Share Name Share Symbol Market Type Share ISIN Share Description
Gama Aviation Plc LSE:GMAA London Ordinary Share GB00B3ZP1526 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 39.50 38.00 41.00 39.50 39.50 39.50 1,250 08:00:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 182.0 -4.3 -13.0 - 25

Gama Aviation Share Discussion Threads

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Downing Strategic's quarterly investor letter to 30/6/19 (so issued before the latest in-line trading update) has some interesting reflections on GMAA. This is the conclusion: "The results themselves, restatements and missed expectations aside, show some promising signs of growth in parts of the Management business (8% fleet growth in US and Europe, and doubling in Asia). The key is really to get scale in these businesses and to see the operational gearing start to come through. It’s a tough market but we think that there is a compelling business opportunity to scale up in Asia particularly, and the Hutchison relationship could help that. Over the long term, we still think consolidation is viable. There have been strategic changes in the Maintenance business, such as moving to Bournemouth and investment in new US facilities, both of which sound like the right long term moves but which bear the restructuring costs and operating cost investment through the P&L in the nearer term. We think that the Maintenance proposition is a good one, bolstered by some very material special missions’ contracts. Gama has been winning contracts recently – two new ones total over $100 million over the life of the contracts. Elsewhere, cash generation was negatively affected by a large working capital outflow, but we expect the debtors portion to reverse as debts are collected against a few larger customers. The balance is reflective of investment for growth, particularly inventories in new maintenance locations. 2019 will be a year of transition and rebasing of financials, as clearly some of the reporting practices of the past were not prudent. The half year results should give a better indication of what the business is really capable of, alongside, we hope, confirmation from the new chairman of the strategic plan. In our view, there remain real opportunities to improve margins and cash generation across the business. M&A activity in the sector remains buoyant and multiples are generous for businesses with scale. This gives us confidence in the strategic value of the group as a fall-back valuation. The de-geared balance sheet and Hutchison’s interest provide comfort while the business transitions."
There's a pleasant surprise - a nice in-line trading update today, with no alarms/caveats. And the outlook for the full year also shows confidence, being in line with prior guidance. Forecasts are for 9.85p EPS this year (with a 2.88p dividend). Baby steps, but perhaps this is now a recovery story.
Good to see the Chairman buying £110,000 of shares (via a Trust) at 85p: Https://www.investegate.co.uk/gama-aviation-plc--gmaa-/rns/director-pdmr-shareholding/201907021726282618E/
Encouraging NED appointment (and H1 trading update will be on 29th July): Https://www.investegate.co.uk/gama-aviation-plc--gmaa-/rns/appointment--stephen-mount--non-executive-director/201906271720337247D/ And some good news: Https://www.ainonline.com/aviation-news/business-aviation/2019-06-27/gama-aviation-signature-teams-windsor-jet "Gama Aviation Signature Teams Up with Windsor Jet by Kerry Lynch June 27, 2019, 10:55 AM Aircraft charter and management company Gama Aviation Signature is extending further into the global heavy jet market through a strategic alliance with Windsor Jet Management. Fort Lauderdale, Florida-based Windsor Jet operates a fleet that ranges from midsize to large-cabin business jets, including several Gulfstreams. The relationship will provide Gama Aviation Signature with “another competitive advantage for rapid growth and expansion,” while enabling Windsor Jet to leverage its sales and operating capabilities, Gama Aviation Signature said. “Combining Gama’s quality control standards and level of service with Windsor’s heavy-jet fleet will further enhance our success in delivering the bespoke concierge service all of our clients expect and deserve,” said Gama Aviation Signature president and CEO Tom Connelly. “We anticipate the Windsor aircraft to be in high demand generally, as well as materially contributing to Gama Aviation Signature’s expanding international and coast-to-coast charter operations.” Windsor Jet CEO Ignacio Martinez added that having access to Gama Aviation Signature’s resources, expertise, and infrastructure will benefit its clientele. “This alliance will enable Windsor to deliver a higher level of service and mutually benefit from new synergies,” he said."
Looks like an inverse head and shoulders on the chart, move above 110p would be interesting.
....and up nicely again, with buying at almost 100p now.
This is good to see - and a healthy 340,000 shares traded too.
