Skipness One Echo...
You posit that surely EZY need to react to EXS at STN or just walk away...
The two co-exist well at MAN which points to some strategic thinking perhaps with MAG & they the airport operator are aware they can.I doubt MAG would work up EXS to lose EZY.
Anyways surely EZY & EXS are different marketing models to quite a large extent?.
The EZY domestic network at STN is valuable to EZY in any case.