30 January, 2007

Silverjet Awarded Carbon Neutral Airline of the Year Award 2007

Silverjet, the first British exclusively business class carrier and the worlds first carbon neutral airline has been awarded Environmentally Aware Airline 2007 by the Institute of Transport Management (ITM).

The airline successfully launched on Thursday 25th January 2007 and included in the price of the ticket, typically 999 return to New York, is a mandatory carbon offset contribution, giving customers the opportunity to reinvest Carbon Points into a number of climate friendly projects around the world. The scheme is being set up in partnership with leading climate change consultants the CarbonNeutral Company and it has been developed in accordance with the CarbonNeutral Protocol, the leading standard and quality mark for action on climate change.

An example of the Verified Emission Reduction that Silverjet customers will be supporting is a solar panel programme in India, where solar panels replace kerosene burners (the carbon-heavy but cheap fuel of choice).

Silverjet has called upon all airlines to become carbon neutral and the Government to support Verified Emission Reduction projects. If the industry was to simply charge its customers 90 pence for each hour they fly on average, then they could neutralize the carbon pollution created by the aviation industry.

The ITM strongly believe that all transportation companies, especially airlines must now act responsibly and make serious strides to combat climate change by neutralizing carbon emissions.

Lawrence Hunt, CEO of Silverjet, said:

An award for any airline so soon after launch is admirable, but recognition for the hard work we have put into our carbon offset programme is remarkable, we are delighted. The ITM have highlighted for us the emphasis that we feel all airlines should be putting on the vital offset programme for carbon emissions, by including the cost of the programme into our ticket price.

Our scheme is motivational for the customer and not a penny of the money we donate goes to bureaucracy, a point that we feel very strongly about.


Our launch last week was a complete success; our customers have been whisked through our 30 minute check in and boarding, sleeping like logs in our 63 flat beds and enjoying our world class in flight Silver Service. The feedback has been beyond our expectations.

Looking forward, we will launch our second daily London Luton to New York Newark flight in July this year and are committed to a third daily service by the end of the year. We are also planning further long-haul route opportunities in 2008.

Patrick Sheedy, Media and PR Director for the ITM, said:

Silverjets carbon offsetting scheme is particularly effective as it is included within the fare, allows customers to earn carbon points which will engage them in this important global issue and is independently managed by one of the worlds leading carbon neutral companies. This is the first time any air carrier has taken a strong proactive approach to the accountability for air pollution generated by the Aviation Industry.

It is most encouraging to see an airline provide such consideration to the environment. The ethos of Silverjet is to be admired and imitated by the next generation of airline carrier. The Institute is delighted to recognize Silverjet in this way, and welcomes them to the awards table.

Silverjet is resilient in this storm

I spoke too soon...


Silverjet to end subsidiary Flyjet's charter services from end-October - AFX


LONDON (Thomson Financial) - Business class airline Silverjet said it will end charter flights operated by wholly-owned subsidiary Flyjet Ltd at the end of October, when the charters on its two Boeing 757 aircraft expire, because of weakness in the package-holiday charter market.

Silverjet bought Flyjet last October, securing the use of a leased Boeing 767-200 at below current market rates, which it used to launch commercial business-class flights to New York.

In addition to the Boeing 767 aircraft, Flyjet said it leased two Boeing 757 aircraft until Nov 2007 and Jan 2008 respectively, which are chartered to various tour operators until Oct 2007.

Silverjet said it is focused on its core business class service and sees 'insufficient returns' from continuing to offer a service in the charter market.

It estimates that the cost of withdrawing from the charter business will be approximately 300,000 stg in addition to the cost of aircraft C-checks required on the scheduled return of the Boeing 757's to the leasing company.

paul.sandle@thomson.com

Risky business investing in airlines. Warren Buffet always says that.

silverjet could be a good buy at moment cheapp for sure, focusing onthe business flights seems to make silverjet more cash possibly

Picking a price to buy in at will be a tough task Argos, was looking at these after the 20 - 30% fall a few days ago but am glad i didnt buy in, see today another 20% fall.
will watch and wait.

comment, click HERE

Silverjet cancels Flyjet charter flights, shares retreat
Wednesday, August 8, 2007, 09:05 AM
Silverjet (AIM: SIL), the long haul business class airline fell 20.8% this morning after announcing that it would terminate the leases on two Boeing 757 aircraft that it had secured through its subsidiary Flyjet.

