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Flybe-9

Old 14th Jan 2019, 16:46
  #1441 (permalink)  
 
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Originally Posted by runway30 View Post


Last time I looked Northern aren’t planning to run an airline...............
.....................back to thread
neither are virgin trains. Virgin in name only.
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Old 14th Jan 2019, 17:25
  #1442 (permalink)  
 
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Originally Posted by virginblue View Post
Given that, as far as I see it, Virgin Trains habitually is the least reliable / liked / punctual UK train operator, it sounds like a brilliant idea to re-brand the UK's largest (and for all practical purposes, outside niches only remaining) domestic airline as a Virgin company.
Not actually true though. Virgin Trains scored 60% satisfaction, with lowest operator (Southern) at 39% and the minnow Grand Central at the top at, er, 70%. (Which magazine). Not great figures but we are talking about UK Rail.
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Old 14th Jan 2019, 17:34
  #1443 (permalink)  
 
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I took this from the Guardian

Specific allegations include having “wished to extract at least £30m in cash from the company” through a share buyback that the board rejected; planning to acquire the company’s airline business as part of a potential takeover of Flybe for no cost, “to the advantage of himself ... and the disadvantage of the company’s shareholders as a whole”.

I think we can see which way this is going.
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Old 14th Jan 2019, 18:27
  #1444 (permalink)  
 
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Stobart and Flybe combined have approx. 25 ATRs and 50 or so Q400s. With Stobart now calling the shots, one has to wonder what that will mean in the long run for Virgin#s turboprop fleet.

Originally Posted by SealinkBF View Post
Not actually true though. Virgin Trains scored 60% satisfaction, with lowest operator (Southern) at 39% and the minnow Grand Central at the top at, er, 70%. (Which magazine). Not great figures but we are talking about UK Rail.
Generally speaking, the idea of franchsing or licensing a brand is that positive connotations will benefit a new product so that you sort of piggy-back instead of building a new brand. To discuss whether or not there are other train operators with even lower satisfaction or reliability levels than Virgin Trains sort of misses the point the idea behind branding. Apparently they are not on top of the table and there are some issues unless all these articles are made up. And in terms of the impact of marketing disasters, they are not really old - remember the old saying that it takes years to win (back) a customer, but only the blink of an eye to lose him.
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Old 14th Jan 2019, 18:45
  #1445 (permalink)  
 
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Originally Posted by southside bobby View Post
Anyways...

MrT acquired 12.2% of Flybe for just under £1m on Friday providing him with 26.5m shares.
You clearly have a great sauce (sic), southside bobby.

​​​​​​He probably put it on expenses.
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Old 14th Jan 2019, 20:07
  #1446 (permalink)  
 
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If Stobart are in charge then expect LCY to close down and everything to be consolidated at SEN if not at LHR.

What Virgin is getting out of this I cannot understand. I get a franchise with Virgin. I get a codeshare/interline agreement. But this kind of deep and complex web of trouble?! WHY!!
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Old 14th Jan 2019, 20:46
  #1447 (permalink)  
 
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Originally Posted by Sharklet_321 View Post
If Stobart are in charge then expect LCY to close down and everything to be consolidated at SEN if not at LHR.

What Virgin is getting out of this I cannot understand. I get a franchise with Virgin. I get a codeshare/interline agreement. But this kind of deep and complex web of trouble?! WHY!!
It depends on how profitable the LCY routes are. Stobart will have to think of the whole airline and not 1 little airport.
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Old 15th Jan 2019, 00:07
  #1448 (permalink)  
 
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Originally Posted by Sharklet_321 View Post
If Stobart are in charge then expect LCY to close down and everything to be consolidated at SEN if not at LHR.

What Virgin is getting out of this I cannot understand. I get a franchise with Virgin. I get a codeshare/interline agreement. But this kind of deep and complex web of trouble?! WHY!!
They are part of a group paying £2.2m for Flybe and who are about to get £4.5 from Vueling for LGW slots, for a start.
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Old 15th Jan 2019, 06:41
  #1449 (permalink)  
 
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Originally Posted by Sharklet_321 View Post
If Stobart are in charge then expect LCY to close down and everything to be consolidated at SEN if not at LHR.
I’d agree. Almost everything is in competition either with BA directly or with themselves at LHR.

I imagine EDI and BHD would run into SEN at slightly lower frequency. These are routes the airport could almost certainly support with that size aircraft and would conveniently fit between the waves of based aircraft. ABZ could potentially go there too, there is after all no competition at STN. DUS is a base I can see closing. AMS would go, as it’s obsolete. EXT could end up at LHR where it might actually be better off.

Whats interesting is which direction the franchise carriers go, the JER route is Blue Islands and I can’t see it surviving elsewhere.

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Old 15th Jan 2019, 08:57
  #1450 (permalink)  
 
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The sale is going to bypass shareholders, so now a done deal: (From Head from Points)

Flybe Group plc (“Flybe” or the “Company”)

Offer Update

On 11 January 2019, Connect Airways Limited (“Connect Airways”) announced a recommended cash offer (the “Recommended Offer”) for all of the issued and to be issued share capital of Flybe Group plc (“Flybe”).

Together with the announcement of the Recommended Offer, Flybe entered into a secured bridge loan facility (the “Bridge Facility Agreement”) with the shareholders of Connect Airways (the “Consortium”) pursuant to which the Consortium agreed to make available to Flybe a committed credit facility of up to £20 million, subject to a number of conditions. Despite significant efforts it has not been possible to satisfy these conditions and so Flybe has been unable to draw any funds under the Bridge Facility Agreement.

