Flybe deal approved

Shareholders in Flybe last week agreed to the sale of the airline to the Connect Airways consortium consisting of Virgin Atlantic, Stobart Air and Cyrus Capital, leaving them with just 1p per share.

Flybe had warned before the meeting at which the vote was taken that if shareholders did not accept the deal, the company would be wound up and they could end up with nothing.

In an official statement, Flybe said the sale did not affect flights because its airline operations and website were among the assets already sold to Connect in a £2.8m deal. Last week’s sale of the remaining “non-trading entity with no subsidiaries and no material assets” valued the company at £2.2m.

More than 80% of the shareholders voted for the sale. In a notice to the City, Flybe said:  "The results of the shareholder votes will not impact the assets, flights and operations of Flybe Ltd, which continue to operate as normal under the ownership of Connect Airways."

The new scheme is expected to come into play today, 11 March, and Flybe will no longer be a public listed company as of tomorrow.

www.flybe.com    www.virginatlantic.com

www.stobartgroup.com   www.cyruscapital.com

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