Ann: Fleet Update, page-6

I cannot but not agree with you on boith counts, Arpeebee - great opportunists, but lousy capital allocators.
I mean, slackness cannot be the reason for forcing the auditors to issue a going concern qualification which gets the market jittery.
And its not the first time the auditors have waved the red flag either (from memory).
Is it supreme cockiness or are they struggling to pull this together? The second tranche of 30 E190's did sound a bit ambitious.
I recollect the 1H FY24 report stating that they were confident of arranging finance 'soon'. We are now a month and a half down the track and nothing...yet!

Plus, its not as if they need to get a small overdraft. At 1HFY24 there were 28 aircraft to be placed under finance ($300m to $336m) with some 17 to settle in next 12 months – that’s an additional $195m required to be obtained pronto. What we don't know is what laxity or assistance we might get from the E190 sellers? I mean will they support us if it takes time to structure this deal or will they play hard ball? Will a capital raise be required to get covenant levels satisfied?
I just wonder whether this change in strategy is designed to get the 4 onsold to generate additional cash.
Uncertainty is capping our SP here and the sooner the finance situation is resolved, the better.
Mind you, the net debt levels at 1HFY24 aren't too bad when compared to others - AQZ 71% REX 172% and QAN a staggering 3,776%.
Yet more evidence of the damage inflicted by the small Irish hobbit!
Come on AQZ, end this malaise - provide full details of the finance required to pull this together.