kinsman and jmc man
I agree in some way about the low cost model, but I imagine that the MT director's would like to turn the whole MT airways into a low cost operator now? Hive off the unprofitable(?) long haul to a specialist and concentrate on what gets done well perhaps?
As for share price movements, no market maker is going to get too long or too short of shares like these. They will be volatile for some time to come. Too many on the book at 20p, and if it goes bust you lose a lot. If you get too short at 20p, and the business is bid for..... well, you know the score.
OUCH!