The problem for EZY at STN is that it dilutes traffic from LGW/LTN. I don't know how iron clad the agreement with MAG is, but it is looking increasingly likely that it is just a bargaining chip. In a previous life an Airline that I worked for was approached by LTN and given a fantastic deal just to provide completion to EZY, who at the time has very poor relations with the Airport Authority, but when the maths were done the catchment area/market was very similar. If EZY do stay at STN it will be in very different markets that are offered by LGW/LTN and of course, you DO have to factor in RYR.