Originally Posted by
True Blue
The share price just before this was announced was about 12p. That was what the market thought the airline was worth with all the bad news in the public domain. Markets are efficient here, it's not like someone knew something the rest didn't. And then the board/management do a deal for 1p? Are they saying the market had them overpriced 12 times?
Clearly there was information that wasn’t in the public domain and that was probably the extent to which the card processors were turning off the cash. The directors will run around pointing at this unique set of circumstances that all other airlines have to cope with but the true story of flybe is incompetent management replaced by even more incompetent management that didn’t even have the competence to recognise that they had a business model that didn’t work. There were many opportunities to address this and shareholders have been poorly served.