State of play at MyTravel/Kestrel
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From someone with such an eloquent title as "give a dog a beach" (obviously a top expert in the finance sector!!) - I'd think carefully before lending such rumour any credence. There are rumours around all the time about airline's having to pay cash for fuel - 99% of these are just plain wrong.
Spreading such hearsay and rumour is not helpful.
Spreading such hearsay and rumour is not helpful.
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Tilos
The story is total C***! Where the hell do these stories come from? No doubt again from one of our competitors.
I have just spoken to several departments and a crew who has just returned fromTFS and there is NO TRUTH to this story at all.
Think very carefully before you publish such rubbish again, check your facts or do us all a favour and keep it to yourself!
Feel better now!!!!!
The story is total C***! Where the hell do these stories come from? No doubt again from one of our competitors.
I have just spoken to several departments and a crew who has just returned fromTFS and there is NO TRUTH to this story at all.
Think very carefully before you publish such rubbish again, check your facts or do us all a favour and keep it to yourself!
Feel better now!!!!!
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Well said kinsman!!
Perhaps if I may be permitted - a few more titbits from the above quoted bulletin board:
Give a dog a beach said when challenged about this -
"Why should I reveal what company I work for, it is obviouse I'm in a competitors ops dept. "
This is the gist of the replies that this eejit has been getting for his well informed and balanced comments -
"I have just been told that a Britannia flight to Majorca is not being allowed to land and is circling the airport in Palma.
Word has it from my mate that works in air traffic they have not paid for their tyres yet and have not paid the window cleaner who is still clung to the outerskin of the aircraft.
I can not give anymore detail than that except to say that he works in the travel industry his first name is pinoccio and he has a big nose."
and my favourite:
"bye bye dog"
It's obvious that "give a dog a beach" enjoys the respect of the other investors on the site!!!!
Tilos,
Why pick up on virtually the only negative post on the whole board?????? What's your agenda??????
It seems that 99% of people on this bulletin board and ADFVN want MYT to succeed. And in lots of cases not just because they have shares!!
I think I'll finish by quoting one of the guys on the ADFVN board -
"OK, serious answer.
Good company, slightly lost the plot but caught in the nick of time.
Still good company, great products, sound management with their eye very firmly on the ball.
12.5/13 end of next week.
Break 15 before the interims."
Thanks (nearly) everyone for you support through these diffcult times!
Perhaps if I may be permitted - a few more titbits from the above quoted bulletin board:
Give a dog a beach said when challenged about this -
"Why should I reveal what company I work for, it is obviouse I'm in a competitors ops dept. "
This is the gist of the replies that this eejit has been getting for his well informed and balanced comments -
"I have just been told that a Britannia flight to Majorca is not being allowed to land and is circling the airport in Palma.
Word has it from my mate that works in air traffic they have not paid for their tyres yet and have not paid the window cleaner who is still clung to the outerskin of the aircraft.
I can not give anymore detail than that except to say that he works in the travel industry his first name is pinoccio and he has a big nose."
and my favourite:
"bye bye dog"
It's obvious that "give a dog a beach" enjoys the respect of the other investors on the site!!!!
Tilos,
Why pick up on virtually the only negative post on the whole board?????? What's your agenda??????
It seems that 99% of people on this bulletin board and ADFVN want MYT to succeed. And in lots of cases not just because they have shares!! I think I'll finish by quoting one of the guys on the ADFVN board -
"OK, serious answer.
Good company, slightly lost the plot but caught in the nick of time.
Still good company, great products, sound management with their eye very firmly on the ball.
12.5/13 end of next week.
Break 15 before the interims."
Thanks (nearly) everyone for you support through these diffcult times!
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I don't quite follow the logic behind all this.
MYT is in financial difficulties. This is well established and is reflected in the share price. In the present difficult industry climate, rumours will circulate: most will be inaccurate. If the Board of MYT wished to avoid this situation, it should have carried out its' own business activities with rather more care.
It cannot be wrong for the British Press to comment on a company that is in difficulty. They are simply doing their job: so is Alastair Darling when he attends meetings, and the various banks/creditors when they make decisions that affect their bottom line. This isn't MYT bashing, it is just business as usual.
Some rumours may have been originated by competitors, or spread further, although to date there is no proof. This too, is business as usual. MYT would do exactly the same to competitors were the situation reversed. Business is competition, and any company will seek to take maximum advantage from the misfortune of any competitor.
Other Tour Operators are certainly having as tough a time as MYT, and they also have financial issues. However, they are not yet in the same position as MYT, as is reflected in the share price, and to suggest that they are (or are in fact in worse trouble) is wishful thinking. Any suggestion that there is some sort of conspiracy established to prevent their dire financial circumstances being made visible is also fanciful: The financial press would leap on any story about a failing Tour Operator with gusto - as they have indeed with MYT.
