With ambitious plans to create Africa’s first pan-continental airline, fastjet will bring
international standards of safety, quality, security and reliability.

Low-cost is quite simply the avoidance of costly frills, offering customers the lowest possible
fares in addition to pay-as-you travel extras. This affords passengers the flexibility to pay for
additional services such as a bag or refreshment rather than having to pay for it regardless
whether you want it or not.

Importantly fastjet low-cost definitely does not mean low quality. Despite the many challenges
that exist outside our control we will be open, honest, transparent and communicative to
ensure that your travel arrangements remain with the least amount of interruption.

------------------------------------------------------------------

Sir Stelios Haji-Ioannou, the founder of EasyJet, is set to launch a low-cost airline in Africa this year after taking a 5% stake in a new venture FASTJET PLC.

The easyGroup tycoon, who is embroiled in a long-running boardroom battle with easyJet, is backing a carrier that will operate under his Fastjet airline and be run by former easyJet executives.

Fastjet will operate from Kenya, Tanzania, Ghana and Angola. The ambition is to carry more than 12 million passengers a year, from the 500,000 at present, by cashing in on demand for regional travel from a burgeoning African middle-class.

Haji-Ioannou said the move would help bring low-cost air travel to more Africans. "This is another small but significant step in bringing the dream of low-cost air travel to millions of people in Africa – the aviation industry's last frontier. Past experience shows that by halving fares, a successful low-cost carrier can encourage those people, who have never previously travelled by air, to fly."

fastjet terminates Convertible Securities Funding

The Company announces that it has terminated the convertible securities deed with Bergen Global Opportunity Fund, LP ("Bergen") signed 7 March 2013 (the "Convertible Securities Deed") having issued no further securities under the Convertible Securities Deed beyond the initial nominal amount of £2,556,750 announced on 8 March 2013.

David Lenigas, Chairman of the Company said:

"The fastjet board have, after a careful review, decided that the funding provided by the Convertible Securities arrangements does not represent best value for the Company, because primarily of its potential impact on the Company's share price. The Board believes other sources of finance available to the company to be in the better interests of the Company and its shareholders and has accordingly terminated the Convertible Securities Deed."

It seems FastJet's market entry has caused Tanzania's biggest private airline, PrecisionAir, into a financial crisis. Here is the article from Tanzania's Guardian on Sunday:


PrecisionAir faces financial dilemma
BY FLORIAN KAIJAGE
9th June 2013

The unplanned regional expansion and the entry of low-cost airline, FastJet, has thrown the country’s biggest private airline, PrecisionAir into financial crisis, The Guardian on Sunday has learnt.

Though none of airline’s top executives are unwilling to confirm the current financial turmoil, details gathered by The Guardian on Sunday for two months show that the airline has been forced to cancel the operation of Boeing 737-300 in domestic routes due to financial crisis.

The airline’s troubles were first noticed just after the departure of its former Chief Executive Officer, Alfonce Kioko, who was replaced by Sauda Rajabu, The Guardian on Sunday has been told. Some believe the former CEO mismanaged the company’s finances, while others say the current financial turmoil was caused by a rapid regional expansion that saw the airline expanding its wings to Johannesburg, Lusaka and Lubumbashi between 2011 and 2012.

The expansion plans, according to inside information, weren’t well researched -- especially the Dar-Johannesburg route – which turned to be a burden for lack of enough passengers to break even. The airline was operating a Boeing 737-300, which compared to 737-800 or Airbus A320 operated by South African Airways, was more expensive than the latter especially in fuel efficiency.
So PrecisionAir was forced to cancel its Dar-Johannesburg route before the end of last year, giving SAA virtual monopoly on the route, the Guardian on Sunday has learnt.

This regional expansion ostensibly carried out without proper planning and also without a fleet with fuel efficiency – to accommodate more passengers and cargo – were some of the factors that literally shot down the airline.
As the airline ran high operation costs at its newfound regional routes -- including Dar-Nairobi -- at the domestic market scene was dogged down by the arrival of the low-cost airline, Fast Jet, our surveys show.

FastJet, which operates the Airbus A319, came riding the high crest of the promotional lower fares – in itself a sensation rare in Tanzania, where even bus fares keep rising. Within weeks, the airline’s financial outlook deteriorated -- especially on its Dar-Mwanza route.

