24.08.2020 - 18:07 UTC
fastjet PLC is set to become privately held following its delisting from the London Stock Exchange (LSE) AIM platform on Monday, August 24.
The move will allow the lossmaking UK-based firm, which holds stakes in Fastjet Zimbabwe (FN, Harare Int'l) as well as Federal Air (7V, Durban Virginia) in South Africa, to make significant savings given the strenuous costly oversight requirements of maintaining a listing on AIM. It was also a key requirement laid down by main shareholder Solenta Aviation Group for its continued participation in future recapitalisation efforts.
Solenta has already indicated its willingness to underwrite a capital raise following the delisting and registration of fastjet PLC as a private company which is expected to be completed by the end of September 2020. Solenta has confirmed that it would be prepared to underwrite a capital raise of at least USD1.5 million if called on by the Board, but on terms that still need to be negotiated and agreed.
Trading in fastjet PLC stock will continue albeit through the Asset Match platform....
18.04.2015 - 02:00 UTC
Force Aérienne Gabonaise (Libreville) is set to take repossession of the Gabonese presidential jet that was impounded at Paris Orly in late February following a Paris court ruling which stated the aircraft could not be seized as it is diplomatically immune.
Swiss firm Travcon AG seized the aircraft, ex-Varig B777-200(ER) TR-KPR (msn 27108), at Paris Orly on February 25 claiming it was still owed USD8 million by the Gabonese state for VIP-outfitting work done.
The move soon triggered a diplomatic stand off between Libreville and Paris with the Gabonese ambassador to France recalled home for consultations. For its part, the government said it did not recognize the debt claiming it had never had any dealings with the Swiss firm.
As such, the Gabon Review says lawyers representing the Gabonese government successfully argued before the district court of Ivry-sur-Seine this week that the aircraft could not be impounded as it was technically sovereign Gabonese territory and is therefore covered by diplomatic immunity. With the ruling in hand, the aircraft...
17.04.2015 - 02:01 UTC
ECAIR - Equatorial Congo Airlines (Brazzaville) says the seizure of one of its two B757-200s, HB-JJE (msn 27219), at Paris CDG on Saturday, April 11, is an 'illegal' act adding that it intends to seek damages.
According to the La Lettre du Continent magazine, Congolese businessman François Odzali successfully obtained a Paris court ruling claiming the Congolese government, as owners of the airline, still owed him EUR70 million (USD76.3 million) for the destruction of an industrial complex during the Republic of Congo's civil war in 1997 and for non-payment of electrification work undertaken for the subsequent government.
Odzali's case is complicated by the fact that he chaired the Chamber of Commerce, Industry, Agriculture and Trade in Brazzaville under then president Pascal Lissouba. Lissouba was ousted by Denis Sassou Nguesso in 1997. But, while he won his case in the Congolese courts, Odzali never received any restitution from the government leading to him pursuing his claims in France.
For its part, ECAir says the seizure is illegal as it, as an airline,...
19.03.2015 - 10:48 UTC
Force Aérienne Gabonaise (Libreville) has had its sole widebody aircraft, a B777-200(ER) TR-KPR (msn 27108), impounded at Paris Orly by order of a French court in the district of Ivry-sur-Seine.
France's Le Figaro newspaper says the order was granted to an undisclosed Swiss firm, which specializes in fitting VIP aircraft interiors, in late February with the aircraft grounded in France since then. The firm claims it is owed USD8 million in outstanding debts by the Gabonese state.
For its part, the Gabonese Presidency has said it does not recognize the debt claimed by the Swiss firm adding that it never had any contract or dealings with it.
A hearing is scheduled to be heard at another district court located in Evry (Essonne) in due course.
This is the third impounding of an African-registered jet over these past six months following similar incidents with Air Algérie (AH, Algiers) and CEIBA Intercontinental (C2, Malabo).
