Astraeus/Excel
 

Rumours abound that Excel might be wanting to buy out Astraeus, anyone else heard this?

Well, as a major shareholder ,thats news to me.

Big Boeing..First post eh? Hope you're not part of that small group working for a UK charter airline who have been quite openly thrashing various competitors on these forums, including EAAC and AV8.

Be very careful about the games you play....

H

Hamrah, Check out the guy's homepage. That gives a good clue as to where his interests lie.

Yes, Herod , it's interesting alright.

H

My anti virus software had a field day with it too!

Blimey, April Fools' Day gets earlier every year.

Could they afford it?

Flightrider, are you suggesting that Excel themselves are in financial straights ?

I ask because I recall reading that Excel's parent company ( Libra Holidays Group Ltd / "Libra" ? ) are solvent, but only in as much that this was achieved using what others might describe as dodgy accounting practises (apparently) and wherein they and / or Excel required significant 'help' to cover their bond.

Just what is the real truth behind Excel's & Libra's financial position ?

Good call, Hamrah! I must have blinked and missed it, but was that the FASTEST disappearing 'home page' on record?:p

Any chance of dropping the url to me so I can have a look. I'm curious!

Old King Coal, no, I wasn't suggesting anything of the sort. It was a rhetorical question. Unless you know a price for something, it's impossible to say whether you can afford it, regardless of how much cash you may or may not have - and Hamrah's posting above implies that the whole thing is rather implausible.

BOAC,

it was a straightforward link to a porn site, with a phenomenol amout of pop-ups with attached nasties.

I didn't keep the URL ...but am interested in how quickly it was removed.

H

only just signed up to pprune before posting this message. For what its worth, the homepage was automatically assigned to me during the registration process, hence the quick deletion.
perhaps a flaw in pprune that allowed this to happen

No flaw at PPRuNe BB,

You have a some malware on your computer. If you go to our computer and internet forums you'll find a post very near the top of the page giving you tools for an instant scan and removal.

...... and now back to our breathless speculation. Is Hamrah on-line now looking at bars for sale on Aruba?? Does Excel have an on-line psychological warfare unit to shore up some wobbly foundations? Was that flightrider on the grassy knoll??

Rob

Not just yet , Rob......

excel?
 

I find it quite funny that everyone thinks this is all Excel people bashing the other airlines. The excel private forum appears to have been shut down as i was the only person registered to use it. Havent seen many colleagues on these threads, and those that have been have been offering condolences and application forms.

I know we have an aggressive sales department, and they make my life hell, but i dont really believe they are the satan worshipping evildoers they have been made out to be..... not since Elvis left the building anyway.

Hamrah, still waiting for those 73 Captains you promised me...

Slightly off the topic title but as Crundale says:

Excel Sales are aggressive and fair play to them..... they look after themselves. Only negative observation would be that the historic 'aggresive' operators were the likes of My Travel.

From www.excelairways.com:


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February 20, 2004

Excel Airways announces major new investment


EAG announces that Flugfelagid Atlanta hf d/b/a Air Atlanta Icelandic ("Air Atlanta") has made a £29.9 million offer to Libra Holidays Group Ltd ("Libra") for the purchase of its holding of 38.9 million shares in EAG, representing 40.5% of the issued share capital. Subject to CAA approval, ratification by the Board of Directors of Air Atlanta and the approval of the shareholders of Libra, completion is expected by 15 March 2004.

Libra, which has indebtedness to EAG`s subsidiary, Excel Aviation of £15.78 million, agrees to repay in full all amounts outstanding from the proceeds of the share sale. Additionally, Libra has entered into a long term agreement with Excel Aviation for the supply of future seat capacity.

Following the purchase by Air Atlanta of EAG shares, Libra will hold 37,439,566 shares representing 39% of the issued share capital. The Panel on Takeovers and Mergers, having received notice from shareholders holding over 50 per cent of the issued share capital of EAG (including Libra in respect of the balance of its remaining shares) that they would not accept an offer from Air Atlanta on the above terms, has granted a dispensation from the mandatory bid requirements of the Takeover Code in respect of the aforementioned purchase of shares by Air Atlanta. The management team will retain their shares representing 18.2%.

Air Atlanta is the largest wet lease charter airline in the world and is the major supplier of Boeing aircraft leased by EAG`s subsidiary Excel Airways for summer only use. During summer 2004, nine aircraft will be leased from Air Atlanta and as part of the share sale arrangement, a five year commercial agreement will be signed for the supply of summer only aircraft to Excel Airways. Air Atlanta`s turnover in 2003 amounted to Euros 240 million* and its assets at the beginning of 2004 were Euros 80 million*.

As well as providing Excel with a long term source of flexible seasonal capacity, Air Atlanta with their skill and experience in operating in the worldwide wet lease market will be able to assist Excel in exporting its successful business model to other parts of the world. The opportunities for jointly accessing potential economies of scale will be vigorously pursued by both airlines as a result of this partnership.

Phil Wyatt, Chief Executive, commenting on the transaction said:

"With Air Atlanta now becoming a significant shareholder in EAG, we are able to secure a very important trade partner who has provided substantial funds to Libra to facilitate a full repayment of its indebtedness to EAG. At the same time, Libra, who is an important customer of Excel Aviation, will have realised a significant gain on their investment."


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Crundale,

Well said.

I'm afraid we were too busy to offer you Captains, particulary ones who wanted to work on the RYR contract.

Still, I solved a Canadian problem, didn't I.

Take care.

H

Will excel have the +50% uk ownership it needs to operate outside the EU?

I find it increasingly amusing how some people on these boards would blame Excel for more or less every problem other airlines encounter....do we really have that much influence over the aviation business in this country?
Lets look at the facts......
EAAC placed all their eggs in one basket by relying on the TCD program to keep the company afloat. TCD took their business elsewhere.
AV8.....for whatever reason the management at CT2 decided to wind up their fledgling carrier.

It seems some people on this forum think that we have an entire department just employed to spread malicious gossip about other airlines..........I think not.
Everyone is entitled to his or her opinion, but some views posted on here are verging on the ridiculous.
On the subject of ownership, we could ask the same question of TCX and TUI.
Danke

excel we meet again!
 

What a coincidence!!!

Another one in the sights for Excel...I have done a little research on this subject and find that there is no truth at all in this rumour...much as though I would like to believe that excel are on the move again....

But beware AAI and Excel....the goldcrest factor is still very much alive....the bottom steps on the ladder include Peach Air, Air Ops, Challenge Air, Excalibur, Caledonian....when Excel and AAI are hung out to dry..whos next????