Silverjet originally acquired Flyjet to expedite the process of launching its first route between Luton and New York, as Flyjet already had all the necessary licences and certificates to operate flights worldwide and one Boeing 767-200. Since acquiring Flyjet, the group had leased an additional two Boeing 757's which it had chartered to tour operators until October 2007. However, due to challenging conditions in the chartered flight sector, the two aircraft leases would not be extended, and therefore the charter contracts terminated at a cost of at least 300,000 to Silverjet.

Shares in Silverjet were already in retreat after the company recently announced the delay of the launch of its second daily flight for Luton to New York.

Since listing at 120 pence last year, shares in the ambitious airline have reached as high at 200 pence just a few months ago, only to fall back to 87.5 pence today.

Closed 48.5p at the end of 2007

The chart is a disaster..following in the steps of Maxjet I reckon.

agree mitzy but i think passenger figures for december will be better after maxjet disaster.

Maxjet was just as promising,they issued an upbeat rns then went BUST!!

The maxjet disaster will benefit eios not silverjet,be carefull.

35p after Daniel Stewart's views...


Daniel Stewart initiated coverage on Silverjet with a 'sell' rating and zero pence price target, saying it doubted the group's business model.

The broker claimed the group's business model doesn't work and said it doesn't think it ever will. It also forecast that Silverjet would eventually run out of cash.

No other broker or analyst has yet stepped forward to disagree with that devastating assessment.

The company did!!!
( Company refutes many points on the Broker-note)

And - - this alone apears to have raised the sp 15% - but says nothing about shareholder-value or long-term effects if Oil was to rise - although this would afect their rivals also.
I've not read much about Silverjet ( maybe I don't move in the right circles!), and worry that they claim their trips are 1000 against 3000 for rivals - surely a discount would be enough, particularly if it was connected to a discount user-reward [like Air-miles?] would give further discounts in any 12-months. Or topless cabin-crews - now, that would grab men's attention during Satety-Drill, eh?

However, one cannot ignore a Broker note that is so damaging, although it would give one greater confidence (in the promised failure!), if they got their facts right ( a small error is forgivable, but this nearly looks like carelessness!). Oh dear.
Furthermore one should not ignore WB's remarks . . . . . yet Virgin appears OK. . . .

Has anyone (here) flown Silverjet, as an ordinary paying-passenger?

NMS is only 1000, but tempting short nevertheless even if there are reports that these private airlines are becoming pretty popular - not to be confused with profitable!

Be very carefull with this one,
Ba now to offer London city to new york will put further pressure on this longhaul embrio.

BA say flights from London City Airport wont start till 2009 and they will be using a 32 seat aircraft. Hardly likely to generate a massive surge in sales!

32 premium flat beds,it will be a winner.

Silverjet Jan revenues seats 8,729, sees 1st monthly pretax profit in March 08 - AFX


LONDON (Thomson Financial) - Silverjet said it flew 8,729 revenue seats in January, which, although representing the business class airline's 11th successive month of growth, fell short of company expectations.

The Luton-based airline, which launched on Jan 25, 2007, said its load factor in January was 54 pct, against 52.8 pct in December.

The company said forward bookings are unlikely to make-up the shortfall in growth in the period between November's placing of 20 mln new shares, raising 12 mln stg, and the end of March.

'Whilst we expect the group, in terms of operating cashflow, to absorb cash between the placing and 31 March 08, the board continues to be confident that Silverjet will achieve its first month of pretax profit and be cash generative in March 08,' it said in a statement.

Hlyeo98
Its looking a little like the upbeat statement from maxjet before its demise,what do you think?

Agree with you, capetown

The decline continues.

~May go to 20p soon

Sooner than we think Hlyeo,i would not touch it @1p.

so you wouldnt buy 5% of an airline for 12'500 or pay 250k for the whole company? I should think most people with the money would.

In short,no not this one!,imo it has no future.

you mean in Mike Stoddart's view? with which the many sceptics have immediately adopted as of their own invention.

another Cynic, "Wish I had followed my own advice" as would have shorted a month ago at about 40 ..... obviously the masochistsic streak in me prefers to lose money rather than make it!

Told you so.

ah it was your initial advice was it ..... hope you shorted bundles, though NMS is only 1000

I said it was another Maxjet in December.

17p now

This ones about to blow be careful..

blow up?
far too difficult to short as totally illiquid

Wasn't the Boss of Silverjet on the TV, (yesterday) - something about Heathrow and BAA (creating delays to improve shop incomes, pah!)
- - - My impression, FWIW, that he's straight - not a flash Barrow-boy . . . .but then I could be wrong . . .anyone know the Execs? - I understand there are delays in getting the Business running; but their "model" looks reasonably sound - if only Silverjet can contact the Business Execs that would want that luxuary, cheaper than the Majors.....looks like a no-brainer to me.
I don't hold - but then I don't fly, either!

