Flybe Update

The new cut-off date for Flybe, the British regional airline listed on the London Stock Exchange, is 22 February.

In a statement to shareholders issued last Thursday (24 January) the Exeter-based operator said the sale to Connect Airways of Flybe's trading subsidiaries is expected to be completed by this “longstop” date.  It will not require shareholder approval.  In the meantime the carrier continues to fly as normal with direct credit card and travel trade bookings being made through to the end of the summer season.

According to Sky News, Hosking Partners wrote to Flybe on Friday to requisition an extraordinary general meeting (EGM) aimed at ousting Simon Laffin, the former Safeway property director, who has chaired Flybe for five years taking on the senior executive position for a period of time. (See BTN 21 January)

The fund management firm wants to install Eric Kohn of Geneva-based Barons Financial Services in Mr Laffin's place, an experienced aviation executive.  Mr Kohn was very much involved with the sale of CityJet by Air France (AF) in 2014, and its further placement to its present owners in 2016.  The current Flybe CEO Christine Ourmières-Widener headed up the AF operation but was quickly ousted by Patrick Byrne when he became CityJet executive chairman.

www.flybe.com   www.baronsfinancialservices.com

BTN 5 May 2014 – CityJet changes hand

BTN 9 February 2015 - Pat Byrne back to CityJet

BTN 28 March 2016 – CityJet sold

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