Decisions about the viability, or otherwise, of MYT will be made by Banks and creditors: Rumours (false or not) that are posted here will not affect those decisions.
Before the flames start, I'm not bashing MYT. I'm neutral, I wouldn't wish that sort of pain on people in my industry, competitors or not. I'd dearly love to see the departed Board members who are the real villains of the piece, held to account for the misery they have cause. I just don't see that jumping all over rumour mongers and blaming as many others as possible is going to help the situation one bit. Gritted teeth and nose to the grindstone (sounds painful) might be a more useful response.
MYT is in financial difficulties. This is well established and is reflected in the share price. In the present difficult industry climate, rumours will circulate: most will be inaccurate. If the Board of MYT wished to avoid this situation, it should have carried out its' own business activities with rather more care.
It cannot be wrong for the British Press to comment on a company that is in difficulty. They are simply doing their job: so is Alastair Darling when he attends meetings, and the various banks/creditors when they make decisions that affect their bottom line. This isn't MYT bashing, it is just business as usual.
Some rumours may have been originated by competitors, or spread further, although to date there is no proof. This too, is business as usual. MYT would do exactly the same to competitors were the situation reversed. Business is competition, and any company will seek to take maximum advantage from the misfortune of any competitor.
Other Tour Operators are certainly having as tough a time as MYT, and they also have financial issues. However, they are not yet in the same position as MYT, as is reflected in the share price, and to suggest that they are (or are in fact in worse trouble) is wishful thinking. Any suggestion that there is some sort of conspiracy established to prevent their dire financial circumstances being made visible is also fanciful: The financial press would leap on any story about a failing Tour Operator with gusto - as they have indeed with MYT.
Decisions about the viability, or otherwise, of MYT will be made by Banks and creditors: Rumours (false or not) that are posted here will not affect those decisions.
Before the flames start, I'm not bashing MYT. I'm neutral, I wouldn't wish that sort of pain on people in my industry, competitors or not. I'd dearly love to see the departed Board members who are the real villains of the piece, held to account for the misery they have cause. I just don't see that jumping all over rumour mongers and blaming as many others as possible is going to help the situation one bit. Gritted teeth and nose to the grindstone (sounds painful) might be a more useful response.
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Tightslot
Agree with some of your post but the company other than MYT that is in the most trouble at the moment is not listed on the stock exchange and is German owned. It is not wishful thinking, I would not wish such problems on anyone! But the fact remains they need us out of the way to save themselves! Hence some of the rumours!!!!!!!!!!
Rumours may not affect the banks directly but they will affect our customers and hence the banks!
Agree with some of your post but the company other than MYT that is in the most trouble at the moment is not listed on the stock exchange and is German owned. It is not wishful thinking, I would not wish such problems on anyone! But the fact remains they need us out of the way to save themselves! Hence some of the rumours!!!!!!!!!!
Rumours may not affect the banks directly but they will affect our customers and hence the banks!
Last edited by kinsman; 26th Apr 2003 at 04:29.
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For what it's worth, here is a link to TUI's share price - couldn't find a link for the other lot. Check out the 2 year history - not good at all.
http://www.tui.be/en/ir/share/shareprice.html
http://www.tui.be/en/ir/share/shareprice.html
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I like many others hope that MYT do survive. Their demise is not good for all competitors as suggested by many. Also, more importanly to me, many of my friends are there.
It does seem though that there are severe problems there from noting various news releases (not PPRUNE). The thought that the posts on this site are going to contribute to the downfall of the company are somewhat overstated, in my opinion. Also, if the complainants are that concerned about the continual comments then aren't their continued responses adding to the 'fire'.
MYT are good airline and I hope the whole company will be here for us to talk about next year.
It does seem though that there are severe problems there from noting various news releases (not PPRUNE). The thought that the posts on this site are going to contribute to the downfall of the company are somewhat overstated, in my opinion. Also, if the complainants are that concerned about the continual comments then aren't their continued responses adding to the 'fire'.
MYT are good airline and I hope the whole company will be here for us to talk about next year.
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Tangocharlie
Your point is accepted but I have seen quotes from this forum in the papers. A number of Journalists trawl sites like this one looking for gossip that they can turn into news! I would love to see this thread die but sadly one cannot leave some of the wilder comments unanswered!
Your point is accepted but I have seen quotes from this forum in the papers. A number of Journalists trawl sites like this one looking for gossip that they can turn into news! I would love to see this thread die but sadly one cannot leave some of the wilder comments unanswered!
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A fairly old report I know but probably enough proof that the rest of the industry is an a bad or even worse state than MYT:
Mon 27 Jan 2003
The Business raises TUI refinancing concerns
The Business reports that TUI AG is running into ‘increasing liquidity problems’ which could force it to ask majority shareholder WestLB for emergency funds.
