EIC and Wasaya

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Turbinerider
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EIC and Wasaya

#1 Post by Turbinerider » Thu Feb 01, 2018 3:07 pm

I hear the EIC bought 49% of wasaya. Can anyone confirm this ?
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Maynard
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Re: EIC and Wasaya

#2 Post by Maynard » Thu Feb 01, 2018 3:16 pm

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I guess I should write something here.

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cpknight
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Re: EIC and Wasaya

#3 Post by cpknight » Thu Feb 01, 2018 4:49 pm

So this is, what, 6 or 7 air operator certificates under the EIC umbrella now? EIC traditionally hasn't done combinations, but I wonder when it starts to make sense to merge some of these operations.
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NobodyCares
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Re: EIC and Wasaya

#4 Post by NobodyCares » Thu Feb 01, 2018 6:44 pm

Bearskin and Perimeter are already in the process of getting mashed into one...
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digits_
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Re: EIC and Wasaya

#5 Post by digits_ » Thu Feb 01, 2018 7:05 pm

Very interesting. It's one way of establishing a monopoly in NW/W Ontario and Winnipeg.
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Gorgons
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Re: EIC and Wasaya

#6 Post by Gorgons » Thu Feb 01, 2018 8:47 pm

No where in that release does it say there was a purchase, says they entered a partnership. That EIC injected some capital into Wasaya, I assume that means cash and they say there was an exchange of “shares”.

EIC is a publicly traded company, one can buy and sell their shares. Wasaya is not, and you can’t. A share in EIC is easy to determine and it fluctuates daily, you can read about everyday or stand in the Richardson Bldg and watch it on the stock ticker. How much is a single share in Wasaya?

EIC doesn’t run airlines, they buy companies, niche companies that they project longterm return from. Think about that for a minute... Is Wasaya currently a sound longterm return on investment company? I’ll speculate and say not at the moment, not how they are currently operating. I should add they did lay-off 47 people while telling thier employees the good news they also have low debt with significant assets (thank you bankruptcy)... change a couple things, lose the parts of the company that won’t help your future, partner with the “competition” and stop bleeding cash... Bobs your uncle!

Contrary to the words of Wasaya’s CEO I expect this is not the last move in the restructuring plan they embarked on a few years ago, this is the good news portion for todays Wasaya team. I expect in coming days the true cost of the partnership will become evident, jobs at Team Wasaya will be lost and expect some assets to change hands. As always interesting days ahead for the Red, Yellow and Blue team.
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bobcaygeon
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Re: EIC and Wasaya

#7 Post by bobcaygeon » Fri Feb 02, 2018 9:56 am

Are they layoffs actually related directly to this? The winter roads are in and the cargo offices are now closed on weekends.
If the agreement was just announced, not even finalized, there is no way the counter staff, accounting people, etc would be laid off that quickly. The logistics that quickly would be a PITA Just my thoughts.
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dogfood
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Re: EIC and Wasaya

#8 Post by dogfood » Fri Feb 02, 2018 7:08 pm

Going be interesting to see what happens from this as perimiter / bearskin are already competing with them on many of the same routes.
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