Thread: Flybe-9
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Old 6th Feb 2019, 16:16
  #1564 (permalink)  
Leeds Spotter
Join Date: Jan 2013
Location: Leeds u.k.
Posts: 21
Originally Posted by racedo View Post
Nope you don't. Company will still be Irish Company. Compny has changed their rules like Easyjet such that they can acquire shares of UK shareholders to get below 50% held.
I did not reply last week I knew the company was to issue new guidelines on share ownership this monday after the E.U. had ruled on Friday on various issues.
I accept that every U.K. shareholder has received a formal notice of compulsory buy back by the company. However, at the 2018 AGM this buy back measure was paused after a revolt by shareholders and a move to remove voting rights for these shareholders installed and rejected.
I accept on Monday MOL has reaffirmed the companies buy back policy, but not value, date or any other plans and all non e.u. shareholders will fight, there are 18% of the company as u.k. shareholders and a similar amount of American owners, all of us have been upset by the Chairman.
Thankfully I have both the e.u. and the stock exchange behind me, any plans need the approval of the shareholders, its not a done deal.
In respect of Easyjet the e.u. has already ruled at the start of January that the "creative opening of offices in the e.u." their words not mine, will not get round the e.u. rules that its the share holding of the ulitimate parent companies that will be how ownership measured, this is why, the Flybe deal has a specific termination clause, that if the ulitmate ownership of "Connect" is non u.k. the deal folds.
Last week the e.u. ruled the IAG group on present information (millions of shares change hands daily) is an e.u. company, giving Wilie Walsh a head ache as MOL.
On friday the e.u. rightly stated that as ownership is fluid they would rule ownership on a specific date to be announced and airlines would have 7 months to put their shareholding in order, therefore, we could fill this forum on who owns what or whether a e.u. company or not.
Until we know where Stelios wishes to hold his shares ( I understand as a u.k. resident at the moment), where the ownership base of Easyjet resides, is unknown, same as Bransons interest in Virgin, its a complete can of worms, opening offices in europe and obtaining an AOC have been barred as routes by the e.u. to being a european airline.
Finally as the underwriters were not prepared to support the 2017 buyback and the strike price for buyback will result in huge loss for the underwriters, especially after Mondays quarter loss, I await my cheque.
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