Fastjet "teeters on the brink of collapse"Back to Forum
Worth bearing in mind for those of you who have African trips planned.10 Dec 2018
Thanks for the heads up Alex. They had some good routes but were a bit unreliable, with long delays and often cancelling at short notice.
They also have / had the hassle of having to negotiate each international route, setting up different structures in each jurisdiction they wanted to fly to/from, squabble with SAA over rights and contend with central bank restrictions on repatriating money or even using it for bills such as fuel etc.
I believe Stelios also had a stake and was an original investor, though not sure if he still is. Nico Bezuidenhout joined the board (it’s a uk plc with some big name investors) and he is on the board of Mango, who have recently announced they want to expand internationally, so perhaps some tie up there in the future?10 Dec 2018
I believe Stelios also had a stake and was an original investor, though not sure if he still is. Nico Bezuidenhout joined the board (it’s a uk plc with some big name investors) and he is on the board of Mango, who have recently announced they want to expand internationally, so perhaps some tie up there in the future?
So the 4th emergency fund raising this year then. Tough job, running an airline in countries where fares are priced in funny money whilst your primary expenses are in USD.
Last time I looked Stelios owned around 2% of the shares and I have a feeling those were eventually disposed of when he sold the name.
Bezuidenhout hasn’t been on the board of Mango for at least 2 years (Mango is a direct competitor and owned by SAA). Still might be a deal though if/when SAA finally falls apart.10 Dec 2018
I took a punt and made a small investment in Fastjet 3 years ago. Sadly I have lost 98% of my money….and probably all of it, as the share price plummeted.
A sorry tale of bad management and national protectionism. At one point they had their head office at Gatwick, for goodness sake, and were paying the CEO around $500k to sit there and think about the two planes in the fleet. You couldn’t make it up.
Nice branding, tho’ 🙁12 Dec 2018
Fastjet Tanzania “suspends flight operations until end January”
Report this evening from CH-Aviation17 Dec 2018