The easyJet website links to the following document on their media relations site. Below the text in full, considering this is an open media release I don’t think the rules for breach of copyright apply. Please correct me if I am wrong.
http://production.investis.com/rns_ip3_easyjet/rns/rns-item?id=4539854
26 September 2011
easyJet announcement
easyJet plc announces that it has received notice from Sir Stelios Haji-Ioannou (“Sir Stelios”) that he intends to set up an airline branded Fastjet and that a website, http://www.Fastjet.com, has already been established.
easyJet has a number of rights under its agreements with Sir Stelios and easyGroup IP Licensing Ltd (a subsidiary of easyGroup Holdings Limited) as described in the Circular to shareholders dated 16th November 2010.
To the extent that any activity of Fastjet, Sir Stelios or any company controlled by him infringes or would infringe those rights, easyJet will take necessary action to protect the rights of easyJet and the interests of its shareholders.
Sir Stelios also alleges that easyJet has breached the terms of the binding comfort letter between him and easyJet of 10 October 2010 and that that letter is no longer in force, claims which easyJet emphatically rejects.
easyJet continues to seek constructive dialogue with easyGroup and Sir Stelios.
The fastjet website is just a shell at the moment.
http://www.fastjet.com/
By: Grey Area - 27th September 2011 at 18:21
BM55 is correct in that Sir Stelios was extremely miffed about the Airbus deal.
If he wanted to continue to call the shots himself, he shouldn’t have floated the company on the Stock Exchange.
Even Sir Stelios can’t have his cake and eat it. 🙂
You would of thought that he would have Just withdrawn the Right to use the EasyJet Brand as he has already threatened to do before
See above. 😉
By: kevinwm - 27th September 2011 at 17:42
You would of thought that he would have Just withdrawn the Right to use the EasyJet Brand as he has already threatened to do before
By: Newforest - 27th September 2011 at 16:35
BM55 is correct in that Sir Stelios was extremely miffed about the Airbus deal. It is also a fact that apart from Easyjet, many of the ‘Easy’ brands have not been commercial successes.
By: Grey Area - 27th September 2011 at 06:09
It’s almost certainly something of that order, perhaps involving a certain amount of pique that Easyjet ignored his advice and yet still carried on posting profits in an increasingly difficult economic environment.
Regarding the B737-700, Easyjet got an average of eight years’ intensive use out of each frame.
That’s hardly ‘ditching a brand new fleet’, and represents a similar service life to the Ryanair ‘800s that have already been ‘moved on’.
By: Bmused55 - 26th September 2011 at 23:26
I was told some time back (we’re talking years) that Stelios was never happy with the management of easyJet after he stood down from CEO. In the same wind, I was told he was then very angry with the management at the Airbus deal. No specifics were mentioned, but the deal meant cheap planes but at the cost of an exclusivity deal which tied easyJet to Airbus for an unknown amount of time, in the decades supposedly.
Stelios saw no sense in ditching a brand new fleet, that they were still taking delivery of.
The person telling me has never been one to simply regurgitate what the grape vine is saying. He was spot one with the easyJet 757 lease and the first Jet2 757. (He told me months before either happened)
So, maybe this is an “Up yours” from Stelios?
By: tenthije - 26th September 2011 at 22:34
With respect someone could have made that website (the way it is now) in less than two minutes. Hardly provides any proof that a new airline is on the way.:confused:
It’s also on the easyJet website. If this where a hoax, easyJet are not dumb enough to fall for it. Not to mention that easyJet probably got Stelios on speeddial 1!
By: Flightmech - 26th September 2011 at 22:02
With respect someone could have made that website (the way it is now) in less than two minutes. Hardly provides any proof that a new airline is on the way.:confused:
By: Grey Area - 26th September 2011 at 17:36
I suppose it depends on the terms of whatever agreement Easyjet have with Sir Stelios, and which bits of it Sir Stelios is claiming the airline has breached.
You seldom see a poor corporate lawyer, do you? Cases like this are the reason why. 🙂
It all smacks slightly of attention-seeking to me, to be honest.
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September 26, 2011 at 5:17 pm