Southend-2
Join Date: Aug 2014
Location: Outer London
Age: 43
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Join Date: Apr 2016
Location: Essex
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The Flybe news is surely going to have an impact on SEN. Could this be disastrous for Stobart? Or is the situation under control and one Southend Airport could actually gain from as Virgin Connect find a legal way to lose all the parts of Flybe they don't want, and "save" what they need to provide the means to support their objectives, one of which was significant growth at SEN?
The only thing that puzzles me is why they didn't let Flybe go under before stumping up the cash to keep it going a year ago.
The only thing that puzzles me is why they didn't let Flybe go under before stumping up the cash to keep it going a year ago.
I cannot see this being good news for Stobart.
Their shares have fallen 7% this morning and I wonder if Stobart have put cash into Connect which was in turn loaned to Flybe to sustain operations so far. It could be that a Pre Pack Sale deal might be done to extract the viable parts of the Flybe operation while leaving the rest for the liquidators to deal with. Let's just hope it doesn't come to that and financing can be found to keep Flybe in the air - if only for the sake of its employees and customers.
Their shares have fallen 7% this morning and I wonder if Stobart have put cash into Connect which was in turn loaned to Flybe to sustain operations so far. It could be that a Pre Pack Sale deal might be done to extract the viable parts of the Flybe operation while leaving the rest for the liquidators to deal with. Let's just hope it doesn't come to that and financing can be found to keep Flybe in the air - if only for the sake of its employees and customers.
Join Date: Jun 2009
Location: UK
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I cannot see this being good news for Stobart.
Their shares have fallen 7% this morning and I wonder if Stobart have put cash into Connect which was in turn loaned to Flybe to sustain operations so far. It could be that a Pre Pack Sale deal might be done to extract the viable parts of the Flybe operation while leaving the rest for the liquidators to deal with. Let's just hope it doesn't come to that and financing can be found to keep Flybe in the air - if only for the sake of its employees and customers.
Their shares have fallen 7% this morning and I wonder if Stobart have put cash into Connect which was in turn loaned to Flybe to sustain operations so far. It could be that a Pre Pack Sale deal might be done to extract the viable parts of the Flybe operation while leaving the rest for the liquidators to deal with. Let's just hope it doesn't come to that and financing can be found to keep Flybe in the air - if only for the sake of its employees and customers.
As far as I recall Stobart contributed their aircraft leasing asset business (previously called Propius) and Stobart Air (the AOC holding company) in return for their 30% share in Connect Airways. Whether they had also to contribute cash to keep Flybe afloat I don't know.
Join Date: Jun 2009
Location: UK
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As far as I recall Stobart contributed their aircraft leasing asset business (previously called Propius) and Stobart Air (the AOC holding company) in return for their 30% share in Connect Airways. Whether they had also to contribute cash to keep Flybe afloat I don't know.
At the time of the creation of Connect Airways, Stobart gave the aircraft and AOC in lieu of a cash contribution as they didn't have the cash to spend. I'm not sure where Stobart are going to find the cash now needed to support a govt. deal.
Sure I read somewhere that the current crisis was caused by Stobart and the venture capitalist not liking the way things were going so hadn't put in what was expected?
Join Date: Jun 2009
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Change of ownership
Andrew Tinkler has sold his remaining shares in Stobart Group. At the same time Invesco has divested a further tranche of shares reducing their holding over the past week from 25% to 11%.