As a result, Precision was forced to suspend the operations of Boeing 737-300 between Dar and Mwanza three months ago in what was termed as high operational costs. Before that, the airline was operating three times a day. The route has since been replaced by ATR-500, which has the capacity to carry 70 passengers, and uses fuel efficiently.

The Guardian on Sunday has also learnt that the former CEO had apparently mismanaged the company’s finances, leaving behind a cash-strapped airline when he left the company at the beginning of this year.

However, The Guardian on Sunday couldn’t independently verify how much monies were lost during Kioko’s tenure, but insiders say the former CEO cost the airline dearly.
Talking to The Guardian on Sunday, the airline’s current Managing Director Sauda Rajab responded:

“Precision Air is currently involved in reviewing its five-year business plan. The plan involves massive growth in our operations and will therefore require injection of funds. Various investment options are being reviewed and once the plan has been finalized and approved by the board, we will share with various stakeholders and the public at large.

The new CEO who took over about three months ago added: “Indeed, the next five years will be exciting ones for the airline as we continue to venture channels to further position PrecisionAir as Tanzanian airline of choice.”
On reports that the airline had approached the government asking for soft loan amounting to $4 million.

Everyone thinks is a good move to get rid of Lenigas


From the TELEGRAPH ...........

FJET - Lenigas quits FastJet after latest bust-up

David Lenigas, the combative chairman of FastJet, is leaving the African start-up airline after a bust-up with its proposed new owners.

David Lenigas is understood to have fallen out with the Swiss investors poised to complete a £175m deal to buy Lonrho, which own around 47pc of FastJet.

Mr Lenigas, whose leadership of FastJet has seen the shares collapse by three-quarters in a year, has decided to quit before he was pushed.

He is understood to have fallen out with the Swiss investors poised to complete a £175m deal to buy Lonrho, the Africa-focused conglomerate that owns around 47pc of FastJet.

Mr Lenigas’s stewardship of FastJet, which is backed by easyJet founder Sir Stelios Haji-Ioannou, has been punctuated by regular fundraisings and a spectacular fall-out with Don Smith, the founder of FastJet’s Kenyan wing Fly540 Kenya.

While the pair came to a recent truce, the £4.4m legal row triggered threats of repossessing aircraft, expletive-ridden email exchanges and an attempt by Mr Smith to calm down Mr Lenigas with the phrase: “Mate, I think you need to take a chill pill.”

Mr Lenigas, a former executive chairman of Lonhro, oversaw the deal that created FastJet via a £55m all-share deal. It involved Lonhrho’s aviation wing, Fly540, reversing into the Aim-listed Rubicon Diversified Investments at 4.8p a share.

The shares closed at 1.23p last night, up 0.01, valuing the business at £29.9m.

Mr Lenigas subsequently quit to join FastJet, which earlier this month disclosed that it has made a post-tax loss of $56m (£37m) in its latest financial year and had its accounts qualified by its auditors.

Last month Lonrho said it had agreed a takeover by FS Africa, a newly incorporated company controlled by multi-millionaire Swiss investors Rainer-Marc Frey and Thomas Schmidheiny.

FastJet's chief executive Ed Winter is taking over as chairman on an interim basis. He thanked Mr Lenigas for his "significant contribution".

Mr Lenigas said: "This is a time of transition for FastJet both operationally and in terms of shareholder structure as its major shareholder, Lonrho, is likely to have a new owner in the coming weeks as a result of the current offer for Lonrho. It therefore seems to be a good time for me to step down to pursue my other interests and hand over the reins."

re - Look at the upper tail on the candle......
re - Youve been given another days grace, but dont say I didnt warn you,

finger

maybe someone should admit .... that I got this wrong,

it went to 1.50p again this morning, clever clocks get it wrong most of the time I would say.

so once again finger UP yours, no need for your WRONG advise as usual.

So lets get this right weve gone from 4.6p down to 1.3p in just a few months.

Are you sure your not on hallucination drugs?.

Like ive said all along the wide boys on advfn are playing with this one all day.

First going long then shorting it later into the day.

At some point they will get fed up and dump it.

Look at the chart you muppet.

Well well, looks like for the 3rd day history repeating itself.

DOWN.

ohhhhh dear i wonder whats happening here.

Down over 8% and accelerating.

Yikes skinny.

Timing!

Fastjet upbeat despite director exit

Fastjet (FJET) on Tuesday claimed its aim to become Africa's first low-cost carrier was "well on its way to becoming a reality" as it revealed its passenger statistics for May.

