Originally Posted by
Expressflight
SWBKCB
Stobart contributed Stobart Air and Propius as assets to Connect Airways in return for their 30% shareholding. I don't know at what value and therefore if any actual cash was contributed at the start.
The Stobart Group accounts and financial presentations are always murkier than mud but from memory I recall that the value of the airframes and AOC was £40m, given in lieu of a cash injection. For this Stobart received 30% interest in the new Connect Airways. Given the latest info in the statement today I assume that at some point Stobart put in another £5m in cash. This ties in with the total cash injected figure of £110m. Cyrus has 30% so would have put in £45m cash, Virgin has 40% so would have put in £60m. Stobart has 30% and put in £5m cash and £40m in assets.
If Stobart are liable for a further (maximum) £9m we can deduce that the short-term funding requirement to keep Flybe afloat is £30m shared pro-rata amongst the 3 shareholders.