Oh dear. Baby Bear called this one to 0p at Gold & Bears HERE since when shares in Fastjet (FJET) have soared but now the chickens are coming home to roost with Sir Stelios Haji-Ioannou warning that the company has misled investors and is facing a cash crunch.
Sir Stelios co-founded the aurline and with a 12.6% holding has called an EGM to oust CEO Ed Winter and his boardroom patsy, the airline's general counsel Krista Bates. Stelios says that the company has guided analysts to make forecasts about revenues and profits which are simple fantasies "a pipe-dream”.