With a fleet now down (again) to three aircraft, Air Wales may well end up looking increasingly like a takeover target for Aer Arann
A possible way out of the current situation would be for AW to contract short-term capacity from, say, Air Atlantique, while their two "tech" planes are undergoing engine surgery; otherwise it's difficult to see how they can survive without the "critical mass" offerred by a 5-aircraft fleet.
Life is tough for independent regionals!