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Flybe-9

Old 6th Feb 2019, 09:40
  #1561 (permalink)  
 
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heathrow one based dash8
flybeboy is offline  
Old 6th Feb 2019, 10:55
  #1562 (permalink)  
 
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There was a strong rumor a while ago that newquay would go from night stooping crew to based crew.

This would seem odd if it was just to be one based Q as always thought they said that they wanted 3 aircraft to make a base work ?


cs
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Old 6th Feb 2019, 11:36
  #1563 (permalink)  
 
Join Date: Jun 2007
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All that's happening is the company are mitigating HOTAC costs so don't get excited. The rumour for a crew base was simply to ask the workforce if anyone wanted to be based in NQY which was probably aimed at those living in the catchment area, this does not indicate anything other than that.
Reversethrustset is online now  
Old 6th Feb 2019, 16:16
  #1564 (permalink)  
 
Join Date: Jan 2013
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Originally Posted by racedo View Post
Nope you don't. Company will still be Irish Company. Compny has changed their rules like Easyjet such that they can acquire shares of UK shareholders to get below 50% held.
I did not reply last week I knew the company was to issue new guidelines on share ownership this monday after the E.U. had ruled on Friday on various issues.
I accept that every U.K. shareholder has received a formal notice of compulsory buy back by the company. However, at the 2018 AGM this buy back measure was paused after a revolt by shareholders and a move to remove voting rights for these shareholders installed and rejected.
I accept on Monday MOL has reaffirmed the companies buy back policy, but not value, date or any other plans and all non e.u. shareholders will fight, there are 18% of the company as u.k. shareholders and a similar amount of American owners, all of us have been upset by the Chairman.
Thankfully I have both the e.u. and the stock exchange behind me, any plans need the approval of the shareholders, its not a done deal.
In respect of Easyjet the e.u. has already ruled at the start of January that the "creative opening of offices in the e.u." their words not mine, will not get round the e.u. rules that its the share holding of the ulitimate parent companies that will be how ownership measured, this is why, the Flybe deal has a specific termination clause, that if the ulitmate ownership of "Connect" is non u.k. the deal folds.
Last week the e.u. ruled the IAG group on present information (millions of shares change hands daily) is an e.u. company, giving Wilie Walsh a head ache as MOL.
On friday the e.u. rightly stated that as ownership is fluid they would rule ownership on a specific date to be announced and airlines would have 7 months to put their shareholding in order, therefore, we could fill this forum on who owns what or whether a e.u. company or not.
Until we know where Stelios wishes to hold his shares ( I understand as a u.k. resident at the moment), where the ownership base of Easyjet resides, is unknown, same as Bransons interest in Virgin, its a complete can of worms, opening offices in europe and obtaining an AOC have been barred as routes by the e.u. to being a european airline.
Finally as the underwriters were not prepared to support the 2017 buyback and the strike price for buyback will result in huge loss for the underwriters, especially after Mondays quarter loss, I await my cheque.
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Old 6th Feb 2019, 18:45
  #1565 (permalink)  
 
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I suspect that in a “No-Deal” situation the UK government would unilaterally grant access to EU airlines to/from the UK, or consider any UK AOC to be sufficient. At lest, until the UK and EU work-out an air services agreement.

How would it serve the interests of the UK to ground the UK operations of flyBe, Virgin, BA and easyJet?
brian_dromey is offline  
Old 6th Feb 2019, 18:55
  #1566 (permalink)  
 
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Absolutely right. With reciprocal arrangements granted. If only Brexit negotiations were conducted by people like you who can articulate a solution in around 50 words. But then again, exactly how much can you charge for 1 minute of common sense?
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Old 7th Feb 2019, 08:40
  #1567 (permalink)  
 
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COW to personally get an additional £1,000,000 bonus

Utterly shameless this board of directors...unbelievable "Flybe chief could get a bumper £1m bonus - almost half what the budget airline is valued at" The chief executive of Flybe could pocket a bonus package worth almost half what the budget airline is valued at by a takeover bid. Christine Ourmieres-Widener, who took the reins at Flybe in January 2017, could be paid a bonus worth £1million this year – 250 per cent of her £400,000 salary. This means she could bag at most £1.4million in total.... etc Https://www.thisismoney.co.uk/money/markets/article-6675275/Flybe-chief-bumper-1m-bonus-half-budget-airline-valued-at.html
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Old 7th Feb 2019, 09:05
  #1568 (permalink)  
 
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Unbelievable.
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Old 7th Feb 2019, 09:17
  #1569 (permalink)  
 
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"However, sources said she is unlikely to receive any bonus as the firm will probably miss targets."