Edit 14 March08 - Oh a regular slide methinks....

Update from Daniel Stewart this morning :


Silverjet plc - SELL

Price: 15.25p Target price: 0p

Code: SIL.L Analyst: Mike Stoddart | 0161 830 1892


Last chance to get out?

We have had an announcement this morning ..."Silverjet notes the recent increase in its share price. The Company is currently in discussions which may or may not lead to an offer for the issued share capital of the Company. A further announcement will be made when appropriate".

We would use this as an opportunity to sell. The high degree of interest in the company from private investors may lead to a big spike in the price today - some are already trying to talk it up to 50-75p.

If any prospective bidder does proper due diligence on Silverjet we see a strong probability that they will decide not to bid. We cannot see Silverjet making profits at the current fares and if fares go up, load factors will go down.Shareholders will then be back where they started - wondering how long it will be before the company fails.

Value? - Our model shows Silverjet with a net asset value of 9.8m as of 31st march 2008 - equivalent to 15.2p per share. This figure is continually shrinking, though, as the losses mount and we would not use it as a guide to value. We see the losses eventually extinguishing the equity - the rate will depend on the rate of expansion. Which leads us to..

Where are the 4th and 5th aircraft? Despite raising 11.2m in new equity and 10m in new debt in December in order to fund the deposits on theses aircraft (codes G-BYAA and G-BYAB) there is still no word from the company as to when or whether they will take delivery of them. Rumours on websites such as www.pprune.co.uk suggest that the 4th aircraft is parked at Dublin and that the 5th is going to stay with Thomson.

i would thoroughly agree were it not for this morning's little snippet ..... "Currently in discussions which may or may not lead to an offer"

.

Silverjet has been grounded and suspended - run out of cash.

A very sad day for its investors!

cape,CEO was on the box a week or 2 back talking the co. up!

Incredible,just like maxjet talked it up hours before the end,
I cant find anything to confirm that its grounded.

Promotion is about attemting the uphill tasks....

all the low cost airlines offering business class buggered by high fuel prices

"Silverjet's services continue as scheduled" - Hyleo. Pretty sure I saw one of their Silver planes moving in an airport the other day too.
ASmith, almost certain that it is just Silverjet offering this service now and it still remains popular, I wouldnt be suprised to simply move their prices in line with Oil as eventually All Airlines will have to.

Capetown, Silverjet has been grounded - it is all in the article in the Daily Mail on 24 May. It has a fleet of 3 planes only anyway.

hlyeo98
I think you will find its the shares that were GROUNDED,not the airline.
However its only a matter of time that the airline joins the action of the shares,a sad day for its shareholders if that is to be the case.

Sadly the planes have now also ceased operating:

30 May 2008




Silverjet plc (' Silverjet')




Suspension of operations




Silverjet announced on 23 May 2008 that it had yet to receive the proceeds of the US$5.0 million drawdown request made under its loan facility with Viceroy Holdings LLC ('Viceroy'). It also announced that its working capital reserves were limited and that advances under the loan facility were required as a matter of urgency. Silverjet has not received any further sums from Viceroy.




Silverjet continues to be in discussions with investors interested in supporting the business of Silverjet, however it has yet to conclude such discussions to its satisfaction.




It is with deep regret that the Board of Silverjet has therefore decided that it must suspend operations with immediate effect. The last service of Silverjet was the flight from Dubai to London Luton, which departed at 7.30 am (BST) this morning.




A further announcement will be made shortly.




Advice for customers




Information for customers is available on Silverjet's website, www.flysilverjet.com.




Customers should seek refunds of unused segments of tickets from the point of purchase (ie credit card or travel agency).

Commiserations to those that hold a casualty of the oil price investors must switch to Oil, Gas and Uranium stocks to survive

Silverjet suspends operations - MoneyAM

Silverjet, the business class airline says it has suspended operations with immediate effect, whilst in continues in discussions with potential investors.

However, it also stated that it has yet to conclude any discussions to its satisfaction.

Silverjet said it is yet to receive the proceeds of the $5.0 million drawdown request made under its loan facility with Viceroy Holdings Plc. and has not received any further sums from Viceroy.

The airline also said its working capital reserves were limited and that advances under the loan facility were required as a matter of urgency.

Silverjets 420 employees yesterday lost their jobs after the collapse of attempts to save the troubled airline.

End of story.

Driver, you left liquidators eg Begbies off your list