Divestment of Flybe Limited (including Flybe Aviation Services Limited) and Flybe.com Limited and agreement on a Revised Bridge Facility

In light of the above, the Board of Flybe and Connect Airways are pleased to announce that they have reached agreement on:

· the purchase by Connect Airways of the Group’s main trading company, Flybe Limited (including Flybe Aviation Services Limited) and the digital company Flybe.com Limited for £2.8 million (the “Divestment”), subject only to a limited number of conditions; and

· a revised Bridge Facility of up to £20 million to provide funding to Flybe Limited, of which £10 million will be released today to support the business. In addition, a number of improved agreements with banks have also been reached today to improve liquidity.

Furthermore, the Consortium has confirmed to Flybe that its plans for the future of the Flybe business including the combination with Stobart Air remain as set out in the Recommended Offer including its commitment to provide £80 million of further funding.

Flybe confirms that following its transfer to a Standard Listing which becomes effective on 17 January 2019, the Divestment will not require shareholder approval. The long stop date for the Divestment is 22 February 2019.

The Board of Flybe believes that obtaining this revised facility from the Consortium provides the security that the business needs to continue to trade successfully. This preserves the interests of its stakeholders, customers, employees, partners and pension members.

Status of recommended offer by the Consortium for Flybe

Shareholders should note that the Recommended Offer announced on 11 January 2019 will proceed irrespective of the Divestment. Further communications will be made as appropriate.
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Old 15th Jan 2019, 09:06
  #1451 (permalink)  
 
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Struggling to understand - where does that leave Mr Tinkler?
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Old 15th Jan 2019, 09:37
  #1452 (permalink)  
 
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Apart from himself, who cares?
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Old 15th Jan 2019, 09:50
  #1453 (permalink)  
 
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I would say they have skirted round him,oops
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Old 15th Jan 2019, 09:50
  #1454 (permalink)  
 
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Originally Posted by 22/04 View Post
Struggling to understand - where does that leave Mr Tinkler?
Out manoeuvred, out of pocket and looking pretty stupid.
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Old 15th Jan 2019, 10:47
  #1455 (permalink)  
 
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Does anyone know if Flybe will be taking the E175s they have on order? Wasn't the first to be delivered this month?
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Old 15th Jan 2019, 11:52
  #1456 (permalink)  
 
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Originally Posted by toledoashley View Post
The sale is going to bypass shareholders, so now a done deal: (From Head from Points)

Flybe Group plc (“Flybe” or the “Company”)

Offer Update

On 11 January 2019, Connect Airways Limited (“Connect Airways”) announced a recommended cash offer (the “Recommended Offer”) for all of the issued and to be issued share capital of Flybe Group plc (“Flybe”).

Together with the announcement of the Recommended Offer, Flybe entered into a secured bridge loan facility (the “Bridge Facility Agreement”) with the shareholders of Connect Airways (the “Consortium”) pursuant to which the Consortium agreed to make available to Flybe a committed credit facility of up to £20 million, subject to a number of conditions. Despite significant efforts it has not been possible to satisfy these conditions and so Flybe has been unable to draw any funds under the Bridge Facility Agreement.

Divestment of Flybe Limited (including Flybe Aviation Services Limited) and Flybe.com Limited and agreement on a Revised Bridge Facility

In light of the above, the Board of Flybe and Connect Airways are pleased to announce that they have reached agreement on:

· the purchase by Connect Airways of the Group’s main trading company, Flybe Limited (including Flybe Aviation Services Limited) and the digital company Flybe.com Limited for £2.8 million (the “Divestment”), subject only to a limited number of conditions; and

· a revised Bridge Facility of up to £20 million to provide funding to Flybe Limited, of which £10 million will be released today to support the business. In addition, a number of improved agreements with banks have also been reached today to improve liquidity.

Furthermore, the Consortium has confirmed to Flybe that its plans for the future of the Flybe business including the combination with Stobart Air remain as set out in the Recommended Offer including its commitment to provide £80 million of further funding.

Flybe confirms that following its transfer to a Standard Listing which becomes effective on 17 January 2019, the Divestment will not require shareholder approval. The long stop date for the Divestment is 22 February 2019.

The Board of Flybe believes that obtaining this revised facility from the Consortium provides the security that the business needs to continue to trade successfully. This preserves the interests of its stakeholders, customers, employees, partners and pension members.

Status of recommended offer by the Consortium for Flybe

Shareholders should note that the Recommended Offer announced on 11 January 2019 will proceed irrespective of the Divestment. Further communications will be made as appropriate.
Now we seem to have got over the schoolboy jokes, can anybody explain what this means?
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Old 15th Jan 2019, 12:06
  #1457 (permalink)  
 
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Before the offer for the plc is decided, the directors have decided to sell the trading subsiduaries, the plc becomes a cash shell and moves from a premium listing to a standard listing. Under a standard listing they don’t need to ask shareholder’s permission to sell the subsiduaries. I know that seems to have gone around in a circle to justify blocking out shareholders from having to give their permission but seems to be what has happened.
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Old 15th Jan 2019, 12:37
  #1458 (permalink)  
 
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The shareholders approved (99.72% in favour) Flybe moving from a a premium listing to a standard listing on the stock market late last year. The change was proposed by the Flybe board on the same day the plc was effectively put on the market in November. When completed, the change enables the board to sell or divest assets of the plc without needing to gain shareholders' approval. As a consequence board has decided to sell Flybe Limited, Flybe Aviation Services Limited, and Flybe.com Limited (all previously parts of the plc), to Connect Airways.
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Old 15th Jan 2019, 12:48
  #1459 (permalink)  
 
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So did Mr Tinkler understand this - and if he why did he do what he did?
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Old 15th Jan 2019, 13:07
  #1460 (permalink)  
 
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Is that 2 rhetorical questions? Clearly you'll have to ask him.
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