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Ettyl

Old 19th Apr 2021, 16:35
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In an update to market Stobart state it is in "advanced discussions with Ettyl Ltd for the sale of its shareholding in Stobart Air & Carlisle Airport".

It added there can be no certainty an agreement will be reached or the transaction will conclude as it remains subject to contract matters and approvals.
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Old 19th Apr 2021, 17:02
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Esken are a publicly listed company so any announcement involving the disposal of Stobart Air would likely have to be timed alongside an RNS to the stock market.
Looks like someone spreading idle gossip, or if true then someone jumped the gun and is now back pedalling....Ooops!
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Old 19th Apr 2021, 17:04
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Quoting post #37 above - presumably there was no such announcement?
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Old 19th Apr 2021, 18:09
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Post 37 is a copy and paste captured from the Ettyl website prior to the content being removed
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Old 23rd Apr 2021, 22:46
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The ESKEN media release issued at 07.00 on 20 April gives full details. Look in the INVESTOR section of their website and the item on 20 April marked DISPOSAL.Notification of Class 2 transaction - Sale of Stobart Air and Carlisle Lake District Airport

"Esken, the aviation and energy infrastructure group, announces that it has signed an agreement for the sale of its entire shareholdings in Stobart Air Unlimited Company ('SA') (which operates regional flights under a franchise agreement for Aer Lingus) and Stobart Air (UK) Limited, the owner of Carlisle Lake District Airport ('CLDA') to Ettyl Limited (Ettyl). The sale is subject to certain change of control and bank facility consents and is expected to complete by early May 2021."

There is a lot more detail in the lengthy media release.
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Old 26th Apr 2021, 15:57
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And the CEO of Ettyl looks like a great guy too, zero understanding of aviation.. so hope he as an investor behind him... playing with others people money... he also has a nice history, one sided view from the guy that got "scammed": Jasonscalesfraud (google.com)
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Old 26th Apr 2021, 19:03
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That seems rather harsh, particularly given the history if you read back through this thread. For me, the jury's out on this one until proven either way - especially as the deal has to go through to begin with.
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Old 27th Apr 2021, 10:15
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harriewillem

In fairness, Stellios had no experience of aviation when he launched Easyjet...

Ok, i'm not suggesting they are the new easyjet, but not every founder has had experience in the industry, and many of them have gone on to be a success, so I wouldnt read too much in to that. As long as he hires the right people to advise him, he might do ok.
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Old 27th Apr 2021, 11:36
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The whole industry has been turned on its head so I'm in the waiting and see camp on this one.
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Old 28th May 2021, 19:46
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Ettyl Ltd., which agreed to acquire Esken's stakes in Stobart Air and the Carlisle Lake District Airport, no longer has the proposed financing for the transaction. https://www.marketwatch.com/story/es...g-271622220395
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Old 29th May 2021, 04:51
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harriewillem

And what experience of aviation did Branston have when he decided to put his 'Virgin' tag on to British Atlantic Airways, how about Davis & Newman Shipping when they started Dan-Air, how about Niki Lauda when he started Lauda Air, Chris Amon & Bill Bryce when they started Brymon, how about Donald Trump when he started Trump Air ... The list is endless!

Wow ... He received a negative feedback off ebay ... Best we hold the front page for that one
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Old 29th May 2021, 21:05
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lfc84

Well you could see this one coming. You have to question the due diligence undertaken by Esken.
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Old 30th May 2021, 13:01
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https://www.independent.ie/business/...-40480855.html

Perhaps why the financing fell through is the real question here. Indo (arguably not the most authoritative source in media) is implying that change of control clauses could well be an issue.
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Old 31st May 2021, 06:15
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runway30

Due dilligence?

This reminds me of when I was needing to recolate and sell/buy property some 30+ years ago, the number of wannabee buyers that put in offers on my place that I accepted only for their subsequent mortgage applications to fall through, is due dilligence not to take investors at their word and to have a crystal ball that their proposed financing won't materialise, at that same time I recall having my offer accepted on buying a property only for the surveyor not to approve it, all that survey cost that I could have saved myself had I had due dilligence!

Then only a couple of years later I went thru it all again, this is financing whether it being buying real estate, motor transportation or indeed an airline, how many airlines have fallen through because thir expected financing packages became unavailable?

If at first you don't succeed then try and try again but there do appear to be an abundance of 'nay sayers' around these parts that are seemingly wanting Ettyl to fail at the first, second or third hurdle when there is the memainder of an obstacle race to run before that may be concluded.
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Old 31st May 2021, 07:45
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I for one certainly don't want to see the deal fall through. Sometimes though, from experience, you put two and two together and they actually do make four and that's the way this looks to me.
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Old 31st May 2021, 09:58
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In reality the financing for business, especially those in precarious trades, is in the hands of Merchant International banks and organisations. The finance for property/motors/ fridges etc is domestic and subject to far more market pressures. Sorry but its comparing apples and pears. The major lenders will do due diligence, especially at this present time, with a tooth comb. Its something they are equipped to do. Its not wanting something to fail, but being realistic.
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Old 31st May 2021, 10:49
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You suggest that the money lenders are responsible for due dilligence whereas the previous poster suggested that Esken were responsible foir due dilligence Case rested
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Old 31st May 2021, 13:15
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At that level, both will do a level of due diligence, albeit the money lenders will be more hard headed and ask more of the searching questions. Maybe the didnt get the answers they wanted.
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Old 7th Jun 2021, 21:22
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No - it's behind a paywall (as is the earlier Daily Telegraph story)
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Old 7th Jun 2021, 21:29
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Not much info other than

Last month he denied speculation that Ettyl was being bankrolled by Doug Barrowman

Ettyl can confirm that it raised concerns with the Isle of Man Constabulary as soon as it became aware of an issue with the paperwork supplied by one of the proposed third-party funders
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