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TigerAir
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nickyng
Supreme |
07-Jul-2011 09:23
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Tiger asked to repay S$3m received from
South Australian government SINGAPORE - Even as Australia's air safety regulator is seeking to keep Tiger Airways grounded until Aug 1, the troubled carrier is being asked to repay A$2.25 million (S$3 million) it received from the South Australian (SA) government to base some planes in Adelaide. The Australian Associated Press reported yesterday that SA Industry and Trade Minister Tom Koutsantonis told the state Parliament that the airline was given the sum under an agreement to initially base two planes in SA and later increase that to four. But he said the airline had contacted the state government this year seeking to reduce the number of planes to one from August this year. It asked for a variation of its contract with the SA government, which the minister said was refused. Australia's Civil Aviation Safety Authority said yesterday it has applied for a court order to extend the suspension as it is yet to complete investigations. Services had been due to resume on Saturday. In a statement, Tiger said that it " remains committed to resuming services as quickly as possible" and " will refund fares to those passengers holding reservations between now and July 31" . It also announced that its Australia CEO, Mr Crawford Rix, will leave at the end of this month. Mr Rix will be replaced by Mr Tony Davis, the group president and CEO of the airline's parent company, Tiger Airways Holdings. Analysts said the loss of revenue will impact negatively on the stock price of the Singapore mainboard-listed low-cost carrier. Yesterday, its share price closed flat at S$1.04. DMG & Partners research analyst Melissa Yeap said: " Last year it made S$279 million in revenue from Australia, that is 45 per cent of total revenue of S$622m. Impact will be significant to overall group revenue." Standard and Poor's aviation analyst Shukor Yusof said the carrier will have to revaluate its business, " whether they should or should not stay in Australia" . Said Mr Yusof: " There is a tipping point where they will say they have to get out, and the point is not there yet." |
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pharoah88
Supreme |
07-Jul-2011 09:19
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Australian revenue accounts for 45% of TIGER AIR's total revenue ? ? ? ? | ||
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pharoah88
Supreme |
07-Jul-2011 09:17
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Tiger Airways. Maintain TRADING SELL, lower TP to S$0.71 (from S$0.92). CASA announced in a statement last night that it will seek an extension to Tiger Australia's suspension until 1 Aug 2011. While this will hit Tiger's bottomline by S$8m, we see further financial impacts in the longer-term. Our FY12/13 forecasts are lowered by 27.3%/21.9% but our FY14 estimate is retained. Accordingly, we slash our target price by 22.8% to S$0.71. However, in the latest turn of events, Tiger has appointed Chin Yau Seng as Acting Group CEO and Tony Davis has replaced Crawford Rix as Tiger Australia MD, possibly a move to appease Australian regulators. We are very positive on this development and a turnaround for Tiger could be underway. |
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louis001
Master |
07-Jul-2011 09:16
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Latest news from : www.casa.gov.au CASA is applying to the Federal Court to extend the suspension of Tiger Airways Australia until 1 August. If CASA completes its investigations and determinations before 1 August 2011 and is satisfied Tiger Airways Australia no longer poses a serious and imminent risk to air safety it may be possible for it to resume operations earlier. The suspension of Tiger Airways Australia’s operations remains in place until either the Federal Court refuses CASA’s application or CASA withdraws it. CASA is making the application to the Court because investigations into Tiger Airways Australia will not be completed by the end of the initial five working day suspension period. CASA suspended Tiger Airways Australia’s operations on 2 July 2011 because it believed permitting the airline to continue to fly posed a serious and imminent risk to air safety. Media contact: Peter Gibson Mobile: 0419 296 446 |
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fragaria
Member |
07-Jul-2011 09:16
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CASA announced in a statement last night that it will seek an extension to Tiger Australia's suspension until 1 Aug 11. This would hurt Tiger's bottom line by S$8m, with a potential longer-term financial impact. Our FY12-13 earnings forecasts have been cut by 27.3-21.9% while our FY14 estimate is intact. Accordingly, we slash our target price by 22.8% to S$0.71, still based on 6x CY12 P/E. We expect losses in the coming quarters to provide further de-rating catalysts. On the other hand, Tiger has appointed Chin Yau Seng as Acting Group CEO while Tony Davis has replaced Crawford Rix as Tiger Australia's MD, possibly in a move to appease Australian regulators. We are positive on this development. Execution of a turnaround after the recent shake-up in senior management could potentially reverse our Trading Sell rating. | ||
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derekchong
Veteran |
07-Jul-2011 09:15
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no fire sale. everything is going fine. cheers. |
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nickyng
Supreme |
07-Jul-2011 09:13
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huh?? lowest so far oni $1 ?!?! ayo...this SHORTIST abang can do better than that rite? mabe keeping the BEST till last?!?! hee.... :P | ||
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hlfoo2010
Veteran |
06-Jul-2011 23:52
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COMPANY STATEMENT
Singapore, 6 July 2011. Tiger Airways Holdings Limited makes the following announcement regarding Tiger Airways Australia Pty Limited (“Tiger Airways Australia”).