The news comes after TUI AG’s 2002 update last week. A profits warning and its refusal to make a 2003 forecast led to shares dropping by 16% in Germany over the week.
Thomsons is also rumoured to have suffered the slowest start of the UK major tour operators, with The Business reporting that Thomson is currently 30% down on last year.
The paper reports that TUI AG’s net debt is €4bn, with off-balance sheet liabilities of €6bn. Market cap currently stands at €2.3bn. A €2bn loan, due this April, will be repayed from non-core disposals, but a €550m convertible bond which will need refinancing next year is causing most concern.
The bond is set to convert into TUI shares at €64.48 – the shares are currently trading at €12.88.
The Business mentions that ‘a similar convertible bond was one of the factors that worsened the troubles of MyTravel’
. WestLB, which owns 32% of TUI AG, declined to comment, while TUI AG is refusing to comment in the run-up to its May FYs.
Mon 27 Jan 2003
The Business raises TUI refinancing concerns
The Business reports that TUI AG is running into ‘increasing liquidity problems’ which could force it to ask majority shareholder WestLB for emergency funds.
The news comes after TUI AG’s 2002 update last week. A profits warning and its refusal to make a 2003 forecast led to shares dropping by 16% in Germany over the week.
Thomsons is also rumoured to have suffered the slowest start of the UK major tour operators, with The Business reporting that Thomson is currently 30% down on last year.
The paper reports that TUI AG’s net debt is €4bn, with off-balance sheet liabilities of €6bn. Market cap currently stands at €2.3bn. A €2bn loan, due this April, will be repayed from non-core disposals, but a €550m convertible bond which will need refinancing next year is causing most concern.
The bond is set to convert into TUI shares at €64.48 – the shares are currently trading at €12.88.
The Business mentions that ‘a similar convertible bond was one of the factors that worsened the troubles of MyTravel’
. WestLB, which owns 32% of TUI AG, declined to comment, while TUI AG is refusing to comment in the run-up to its May FYs.
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It would be easy to quote from the Financial Mail about MYT's current state of affairs on their front page. But, there is alarm in the city, and with many analysts, that MYT are refusing to hedge their currency for 04 - an absolute must. The signal this gives is not at all healthy, in fact it is pretty damn bad.
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The story is not pleasant reading but again not new! Nothing has changed since last November with respect to this story! As I understand it when the refinancing is complete, which should happen in the next few weeks, then the Company will look at next year. As the Mail sort of points out, the Banks wanted our house in order before committing to next year. It was in the last year’s financial report it was not a secret!
Yes it is a gamble but what isn’t at the moment!
Yes it is a gamble but what isn’t at the moment!
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Capt Fill
With reference to the Daily Mails postings this morning which you have read!!.
It stated that the new overdraft agreement would not allow "hedging" there for the decision was taken away from My Travel.
However if it really is a must do you really think that the banks,(going on past records on how they have treated other airlines)would have taken an uncalculated gamble if this was so important for them to survive.
I am very saddened by the way the press(Daily Mails Financial section) have delt with this situation.
I wish MY all the best for two reasons
1. I have a lot of hard working friends who have done nothing but do their best and keep the head down through all this.
2. I dont want to see 500 unemployed pilots hit the dole cue or the low cost outfits benefiting from loads of free type ratings.
Good luck My travel and hope to see you in years to come.
P.S. A good fuel saving exercise would be to ban all news papers from the aircraft,the excess weight reducion of Sh*te would save a good few kgs.(best for weight reduction would be to ban the Daily Mail)
Best wishes and rdgs
K.I.L.
With reference to the Daily Mails postings this morning which you have read!!.
It stated that the new overdraft agreement would not allow "hedging" there for the decision was taken away from My Travel.
However if it really is a must do you really think that the banks,(going on past records on how they have treated other airlines)would have taken an uncalculated gamble if this was so important for them to survive.
I am very saddened by the way the press(Daily Mails Financial section) have delt with this situation.
I wish MY all the best for two reasons
1. I have a lot of hard working friends who have done nothing but do their best and keep the head down through all this.
2. I dont want to see 500 unemployed pilots hit the dole cue or the low cost outfits benefiting from loads of free type ratings.
Good luck My travel and hope to see you in years to come.
P.S. A good fuel saving exercise would be to ban all news papers from the aircraft,the excess weight reducion of Sh*te would save a good few kgs.(best for weight reduction would be to ban the Daily Mail)
Best wishes and rdgs
K.I.L.
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Hear hear re: the Daily Moaner. They are not just anti MYT, the amount of misreporting concerning other operators especially BA is unbelievable. If I had my way I wouldn't carry the biased blatently lying rag on my a/c at all!
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Yet another misrepresentation by the media. Not to hedge seems like good business practice to me, when you consider that the Euro is at an almost three year high. Anyone doing business in Europe next year would well placed if they didn't fix the rate now. Seems like common sense to me!