SOUTHEND 5
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LTNman - perhaps they realised they
1 - overpaid for some acquisitions in the past and what they currently own is worth less than what they paid for it
2 - incurred significant costs for planned deals which did not come to fruition
Reading the news release, it sounds like Tinkler has been encourage, either by the board or by major shareholders, to look at things other than SEN (Tinkler has possibly been moved to a corner where he can't do any major damage), and that the new CEO Warwick Brady wants to declare all the potential bad news in the accounts while he's still new and can't be blamed for the events of the past (known as 'kitchen-sinking')
1 - overpaid for some acquisitions in the past and what they currently own is worth less than what they paid for it
2 - incurred significant costs for planned deals which did not come to fruition
Reading the news release, it sounds like Tinkler has been encourage, either by the board or by major shareholders, to look at things other than SEN (Tinkler has possibly been moved to a corner where he can't do any major damage), and that the new CEO Warwick Brady wants to declare all the potential bad news in the accounts while he's still new and can't be blamed for the events of the past (known as 'kitchen-sinking')
Last edited by davidjohnson6; 11th May 2017 at 12:18.
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The £21.6Million goodwill impairment basically means there has been a deterioration the ability of acquired aviation assets to generate the cash they predicted. Therefore, the book value of those aviation assets must be written down according to established accountancy principles.
Not only did they embark on debt fuelled acquisition strategy – they also overpaid for everything. At least Tinkler has gone and an ex-EasyJet bod is at the helm now.
Not only did they embark on debt fuelled acquisition strategy – they also overpaid for everything. At least Tinkler has gone and an ex-EasyJet bod is at the helm now.
(Acknowledgement to Flight Mode who beat me to it)
If Tinkler has been sidelined, that can only be a good thing IMO. "Colourful" CEO's are rarely good news.
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I wonder where Mr Brady has positioned himself on the Flybe franchise.
Did the board have to pin Andrew Tinkler to the ground until the Cityjet deadline passed, with someone jumping up and down on his fountain pen for good measure? Or was it Tinkler who dragged the rest kicking and screaming towards extending the franchise instead of the Cityjet deal?
Did the board have to pin Andrew Tinkler to the ground until the Cityjet deadline passed, with someone jumping up and down on his fountain pen for good measure? Or was it Tinkler who dragged the rest kicking and screaming towards extending the franchise instead of the Cityjet deal?
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Stobart results
The year end results make for depressing reading. The loss in the aviation division deepens, the 2018 target for passengers numbers to be at 2.5m has been dropped completely and the new routes will now only deliver 300,000 extra pax, not the 600,000 extra they claimed in their press release. How much longer does the team need to turn a profit on the airport? Launching with easyJet was a mistake as they have kept competitor airlines away.
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SEN Website
AT LAST!! Gran Canaria has been removed from the destinations on the website and Ibiza and Murcia have appeared. tophat27dt's second e-mail must have spurred them into action.
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I will have to dig this post out when it happens and say I told you so.
Stobart will sell its stake in Southend sooner rather than later. I am not saying that is a good thing or a bad thing as I really don't know but Stobart will make a tidy profit on its investment. I am guessing it will happen in the next 2 to 5 years as it is all about investment and return.
The new investor will see potential in its acquisition which has to be good.
Stobart will sell its stake in Southend sooner rather than later. I am not saying that is a good thing or a bad thing as I really don't know but Stobart will make a tidy profit on its investment. I am guessing it will happen in the next 2 to 5 years as it is all about investment and return.
The new investor will see potential in its acquisition which has to be good.
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You did indeed say this LTNman. I seem to remember you also described the future as win - win for the airport. And I guess that's because Stobart have no choice but to plough forward until someone with deep pockets come along. And a new investor will need to see significant growth.
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You did indeed say this LTNman. I seem to remember you also described the future as win - win for the airport. And I guess that's because Stobart have no choice but to plough forward until someone with deep pockets come along. And a new investor will need to see significant growth.
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Thanks for sharing the link and video LTNman,
Southend has been a slow burn and while they are not yet where they said they'd be initially, in the context of a crowded London airport scene at what point does SEN become the only logical option left? I believe a tipping point well come in rather next year or two when the disl turns and SEN gains some serious traction, in the mean time all eyes on the new routes !!
Ei-bud
Southend has been a slow burn and while they are not yet where they said they'd be initially, in the context of a crowded London airport scene at what point does SEN become the only logical option left? I believe a tipping point well come in rather next year or two when the disl turns and SEN gains some serious traction, in the mean time all eyes on the new routes !!
Ei-bud