Shares suspended in EUjet parent company
Shares in PlaneStation, the parent of budget airline EUjet, were suspended yesterday throwing the operation into doubt.
The shares were suspended by the Financial Services Authority at the request of the company pending clarification of its financial position.
The suspension came came after Bank of Scotland reportedly withdrew support for the group.
EUjet, created by former Ryanair boss P J McGoldrick, started flying from Kent International Airport in Manston last September to 20 destinations.
Latest statistics from the airline for June show that its monthly bookings were down 10% to 29,590 over May but it achieved a new monthly high load factor of 55.8%. The carrier, which runs a fleet of four Fokker 100s, said its average fare last month was 70.67 euros, up from 60.65 euros in May. The airline has carried 306,388 passengers since its launch.
The airline’s commercial director Stuart McGoldrick was quoted by BBC News as saying: “We are due to operate 16 flights today. There are meetings taking place to see what happens next.”
A statement from PlaneStation said: “On June 28, 2005 the company announced that the passenger numbers of EUjet would fall below planned levels during the current year. As a consequence the cash requirements of EUjet would be greater than originally planned.
“The directors indicated that this shortfall in cash would be funded bya sset sales and at the same time announced that the company had entered into an exclusive agreement to dispose of 75% of its interest in Kent International Business Park.
“Until now, the directors had no reason to believe that support from its bank would not be forthcoming. However, discussions with the company’s bank over the last 48 hours have not been positive, and the company was informed this morning that the bank is no longer able to support the company with additional facilities.”
PlaneStation said a further announcement would be made in due course.
Report by Phil Davies
Phil Davies
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