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.

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.