Judges subsidiary buys KE 22/02/2012
Scientific instruments specialist Judges Scientific (JDG) has unveiled that its 51 per cent owned subsidiary Deben has acquired Cambridge based rival KE Developments.
Rubicon in Stelios venture
Cash shell Rubicon Diversified Investments (RUBI) is teaming with easyJet founder Stelios Haji-Ioannou to consider launching a budget airline for Africa.
The AIM-quoted vehicle, which this July sold its primary Rubicon Software business in a deal worth £140,000 said it was working with the Monaco-based entrepreneur to work on the feasibility 'of implementing a low-cost, point-to-point, no frills, all jet aircraft business model for Africa'. The Greek-born billionaire is to take a 5 per cent stake in Rubicon with the option to acquire a further 10 per cent through his easyGroup business.
As part of the agreement Rubicon is to hold the right to use the 'fastjet' brand name, for which easyGroup will receive a royalty fee for 10 years. In return easyGroup will provide branding advice to the company which could lead to Rubicon holding the exclusive rights to fastjet.com for an initial twelve months, to be extended on a 'perpetual basis' should Rubicon have 'taken delivery of a western standard jet aircraft liveried as fastjet.com or completed a substantial transaction which is classified as a reverse take-over under the AIM rules.'
This September the entrepreneur announced he was launching a rival to the business he founded in 1995 and floated in 2000. This followed a challenging relationship with the group's management, which ended up with Haji-Ioannou winning a court case in 2010 over the use of the 'easy' name.
This November Rubicon raised £400,000 via a placing at 1p a share with shareholders including Africa-focused conglomerate Lonrho, also declaring the proposed appointment of Lonrho chairman and CEO David Lenigas and Geoffrey White to the board of directors. The company remarked it was planning 'to focus on investment opportunities in the aviation and aviation services sector with a particular focus on Africa'
Rubicon chairman Robert Burnham enthused the company was 'very pleased' to have 'secured the management team' of easyGroup to help advise it 'on our proposed strategy of building a world class aviation company with a focus on the significant potential in Africa'.
Shares in Rubicon rocketed 119 per cent following the announcement to 7.63p this morning amidst excitement over the possibilities of the deal. Haji-Ioannou is a considerable figure in the aviation industry and his involvement in Rubicon for an Africa-focused airline will be closely scrutinised by investors. One to keep a close eye on.
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