Tiger Airways Australia understands that the Civil Aviation Safety Authority of Australia (“CASA”) intends to file an application in the Federal Court on 7 July 2011 seeking an extension to the period for suspension of flights until 31 July 2011.
Tiger Airways Australia has been working constructively with CASA for the past five days to establish a plan for the resumption of our services and will not oppose the period of extension. Tiger Airways Australia remains committed to resuming services as quickly as possible.
As a consequence, Tiger Airways Australia will refund fares to those passengers holding reservations between now and 31 July 2011. Tiger Airways Australia offers its sincerest apologies for any inconvenience caused.
Tiger Airways Holdings Limited also announces the following management changes:
• The current Chief Executive Officer of Tiger Airways Australia, Mr. Crawford Rix, will leave the airline on 31 July 2011. The Company will be appointing Mr. Tony Davis to the role of Chief Executive Officer, Tiger Airways Australia. Mr. Davis will continue to serve as a Director of Tiger Airways Holdings Limited.
• Mr. Chin Yau Seng, Executive Director of Tiger Airways Holdings Limited will be appointed as Acting Chief Executive Officer. |
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teeth53
Supreme |
06-Jul-2011 23:19
Yells: "don't learn through life, learn to grow with life " |
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Mr JY Pillay is now onboard, over nite can solve air safety, air operation problem?.
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teeth53
Supreme |
06-Jul-2011 23:15
Yells: "don't learn through life, learn to grow with life " |
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Appling for extension till Aug 1. Sir kari it take another one more month to solve..How?. | ||
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hlfoo2010
Veteran |
06-Jul-2011 23:08
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I think better not to jump into conclusion too fast . Something i still dont understand why CEO sell so many shares and CEO AU leaving soon and now grounded. Good news now is that Mr JY Pillay is now onboard, as an independent Director, with immediate effect takes over as non-executive Chairman. I think he will solve the problems fast. |
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New123
Elite |
06-Jul-2011 22:48
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I think this is a very serious mistake for neglecting the safety standard of running a Air tpt company. This might have long term effect of running the business.. Short term may be affecting its share prices badly...I think is better to stay away for the time being...
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alexchia01
Elite |
06-Jul-2011 22:47
Yells: "Catch The Stars And Ride With Them" |
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You should worry now that Australia plans to ground TigerAir until 1 Aug 2011. There would be more Sell Down tomorrow.
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Jackpot2010
Master |
06-Jul-2011 22:41
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Extended grounding may lead to Tiger " extinction" . SIA + Temasek hold 44.5% (total), if balance of 55.5% should dump then a crash landing to NAV of 36c may happen. BOSAYOR | ||
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derekchong
Veteran |
06-Jul-2011 21:51
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no worry, Temasek just sold some bank shares in China and cash rich now, can buy more Tiger Air shares. Dun anyhow short tomorrow hor. |
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IVANTAN75
Member |
06-Jul-2011 21:44
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Change of director? http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E827BBE16170F173482578C50044D6B9/$file/ChangesToTheBoard.060711.pdf?openelement |
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limkt009
Veteran |
06-Jul-2011 21:44
Yells: "Watch your front, grab $$$$$ at your own time" |
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Your source is not reliable, ban likely extended till 1 Aug.
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hpong5
Master |
06-Jul-2011 21:17
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Shorting easier to make money tomorrow because the BBs will help us to push down the price. Buy and sell at your own risk though.
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nickyng
Supreme |
06-Jul-2011 20:50
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aya...dun need to argue here...tomor mkt open and the mkt is FREE for all to PLAY!! bet BIG open small...bet SMALL open BIG? hahah....happy SHORTING$$$ !!! till 1 Aug !! or thereafter ! :P | ||
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hpong5
Master |
06-Jul-2011 20:42
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Good opportunity to buy at budget price again tomorrow. | ||
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