Southend-3
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Weekends were strong last time but midweek not so good. Some services had very poor loads where they had early departures or late arrivals which missed first/last trains. In theory a non-based unit should be more consistent and have greater success.
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What makes you think domestics will work now when they have failed every time previous. Ryanair, Stobart/BE all had a go and ditched them promptly. High frequency and much choice from STN, LCY and LTN is the reason that SEN will only ever primarily be for sun and beach!
Last edited by SouthernAlliance; 1st Mar 2024 at 09:28.
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According to the stock exchange announcement that Esken made on 19th Feb...
I guess we'll find out at approx 0700 tomorrow morning if/when they file another RNS Statement to know more.
In order for the recapitalisation proposal to proceed on a consensual basis, Esken and its wholly owned subsidiary Esken Aviation Limited ("EAL") (as the parent and intermediate holding company to LSA) would have to accede to this proposal by 4 March 2024.
Source: https://tools.eurolandir.com/tools/P...wpf&v=redesign
Source: https://tools.eurolandir.com/tools/P...wpf&v=redesign
I guess we'll find out at approx 0700 tomorrow morning if/when they file another RNS Statement to know more.
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https://www.echo-news.co.uk/news/241...irport-summer/
FLIGHTS from Southend Airport to two European cities have been increased this summer, bosses have announced.
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Milan
In the same article covering the increase in flights to Paris and Palma is a link to a story which confirms Milan flights have been cancelled even before the first flight has operated. How could Aeroitalia have hoped to compete on London-Milan with Southend as the only USP?Shows what an uphill, struggle the airport faces.
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https://www.echo-news.co.uk/news/241...-open-growing/
CONFIDENCE is growing that budget airline easyJet could re-open its base at Southend Airport after extra flights were added to two popular destinations throughout the summer season.
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In the same article covering the increase in flights to Paris and Palma is a link to a story which confirms Milan flights have been cancelled even before the first flight has operated. How could Aeroitalia have hoped to compete on London-Milan with Southend as the only USP?Shows what an uphill, struggle the airport faces.
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AeroItalia's scheduled flights to Heathrow lasted less than a month. In their relatively short existence, they have changed bases, strategy and routes countless times, usually blaming others when things haven't worked out. I wouldn't necessarily blame Southend for the cancellation of the Milan route, rather it was another hare-brained idea by the operator!
The announcement by the news service of the London Stock Exchange this morning says that:
"this extension (to the original agreed date for Esken to agree Carlyle's terms, 5th March 2024) has been agreed in order that the parties may continue further negotiations on the terms of Esken's potential accession to the proposal. The Company will provide a further update on the outcome of these negotiations when concluded."
To me that sounds rather like Esken cannot find any alternative to agreeing the proposal but are trying to get the best terms possible for their shareholders. I have no inside information on any of this, just my thoughts on the matter.
"this extension (to the original agreed date for Esken to agree Carlyle's terms, 5th March 2024) has been agreed in order that the parties may continue further negotiations on the terms of Esken's potential accession to the proposal. The Company will provide a further update on the outcome of these negotiations when concluded."
To me that sounds rather like Esken cannot find any alternative to agreeing the proposal but are trying to get the best terms possible for their shareholders. I have no inside information on any of this, just my thoughts on the matter.
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https://www.echo-news.co.uk/news/241...syjet-flights/
SOUTHEND Airport has announced increased flights to a third European destination for a second day running
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Not sure if it’s been mentioned before but Winter 24/25 is on sale for November only, fairly identical to this year. 4 x AMS and 4x CDG. ALC isn’t on sale but two of the AMS arrive at lunch and leave in the evening so it’s surely coming soon.
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New RNS issued this morning - deal with CGI & Cyrus agreed.
As a result, the Company has agreed to accede to that recapitalisation proposal in relation to LSA. This will therefore proceed on a consensual basis, rather than through a contested court process, which could be potentially destructive for all stakeholders. The terms of the recapitalisation proposal for LSA involves a conversion of the convertible loan of £193.75 million due to CGI into an 82.5% stake in LSA and a similar conversion of the £24.3 million debt due by LSA to Esken Aviation Limited ("EAL"), a wholly owned subsidiary of the Company, into a 17.5% stake. Funding of the proposal agreed with the board of LSA includes an initial £5 million of short-term unsecured bridge funding to the airport through to the conclusion of the process as part of a commitment of £32 million of new funding to secure the future growth of the airport.
Source:https://tools.eurolandir.com/tools/P...wpf&v=redesign
Source:https://tools.eurolandir.com/tools/P...wpf&v=redesign
Esken has agreed the deal negotiated between LSA and Carlyle Global Investments (CGI). CGI will own 82.5% of the equity of LSA in place of the outstanding £193.75m convertible loan. The £24.3m debt owed by LSA to Esken Aviation Ltd. will convert to a 17.5% equity stake. Also £5m of bridging funding will go to support the airport during the completion of this process and that will be part of the £32m additional working capital to be made available to LSA to secure the future growth of the airport.
Edit: P.S. Beat me by two minutes jmdavies86.
Edit: P.S. Beat me by two minutes jmdavies86.
Last edited by Expressflight; 6th Mar 2024 at 07:41.
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So it is settled. We can only hope stability allows the airport to - if you will forgive me - take off once more and cease to be stuck in a persistent jam tomorrow existence.
A good time as well to look around the airport and acknowledge the incredible transformation under Stobart in the last sixteen years: the runway, terminal, tower, railway station, car parks, taxiways and more. Without them - whether it was good business or not - where exactly would the airport be today.
A good time as well to look around the airport and acknowledge the incredible transformation under Stobart in the last sixteen years: the runway, terminal, tower, railway station, car parks, taxiways and more. Without them - whether it was good business or not - where exactly would the airport be today.
Last edited by DC3 Dave; 6th Mar 2024 at 08:06.
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https://www.theguardian.com/business...private-equity
Southend airport is to pass into the control of the US private-equity group Carlyle after an agreement to settle a debt, in the latest takeover of a UK firm by a foreign company.
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Not strictly SEN-related, but I wonder how this deal affects Carlisle Lake District Airport (CAX), if at all...?!
Two points of note in the latest RNS...
...its intention to (i) dispose of certain non-core assets for a consideration of £8.5 million...all progress was stopped in light of recent events..."
By 'orderly wind down of the remaining group', am I right to assume that this means the complete closure of the CAX if no buyer can be found, as talks with the potential buyer were stopped in light of the deal between Esken, CGI & Cyrus...?!
I was up in Cumbria last week, but nobody seemed to know anything and/or were willing to even talk about it...?!
Two points of note in the latest RNS...
"Cyrus will provide liquidity to the Esken group to meet its working capital needs during this process and to allow an orderly wind down of the remaining group.
...its intention to (i) dispose of certain non-core assets for a consideration of £8.5 million...all progress was stopped in light of recent events..."
By 'orderly wind down of the remaining group', am I right to assume that this means the complete closure of the CAX if no buyer can be found, as talks with the potential buyer were stopped in light of the deal between Esken, CGI & Cyrus...?!
I was up in Cumbria last week, but nobody seemed to know anything and/or were willing to even talk about it...?!