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Silverjet shares ‘very unlikely’ to regain listing – analyst
Silverjet will only survive with a major cash injection from shareholders, a city analyst warned today.
Mike Stoddart of city firm Daniel Stewart – who issued a damning analysis of Silverjet’s prospects for survival in January – was reacting to the suspension of the business class carrier’s shares on the Stock Exchange (see previous TravelMole story).
In a note today, the firm said: “We consider it very unlikely that Silverjet’s shares will regain a listing.
“In addition to the problems with the business model which we highlighted in our initiation note in January, the meteoric rise in the oil price has added further misery.
“We now estimate that it costs over £44,000 in fuel alone for a round trip to New York on a Silverjet B767, up from £28,600 at the time of the November 2007 fund raising.
“Against this background, we do not think anyone will bid and that, for Silverjet to survive, current shareholders will need to inject large amounts of fresh equity.”
by Phil Davies
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