This is from
www.skywest.com.au
Media Release
6 December 2004
CVC Offer Update
The Board of Skywest Limited has been informed that major shareholders in the company intend to accept or have recently accepted the takeover bid of CaptiveVision Capital.
Acceptance of the Offer by these shareholders would give CVC voting rights in Skywest of over 40 per cent. Following receipt of this information, Mr Pat Ryan and Mr Clive Hartz, who are directors of the Company, and persons associated with them, who together hold in excess of 8,500,000 Skywest shares (being ASX coded SKWN), informed the Board that, as a result of CVC achieving what they considered to be effective control of Skywest, they intend to accept the bid today. Following these acceptances, CVC will hold approximately 48% voting power in Skywest.
CVC has offered 23 cents per share for the ordinary shares of Skywest on issue at 27th April 2004. This Offer - which does not include the recently issued shares ("SKW") or previously issued convertible notes - is due to close at 5pm today WST.
The Board is considering the impact of these developments on holders of other securities, particularly Convertible Notes and Options, and will provide information to these security holders as soon as possible.
The Board continues to hold the position that the CVC offer does not reflect the value of Skywest Limited. In light of the level of voting power which CVC has or may have the Bid class shareholders ("SKWN") may wish to reconsider their position.
P E Ryan
Chairman
I would think it matters little what the board continues to believe! 
Skywest shares are trading at 17 cents today.