Fastjet Tanzania was said to have taken in excess of $1.8 million (£1.2 million) in revenue for the month, up approximately 50% compared with the start of the year. Revenue per passenger had also increased by 62% since the beginning of the year.

Yep but for a true picture about this company rather than just daily sound bites, best to look at accountable RNS delivered just 10 days ago.

Good case for analysts to make out company is not far off going bust imo.

http://www.investegate.co.uk/fastjet-plc--fjet-/rns/results-for-18-month-period-to-31-december-2012/201305311814130777G/

In fact from above RNS extraction........

The Group has operated at a loss and a significant operating cash outflow since the acquisition of Lonrho Aviation in June 2012. The Directors consider that the outlook presents significant challenges in that the Group has to achieve increased sales revenue, and control input costs. Securing international route rights out of Tanzania are also critical for the success of the Group. Uncertainty exists as to these matters.



The Group also needs to secure additional funding to ensure operations can continue for the foreseeable future. This could be achieved by raising further equity or disposing of stakes in Tanzania and Ghana.



The Group will need to raise finance, in addition to that raised though to May 2013 (see note 30), whilst all of the above issues are addressed; however, such funding has not yet been secured or committed.



Whilst the Directors have instituted measures to preserve cash and seek additional finance, these circumstances create material uncertainties over future trading and cash flows.





The Directors have concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the Group's ability to continue as a going concern and that, therefore, the Group may be unable to continue realising its assets and discharging its liabilities in the normal course of business

Again....

The Directors have concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the Group's ability to continue as a going concern and that, therefore, the Group may be unable to continue realising its assets and discharging its liabilities in the normal course of business

I wonder if the chairman walked or was pushed.

After his tweet on twitter last night (rose you saw it) id say he walked away.

Is someone spammimg?
The same posting a bit later on ADVFN maybe is hate >>>>>>>>>


mechanical trader 11 Jun'13 - 13:24 - 4141 of 4142 0 0

It ended with this extract.....
The Directors have concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the Group's ability to continue as a going concern and that, therefore, the Group may be unable to continue realising its assets and discharging its liabilities in the normal course of business

MRSI - now a premium payer!

and now repeating the same post for the 5th time >>>>>>>>>>>>


mechanical trader 11 Jun'13 - 14:21 - 4156 of 4201 0 2

Would you put up 20m given the board have just said......

The Directors have concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the Group's ability to continue as a going concern and that, therefore, the Group may be unable to continue realising its assets and discharging its liabilities in the normal course of business

no wonder everyone is Filtering ( goldfinger/mechanical trader ) at ADVFN>>>>>>>

5Jacko 11 Jun'13 - 14:33 - 4160 of 4204 0 0

mechanical trader 11 Jun'13 - 14:29 - 4159 of 4159 0 0 (Filtered)

Garbil 11 Jun'13 - 14:49 - 4173 of 4204 1 0

mechanical trader 11 Jun'13 - 14:45 - 4171 of 4172 0 0 (Filtered)

You beat me to it skinny! (plus other aliases). Amazing how he just can't stay away.

no wonder is not here very busy arguing there.

Someone is a INSANE the worse of it (she/he ) does not know yet it seems >>>>>>>


mechanical trader 11 Jun'13 - 16:26 - 4205 of 4209 1 1
Believe me rajstar if he hadnt lost
his bottle he wouldnt be posting here.

Hed be stuck with his mates, saftey in numbers
on his own mug traders thread.

TOPINFO 11 Jun'13 - 16:27 - 4206 of 4209 0 1
ha ha nice try MT but wrong again. LMAO

mechanical trader 11 Jun'13 - 16:28 - 4207 of 4209 1 1
Falling further topinfo, get your rubber
kecks on.

mechanical trader 11 Jun'13 - 16:30 - 4208 of 4209 1 1
So busy on IG taking shorts just had to
switch to phone only D Jones reports.

mondy and your point is????????????????????????????????????????

Or are we all supposed to agree with you and your bull lemmings on this stock?????????

No spam whatsoever, Ive gone short and have an opposing view to you.

Now if you cant take that I suggest you arent cut out for this business.

Nip Down Hills or Ladbrokes, that will better suit your purposes.

Well into profit for the day.

Not that it means that much on this chart, but it looks like a bearish engulfing...