|Bid||0.1700 x 0|
|Ask||0.0000 x 0|
|Day's range||0.1701 - 0.1701|
|52-week range||0.1500 - 1.8000|
|Beta (5Y monthly)||0.39|
|PE ratio (TTM)||N/A|
|Earnings date||30 Jul 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||0.29|
Fastjet said if the restructuring plans do not pan out by the end of February, the Africa-focussed company would not be able to continue trading as a going concern. The proposals come after Fastjet lost its Chief Executive Officer Nico Bezuidenhout - a turnaround specialist - to South Africa's Mango Airlines in July. Bezuidenhout had been instrumental in reviving Fastjet's fortunes and shore up its dwindling cash pile, as it was saved from going under after striking a deal to raise funds late last year.
Money-losing African Airline Fastjet is on the hunt for a new CEO after incumbent Nico Bezuidenhout quit to rejoin his old company. The departure comes less than a week after the carrier announced a full-year loss of $65 million, having delayed the publication of its results because of an ongoing “audit process.” Bezuidenhout is going […]The post Fastjet CEO Quits as Problems Mount appeared first on Skift.
South Africa's Mango Airlines has rehired Nico Bezuidenhout as chief executive to speed up its recovery plan, turning to an executive who led the business for nearly a decade and recently steered Africa's Fastjet back from financial crisis. South African Airways (SAA), the parent of low-cost carrier Mango, has not made a profit since 2011 and said last month it needed 4 billion rand ($282 million) from the government to survive the current financial year.
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Fastjet was also forced to divest operations in Tanzania, its home market, after battling tough trading conditions there. "Whilst these cost-cutting measures were at times painful, our newly-sized operations provide Fastjet with a materially enhanced strategic position to pursue the growth opportunities on offer on the continent," Chief Executive Officer Nico Bezuidenhout said. Fastjet had posted a loss of $7.8 million a year earlier.
Fastjet in June had entered agreements with Annunaki Investments and SSCG Africa Holdings, following which the airline lent $5 million from its Zimbabwe unit to Annunaki in return for a $2 million (1.52 million pounds) loan to Fastjet from SSCG. The airline had entered into the loan agreements with Annunaki and SSCG so that Fastjet can access a portion of its restricted cash held in Zimbabwe. Fastjet now expects a repayment from SSCG by June 30, from the earlier agreed date of March 31, the company said on Monday.