The new broom continues to revamp governance, with the appointment of PWC as auditors a definite upgrade on Grant Thornton. Interesting new article about the Bournemouth expansion: Https://www.flightglobal.com/news/articles/gama-plots-mro-expansion-with-new-flagship-facility-458461/ Extracts: "Gama plots MRO expansion with new flagship facility 28 May, 2019 Gama Aviation – one of the largest business aviation services providers in the world – has its eyes set on rapid expansion in the maintenance sector, and sees the recent opening of a new flagship facility in Bournemouth, UK as crucial to achieving that ambition. Formally unveiled on 16 May, the 12,540sq m (135,000sq ft) base at Bournemouth International airport, in southern England, is integrated into Gama's current MRO network, which includes a further 29 facilities worldwide. "It's another piece of a global network that we are building, such that our clients and third parties have maintenance coverage where and when they require it," says Gama chief marketing officer Duncan Daines. "Gama puts the total cost of the consolidation and revamp of the Bournemouth site at £1.2 million ($1.5 million), but this outlay is dwarfed by recent awards, from undisclosed customers, of £90 million-worth of long-term support contracts for special-mission aircraft. The move to the new site has also enabled Gama to enter the airline MRO sector for the first time, with initial deals from British Airways and TUI. "We have a flexible arrangement to provide space in Bournemouth for when these carriers need the extra capacity to maintain or repair their airliners," says McVicar. Gama is keen to expand that commercial offering and build on its existing business jet and turboprop MRO support operation. Work in Bournemouth is evenly split between the business aviation and defence/special-mission sectors, with customers including high net-worth individuals, corporations, governments, law enforcement agencies and air ambulance operators." "Gama offers a broad range of MRO services, including base and line maintenance, aircraft-on-ground support, component overhaul, bespoke design and installation for special-mission and VIP aircraft. "We are particularly busy at the moment performing ADS-B [automatic dependent surveillance – broadcast] out upgrades, with owners and operators coming to us in increasing numbers as Europe's June 2020 compliance deadline approaches," says McVicar."
ADVFN is hosting an investor event for a firm within Industrial Transportation; Avation plc, on the 21st May to find out about their future prospects. Sign up to attend this event: https://uk.advfn.com/stock-market/london/advfn-AFN/share-news/ADVFN-PLC-ADVFN-Investor-Event-for-Avation-plc/79847603
Extracts FYI from today's Downing Microcap Investment Trust results RNS: "Simon To of Gama has a big job ahead of him. He promises appropriate governance, controls and integrity - attributes that the board has been desperately lacking given the calamitous last 12 months. We lend him support in the challenges that inevitably lie ahead for Gama, as it begins its recovery." "Progress against investment case Post the fundraise last year, the business has hit several stumbling blocks. Capital has not been deployed as expected and the appointment of a strong new FD has uncovered some questionable financial reporting practices. Unfortunately, we underestimated the ability of the board to impose the expected checks and balances on a business of this size and complexity. Despite the disappointing governance, the business does continue to perform respectably well which demonstrates the viability of the model. In December, the company announced that between £93.5 million and £115.5 million of contracts had been awarded to support special missions' operations. We have confidence that with the correct governance in place this is a viable business which can be turned around and generate a healthy return for our investors. We are working hard to ensure that an equitable governance structure is put in place that will represent all minority shareholders."
GMAA has more problems than Boeings ill fated MCAS - the nose is pointed firmly downwards (from a private investor perspective). Good that I woke to the jam tomorrow and bs from the management team a few years ago and bailed out completely.
Hutchison have bought a further 1.16m shares, and are up to 29.79% with 18.95m shares: Https://www.investegate.co.uk/gama-aviation-plc--gmaa-/rns/director-pdmr-shareholding/201905020705018672X/ Now it's up to Hutchison via both the Chairman and FD to ensure that this globally sector leading company fulfils its potential, and that MK is kept under control with no further mishaps.
The FD was a no nonsense guy. He wasn't going to take any of Marwan's bs and I think he has been forced out because of that. I am not sure I would take him leaving as a positive. Especially when Marwan has been cooking the books for years.
horndean eagle
I know downing take the long-term view but losing and FD in less than a year, after he found accounting issues, suggests that there could be significant turbulence on route!
