Silverjet Shares

[Work-Shy-Wanabe]

Anyone on here have any Silverjet shares? A lot of people increased their position on them following an announcement of a "binding agreement" of £120 million in funding . The agreement never materialised and company then went into administration with shareholders losing everything. The director is rumoured to be involved with buying the company off the administrators.

There is a website setup by Silverjet share holders here: http://www.theunhappyshareholder.co.uk/

[jsc15]

Thanks for the website. I had a nominal punt of £250 on the shares a few months back as they felt risky. Luckily, I had previously considered a grand on them when they were a quid each, so dodged one bullet only to get hit by shrapnel

[Workshy Fop]

Swap you for some HBOS ones.

[Papoo]

Maxjet were a very similar company to Silverjet, and from what I hear, with an almost identical business model, and they went bust little over a year ago.

Just can't seem to compete with the likes of BA/Virgin/US upper class seats, by the sound of it.

Also, old, slightly knackered airframes B767s loaned from somewhere, not going to get any cheaper to maintain, and given SJ's reputation, are they likely to secure big funds for replacements?

I'd have thought that to get any competitive edge in their market, they need to somehow get the latest & greatest in efficiency, ie B787/A350, so they can reduce their prices and improve their image. Right now, a BA business ticket is a good buy in comparison.

I'd be very weary of investment in any airline upstart, frankly. It's a very difficult game, given the costs involved, low profit margins, volatility regarding operating costs (fuel, etc) economic vulnerability, especially given the clients SJ are gunning for..

All just my opinion, and I have no business or shareholding experience..

[g4ry13]

Looks like they could be back in business if all goes well today.

[Iceman82]

http://news.bbc.co.uk/1/hi/business/7453108.stm

Oh dear... Looks like it's an asset sale now then

[Andrew[MG]]

Iceman82 said:

http://news.bbc.co.uk/1/hi/business/7453108.stm

Oh dear... Looks like it's an asset sale now then

260 Pilots with only 3 planes(I think)....that seems a bit out??

[Deva Link]

Andrew[MG] said:

Iceman82 said:

http://news.bbc.co.uk/1/hi/business/7453108.stm

Oh dear... Looks like it's an asset sale now then

260 Pilots with only 3 planes(I think)....that seems a bit out??

Pilots and cabin staff. Still seems a remarkable number, even bearing in mind shift patterns and lay-overs.