A rather unique case in the aviation industry, page-2

Since the company published its results 2 days ago, the stock has been weak and 2 % of the capital has been exchanged.
It seems that the weakness is explained by the lack of dividend.

Personally, I understand why the company did it : to focus on its balance sheet improvement.
What surprises me is the message sent by the shareholders selling the stock. They seem to tell the management that they do not trust their investment plan and prefer to have the results distributed, rather than re-invested in the business. This message seems to be related to the new fleet (Embraer) which will be deployed quite differently to their historic fleet, Fokker, which was focused on the FIFO business (while they were partly used for charter and wet lease).

It does not change my view of the company, but shows that the market is probably still sceptical about the last investments.
There are 2 elements which make me quite optimistic at this level of share price :
- S. Mc Millan (MD) just bought 48,000 shares on the market,
- today's share price discounts a very low valuation for their Embraer fleet.