I understand the point re the FD, but the handover is amicable, and the new FD has an impressive track record and is obviously a trusted and long-standing colleague of the new Hutchison-appointee Chairman. Given that Hutchison now own nearly a third of GMAA it makes sense, especially as DS seems now to have identified all the main issues arising from the previous regime. I doubt whether Hutchison will bid to take GMAA out - I suspect all this is more to prevent a low-ball bid from someone else. Downing's reaction will be interesting, but given that it has to be good news that Hutchison are so committed to GMAA's future, then I believe they'll be happy to go along for the ride. Besides, they only own 7% from memory compared to Hutchison's almost-28%.
well getting rid of your finance director after less than a year should help loosen a few hands. Particularly after he took them to task for what appear to be prior lax financial controls, auditors seem to have pulled them up on what can be considered one-off costs, and they found overpayments from subsidiaries that appear to have historically flattered the balance sheet at a time they were raising money from the market. My understanding is that the CFO was put in place by Downing as part of their strategic actions to turn the company around. If I were them I would be spitting feathers at this change. Especially as they supported them during recent capital raises, etc. The market price hasn't reacted as Hutchison clearly appear to be still bidding in the market, but when they reach 30% they won't be able to support the price anymore, barring a takeover. If they launch a takeover I doubt it will be generous given their now effective control of the board. So this now appears to have a small upside, large downside to me, and I am happy to have sold out to Hutchison in the market.
Hutchison Capital have bought again, this time another 1.6m shares to take them up to almost 28%......so another 2% for them to find: Https://www.investegate.co.uk/gama-aviation-plc--gmaa-/rns/director-pdmr-shareholding/201904301412466020X/
Ok, Chief. The offer's there.... ;)
Cheers mate, my six pack is nearer a two pack. Meanwhile, time to keep quiet until there's something else to report on.
Just give me a shout if you do - I've got one of those thingamajigs used for inflating a 12 man rib. It would have it pumped up in no time.
I think the CEO's trying hard enough by himself :o)) But Hutchison Whampoa's intent in increasing their holding yo up to 30% of GMAA is certainly encouraging.
Nice pump, Rivaldo. Do you need a hand?
Comments from the CEO about Hutchison's share buying..... Https://corporatejetinvestor.com/articles/hutchinson-whampoa-increasing-stake-in-gama-aviation-087/ "Hutchinson Whampoa increasing stake in Gama Aviation By Alasdair Whyte April 26, 2019 15:29 Gama Aviation has agreed to let Hutchison Whampoa China increase its stake in the business aviation company to 30%. Hutchinson, a division of Hong Kong conglomerate CK Hutchison Holdings, took a 24.9% stake in Gama Aviation in 2018. “The main rationale is that Hutchinson think our stock is pretty cheap at the moment, have faith in the business and want to increase their stake,” says Marwan Khalek, CEO and founder of Gama Aviation. Shares in Gama Aviation were trading at £208.50 at the end of April 2018. They were at £69.5 on Tuesday April 23 this year rising to £93.50 on Friday April 26 – possibly boosted by the Hutchinson announcement. “We have made some mistakes – including missing guidance, which is a cardinal sin, and we are paying the price for that – but we are still a profitable, cash generative business with a strong strategy,” says Khalek. Hutchinson become an anchor investor in Gama in February 2018 when Gama raised £48 million ($67 million) in a share issue. The Hong Kong group bought 21% of the company. At the same time Gama used $19.8 million of the issue’s proceeds to acquire Hutchison’s Hong Kong aviation interests: its 50% stake in a joint venture with the business operator — Gama Aviation Hutchison Holdings — and Hutchinson’s 20% stake in maintenance company China Aircraft Services Limited (“CASL”). At the start of April, Gama appointed Simon To as non-executive chairman. To is managing director of Hutchison Whampoa (China) Limited and chairman of Hutchison China Meditech a biopharmaceutical company listed on the AIM and Nasdaq with a market capitalisation of around £3 billion. He, was already a non-executive director of Gama, has also served on the boards of China Southern and Air China. He has been vice chairman of maintenance company GAMECO since 1989 and is chairman of China Aircraft Services Limited, in which Gama Aviation has a 20% shareholding."
A £47,000 buy at 109p just reported - 4p above the current 105p published offer price! Very keen - Hutchison again? EDIT - thar she blows again.
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