This is Planestations second emergency funds application in less than twelve months. Their share price has fallen from 41p on December 1st to 12p on December 16th.

With shareholders abandoning the company faster than new entrants (witnessed by the drop in share price) I wonder what that the chances of getting the funding are.

Their Bankers have also announced that they will withdraw their overdraft facility if this share offering is not successful.

The future of EuJet will be known by January 13th it seems.

£25million of the new funds are definite as long as existing shareholders agree to the placing. Which is 99.9999% certain to happen as the company will be declared insolvent if the placing does not happen.

this is for whoseurpaddy

I like ur style but u seem to lack an understanding of the differences between LCC and traditional carriers.

If LCC are leaving with even the odd flight at 25% loads, there is something wrong. The worst loads should hover around 45-55%. Even then they are bleeding badly. With a F100, this is only exaserbated.

Traditional carriers, yes they build up loads over time, very often loads are low, and profit in the first couple of years in unlikely.

The point of LCC's is quick returns, if a route isnt profitable within 6 months or at least contributing it will never grow to profit.

EUJet is a LCC but has a passenger flow of a traditonal carrier. This isn't sustainable. However if its true £30m is being oumped into them they will last a little longer, but how unreasonable! There is so much poverty in the world, and the only reason people want EUJet to survive is not based on economics, its based on ego and wanting to see planes at Manston.

Sorry if im a little harsh

Serko - Investors have already lost millions on their planestation investments - why would they want to pour good money after bad?

If I was a shareholder, I wouldnt be putting more money into a company that is basically insolvent. Their bankers dont even see a future.

At this stage the company is probably worth more for its assets rather than as a going concern.

I would have to agree with Copenhagen. Any bean counter would tell you not to invest, let it collapse and hope to pick up a payment from the insolvency process. Good money after bad is the phrase.

expansion of routes for eujet

new routes Cologne Budapest, Alicante, Seville, Valencia, Newcastle and Belfast

And out of Shannon new routes include Ibiza and Palma de Mallorca.

November Load Factors from the CAA

Overall 37% up 3% from Octobers 34%

Amsterdam 38%
Barcelona 35%
Dublin 41%
Edinburgh 39%
Faro 38%
Gerona 28%
Glasgow 35%
Jersey 13%
Madrid 37%
Malaga 45%
Manchester 33%
Murcia 47%
Nice 29%
Prague 41%
Shannon 51%

we know eujet is doomed.... just look at the loads. wouldnt it be better to have given the money to the disaster appeal and allow eujet to fizzle out

Those load factors are simply terrible. I wonder how many of those bookings were on a 2 for 1 rate?

Even my High Yield airline has far higher loads than that.
Have Planestation actually got the money from the shareholders yet. The closing date is January 13th. I have a funny feeling the money wont materialise.

I've just had a look at some Ryanair load factors: calculated by me

November

Prestwick-Niederrhein 33% very new route
Stansted-Niederrhein 59% running for a year or so

Both with lots of cheap offers etc

It takes time to build routes

Well I live locally to Manston and hear nothing but good of EU jet and Manston.I fly for a UK charter carrier and several colleagues are now using EU jet for positioning round the UK with very positive results.A brave venture definitely thinking outside the conventional box.I wish them well and hope they have a good summer period having cut their teeth in the winter period.Pity they are not on the Uk register but thats the only thing that concerns me about them.Lets hope they are a success in spite of all the negativity that is banded about on this site.

Hi Jes,

While I agree with the jist of your post, I think your calculation regarding Prestwick-Niederrhein are wrong.

The CAA gives the number of pasengers as 3567 which as the services started 8/11, I make this to be 41%.

3% rise
 

it is still very early days.
The Planestation £30m is underwitten so is likely to happen.
It must be a 50-50 gamble.
If they can gain another 3% each month then they will pull it off.
Its a feedback system so higher loads will build confidance and so higher loads. on the other hand if they are still empty at the end of May then they are toast.

I think we should give them a chance by not righting them off yet.
It been a bad time to start but that can bread strength. The losers will be the early shareholders. They will be paying for people to fly for the next year or so.

Good luck

Maybe they should keep a F100 up their sleeve for ad-hoc charters, bring in extra revenue.......

Unlike some of the negative posters on this site who will not consider flying anything other than Big Airways from Heathrow at their companies expense or on staff travel I would like to see EUjet survive.

I live in SE London and Manston is further from my home than any of the three BAA airports. However as public transport is a complete non starter for getting to the airport for an early flight Manston gives me the fastest front door to check in time and the cheapest parking. Hopefuly a few more people will wake up to the fact that there is an alternative to the BAA shopping centers with remote and expensive car parks.

Runway 31

You're correct.

Well what can I say?........exept a very big thank you to some of the guys providing positive posts recently about eujet and its ops out of KIA. Certainly on some of the flights over the Christmas period the loads could NOT have been any better, regardless of what the passengers were paying for their tickets many of the holiday period flights were well, well above average. Nakata77 "wouldn`t it have been better to have given money to the disaster appeal and allow eujet to fizzle out". Im not quite sure if I would have been capable of discusing the survival of over 150,000 humans or the survival eujet in the same breath, let alone the same sentence..... .....but ive managed it! In addition posts in the past have included statements along the lines of " unreliable, tired old F100s" I can only assume that this is a dig at KLM engineering the pilots or the aircraft type? Thankfully in accordance with sops the MEL and others I writes in the big thick book! Problems aside.. give us a chance. Nice people here, we get free parking 2 mins from the A/C crew food and drinks too!

nicely put... well u convinced me then... definately worth £42m

:ok:

At last some positive comments;

Reading the usual postings one would conclude that there is no appreciation for people who stick their neck out, spend their own money and employ people like me.
It easy to knock other peoples efforts but I wonder what the majority of the complainers have done in their lives at generating jobs for pilots or anyone else?

It would seam to me that some people would take delight in a EUjet failure, for my part I am thankful that there is people who are prepared to try new things.

We will succeed!