Air Partner Share Discussion Threads

[masurenguy] 06/4/2018 11:56

Dontay 5 Apr '18 - 407: LBO... other than yourself, I doubt there is anyone on this thread who thinks anything written on it has any impact on the share price .. and no -matter how many times you repeat you viewpoint... that's not going to change. We ALL now realise where you stand on the matter and where you are coming from... so there is no need to keep constantly repeating your negative view... it's not going to affect the sp!

Quite right Dontay but the troll has an obvious agenda here so any form of rational behaviour does not apply in his case. FWIW I made a modest top up @101.5p yesterday, which has now taken my average shareprice cost to just above 70p.

[spacedust] 06/4/2018 11:46

Trade war back on

[trident5] 05/4/2018 21:26

Is it being well/properly run though Superstar?
Did the CEO know what was going on? If he didn't - why didn't he know? The amount was about equivalent to a full year's profit back then.
The company has also been quite aggressively acquisitive since 2011 and management also thought a share split was a good idea (WEB doesn't).

[superstardj] 05/4/2018 21:09

Too much agonizing. "Great investment opportunites come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised" - WEB. Rogue individual. Sums concerned a drop in a bucket. End of.

[trident5] 05/4/2018 20:17

No - they should never be paying dividends out of unutilised customer deposits

It should be a wash on the balance sheet - the deposits being matched by a liability of deferred income.

[frazboy] 05/4/2018 19:47

thanks trident, i could be going off on a tangent, but it caught my eye, hence the request for clarification.

all i would say is this, if the money wasn't restricted but became restricted you might have to adopt, for example, amongst other things, a slightly different dividend policy, or business model.

[trident5] 05/4/2018 19:44

Well it looks like they have now properly segregated the cash - but it should always have been treated as segregated/restricted and not part of working capital.

I don't think it changes anything really

[frazboy] 05/4/2018 19:29

Ok, so from last year's results:

"JetCard cash: The reduction of £0.9m is a result of record utilisation in the year outstripping the pace of new cards and renewals. Subsequent to the balance sheet date, the Group will be placing all JetCard funds into segregated accounts as further assurance to our customers."

What you're saying is that they are disclosing that the accounts are segregated but the cash was always restricted, (and segregated).

Apologies, I'm not an accountant (as you may have noticed!)

edited to make the last question clearer.

[trident5] 05/4/2018 19:24

No - I think it was always restricted - and they've just changed the disclosure. If not, it should have been treated as restricted.
There isn't a business there if customers can't properly trust them with their deposits.

[frazboy] 05/4/2018 19:17

Yes... but I was reading into it was that the cash was being "segregated", so that should all the customers ask for existing deposits back all at once (and had they not booked aircraft, they had merely put the money on deposit), then, they can have their deposits back (that's the theory). If that's not the case then why refer to as "Restricted Cash" in the balance sheet/accounts? If the cash wasn't previously restricted then it was Working Capital, yes?

[trident5] 05/4/2018 19:07

Frazboy
I'm not sure what you mean by losing the Jetcard money - it's money customers have paid for future jetting around - it only becomes AP's cash when the customers have done their jetting.

So - deposit payment for future jetting round- increases Jetcard cash and increases deferred income (on the balance sheet).

Jetting round - Reduce deferred income and increase turnover, and reduce Jetcard cash and increase Air Partner cash.

[frazboy] 05/4/2018 18:47

I've only just run through all the posts on this board since the company made the announcement. it's generally been a good quality conversation, thanks to everyone.

One thing i've been looking at, is the accounts and the financial statements. There's not been too much mention of the nuances of the finanical statements except for Paul's Scott's piece, and various mentions of trade receivables and deferred income. I guess what has caught my eye is that the segregation of the Jet card money means the company has lost or is in the process of losing, effectively, ~£20m of working capital, has it not? That's quite an impressive loss of working capital (for what's a relatively small company), and fits in well with the narrative that the company is doing more "European Tour Operations" where they get paid up front, but pay the aircraft owner nearer the time of departure. Anyone got any thoughts on this?

[steeplejack] 05/4/2018 18:23

Very insightful and not unexpected.

It could be a division that contributes to trading profits I suppose or could it be a division which speculates and lays bets on the length of delays applicable to French air controller strikes.We will know shortly but thank you for your thoughts pvb

[topvest] 05/4/2018 18:11

This is the problem with such issues. Everyone has a view and it gets messy. That’s why the share price has tanked.

[trident5] 05/4/2018 17:58

"..and that over the weekend he had wondered if this person could bring the company to its knees."

That's a bit of a giveaway isn't it? Must have been senior to be able to bring a company down.

[pvb] 05/4/2018 17:28

Anyone like to enlighten me as to what ‘a trading team’ are?

A team of people involved in trading?

[steeplejack] 05/4/2018 15:54

Looking at the statement on shareprophets."the finance department took it upon them self to hide this debt by moving it around departments over many years. Why? Who knows. It wasn't their mistake to cover up but that of a trading team."Anyone like to enlighten me as to what 'a trading team' are?

[lbo] 05/4/2018 15:31

The very significant increase in trade and other receivables was a fact. The admitting now of over over £3m being lost and being hidden is a fact

[pvb] 05/4/2018 15:17

I suppose the company saying nothing is ok and should be applauded? But anyone else saying or questioning anything which is based on facts is to be attacked and shouted down?

But you aren't saying anything "based on facts", it's all just your uninformed opinion.

Sounds a very similar policy was employed in Air Partner and it's how they got into this accounting scandal in the first place!

Does it? How do you know?

[lbo] 05/4/2018 15:02

Are you saying Tom published the story without checking the source? And I never claimed anything I said would have an effect on the share price. The facts will do that when they eventfully come into the public domain as they are now and will continue to so. I suppose the company saying nothing is ok and should be applauded? But anyone else saying or questioning anything which is based on facts is to be attacked and shouted down? Sounds a very similar policy was employed in Air Partner and it's how they got into this accounting scandal in the first place!