely, wrong model, doubt they have the dosh right now, Easyjet, maybe, but again wrong model i don't see the fit, Emirates? i don't think that they have anything to fear from someone as small as Silverjet, likewise BA or Virgin, bmi don't compete on any of (Silverjets) routes and could move them into LHR by ditching some domestic slots, but it could be Luffty or AirFrance again out of LHR to put a shot across BA bows over their open skies plans, either way it looks like the end game for Silverjet. Its a shame but timing and oil prices are against them, shows what a bored analyst can do!!
Scourge of Bad Airline Management!
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Think outside the box...
What is Silverjet's value? Aircraft? Not really, they are leased. Routes? Only two. Brand? Yes a bit.
But the terminals....?
Who'd want a terminal at LTN?
Failing that, ask what an airline wants a small airline for - or would a non-airline want it? Think of it as a business transaction, not an airline transaction and the answers become more interesting...
What is Silverjet's value? Aircraft? Not really, they are leased. Routes? Only two. Brand? Yes a bit.
But the terminals....?
Who'd want a terminal at LTN?
Failing that, ask what an airline wants a small airline for - or would a non-airline want it? Think of it as a business transaction, not an airline transaction and the answers become more interesting...
Join Date: Jul 2002
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Who'd want a terminal at LTN
Join Date: Jul 2007
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Forgive me if i am wrong on this and I dont mean this as some kind of wild speculation but I'm sure i read somewhere that Lufthansa were a likely 'partner/owner' of Silverjet in order for them to move the company or some flights down to LHR in order to compete better in the new Openskies market. Can anyone help or am I dreaming?!! 
Scourge of Bad Airline Management!
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LTNman - exactly my point. A terminal at LTN makes a HUGE amount of sense for a lot of players, even if the 767s of SilverJet don't fit the buyer's fleet...
MUFC Fan - again, exactly. Why do airlines buy airlines?
1. Not to get an AOC/OL, they have one - but a wannabee airline may buy;
2. To get fleet (in the current market, this is daft, lots of aircraft about);
3. To get staff (not a problem in a slowing market);
4. To get slots (well, SJ don't have that many);
5. To dispose of a competitor (can't imagine that SJ are causing that many issues for anyone yet);
6. To get hold of something "odd" (a terminal perhaps?);
7. To buy revenue.
My guess is - a mix of either 1 and 3 if the buyer is a non-airline, or a mixture of 6 and 7 if the buyer is an airline.
Cherchez la ligne...
MUFC Fan - again, exactly. Why do airlines buy airlines?
1. Not to get an AOC/OL, they have one - but a wannabee airline may buy;
2. To get fleet (in the current market, this is daft, lots of aircraft about);
3. To get staff (not a problem in a slowing market);
4. To get slots (well, SJ don't have that many);
5. To dispose of a competitor (can't imagine that SJ are causing that many issues for anyone yet);
6. To get hold of something "odd" (a terminal perhaps?);
7. To buy revenue.
My guess is - a mix of either 1 and 3 if the buyer is a non-airline, or a mixture of 6 and 7 if the buyer is an airline.
Cherchez la ligne...
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Why would anyone want to buy Silverjet? It'll be a corpse come the end of summer in any case. Sounds more like Lawrence Hunt (i wonder if that will be rhyming slang in a short time..."He's a right Lawrence....") trying to yet again manipulate the share price to please the shareholders. Interesting that there's no real names in the frame yet. I'll file it alongside Premair....or perhaps they're the airline!!!!
Join Date: Feb 2005
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Silverjet in takeover talks with three bidders
Todays Independent
By Danny Fortson, Business Correspondent
Friday, 11 April 2008
Silverjet, the beleaguered all-business class airline, is involved in takeover talks with at least three bidders, one of them an airline, according to sources close to the situation.
The company announced it was in play yesterday with a terse statement to the Stock Exchange, admitting discussions that "may or may not lead to an offer".
A source said last night: "Three conversations are going on right now, and one of them is with another airline." One rumoured suitor, easyJet, is not involved, the source added.
The bid talk gave an uncharacteristic fillip to Silverjet shares, which have fallen precipitously from their high of 200p just over a year ago. They closed 5.75p up yesterday at 21p. A spokeswoman for the company declined to comment on who the bidders may be.
The most likely option is thought to be the Reuben brothers, the billionaire investors who loaned the company £10m in December.
The brothers, David and Simon, declined to convert their holding into shares by the February deadline because the share price fall in the intervening months left the stock well below the price at which they bought in.
Michael Stoddart, an analyst at Daniel Stewart & Co, who earlier this year slapped a "nil" price target on Silverjet and exhorted investors to "sell at any price", said: "[The Reuben brothers] have got the greatest financial interest in the company.
"If the company carries on producing losses, that £10m becomes in greater jeopardy. They might want to take control of it."
It is unclear what that would mean for Lawrence Hunt, the chief executive, who, according to Mr Stoddart, owns about 6.2 per cent of the company, bought at an average of 11p per share. Speculation that the company is destined to follow the path of rival Maxjet, which collapsed last Christmas, has been rife as it struggles to deal with rising fuel prices. Earlier this month, Mr Hunt admitted that it failed to reach profitability last month – a key milestone that the company itself had set.
Eos Airlines, an all-business class rival, could also be in the running.
By Danny Fortson, Business Correspondent
Friday, 11 April 2008
Silverjet, the beleaguered all-business class airline, is involved in takeover talks with at least three bidders, one of them an airline, according to sources close to the situation.
The company announced it was in play yesterday with a terse statement to the Stock Exchange, admitting discussions that "may or may not lead to an offer".
A source said last night: "Three conversations are going on right now, and one of them is with another airline." One rumoured suitor, easyJet, is not involved, the source added.
The bid talk gave an uncharacteristic fillip to Silverjet shares, which have fallen precipitously from their high of 200p just over a year ago. They closed 5.75p up yesterday at 21p. A spokeswoman for the company declined to comment on who the bidders may be.
The most likely option is thought to be the Reuben brothers, the billionaire investors who loaned the company £10m in December.
The brothers, David and Simon, declined to convert their holding into shares by the February deadline because the share price fall in the intervening months left the stock well below the price at which they bought in.
Michael Stoddart, an analyst at Daniel Stewart & Co, who earlier this year slapped a "nil" price target on Silverjet and exhorted investors to "sell at any price", said: "[The Reuben brothers] have got the greatest financial interest in the company.
"If the company carries on producing losses, that £10m becomes in greater jeopardy. They might want to take control of it."
It is unclear what that would mean for Lawrence Hunt, the chief executive, who, according to Mr Stoddart, owns about 6.2 per cent of the company, bought at an average of 11p per share. Speculation that the company is destined to follow the path of rival Maxjet, which collapsed last Christmas, has been rife as it struggles to deal with rising fuel prices. Earlier this month, Mr Hunt admitted that it failed to reach profitability last month – a key milestone that the company itself had set.
Eos Airlines, an all-business class rival, could also be in the running.