So not really a story then...
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Old 7th Feb 2019, 10:57
  #1570 (permalink)  
 
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That story is really a non-starter. Almost every manager has performance-based elements in his/her salary package. That does not mean that bonuses are paid no matter what. When COW signed her contract, she was handed an incentive to turn Flybe into a cash cow. She failed (not unexpectedly so), so no bonus and end of story.
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Old 7th Feb 2019, 11:12
  #1571 (permalink)  
 
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Originally Posted by virginblue View Post
That story is really a non-starter. Almost every manager has performance-based elements in his/her salary package. That does not mean that bonuses are paid no matter what. When COW signed her contract, she was handed an incentive to turn Flybe into a cash cow. She failed (not unexpectedly so), so no bonus and end of story.
Agree. However, she may have a bonus for selling the company. We will never know.


Originally Posted by DC3 Dave
Absolutely right. With reciprocal arrangements granted. If only Brexit negotiations were conducted by people like you who can articulate a solution in around 50 words. But then again, exactly how much can you charge for 1 minute of common sense?
I'm not a brexiteer, by any stretch of the imagination. However, when and If the UK does leave there is nothing to stop the UK government adopting similar ownership rules for airlines as Australia does - there are no nationality requirements. That would effectively retain the status-quo with IAG, Ryanair, easyJet, Virgin and Connect having their respective UK divisions as part of a larger EU controlled & owned group.
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Old 7th Feb 2019, 11:18
  #1572 (permalink)  
 
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Originally Posted by Hudson Bay View Post
Utterly shameless this board of directors...unbelievable "Flybe chief could get a bumper £1m bonus - almost half what the budget airline is valued at" The chief executive of Flybe could pocket a bonus package worth almost half what the budget airline is valued at by a takeover bid. Christine Ourmieres-Widener, who took the reins at Flybe in January 2017, could be paid a bonus worth £1million this year – 250 per cent of her £400,000 salary. This means she could bag at most £1.4million in total.... etc Https://www.thisismoney.co.uk/money/markets/article-6675275/Flybe-chief-bumper-1m-bonus-half-budget-airline-valued-at.html
don’t believe everything you read
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Old 7th Feb 2019, 15:19
  #1573 (permalink)  
 
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Or at least have the decency to read the entire article and get all the facts before spouting accusations
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Old 7th Feb 2019, 16:49
  #1574 (permalink)  
 
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Originally Posted by brian_dromey View Post
I suspect that in a “No-Deal” situation the UK government would unilaterally grant access to EU airlines to/from the UK, or consider any UK AOC to be sufficient. At lest, until the UK and EU work-out an air services agreement.

How would it serve the interests of the UK to ground the UK operations of flyBe, Virgin, BA and easyJet?
Its not the U.K., they issued in December what regulations would be in the event of the different options, but its deciding the position of airlines which have large U.K. resident shareholders, counted as E.U. residents today, who become non E.U. on the 29th March and folk such as me, who have both European and U.K. residency rights, who have not elected on the share register, our post 29th March position
The E.U. who have always insisted that to be a e.u. airline 50% + one share must be owned by e.u. residents, this is not how we establish ownership in the u.k. Four times last month the E.U. reminded airlines of this rule, stating that IAG was european, Easyjet unknown and Ryanair likely european. and that creative offices set up in Austria etc would not be an acceptable way to claim to be european..
Ryanair this Monday decided to amalgamate the present Irish, U.k. Polish etc companies in to one entity, as a start to resolving the matter.
BA is a spanish company (IAG) its shares issued in London and Madrid and having a world wide resident shareholder base. The e.u. on latest shareholder information ruled IAG a european company and therefore could not fly direct from the u.k. to the States after the transition period. The group could easily become either American owned or U.K. owned with a small shareholders movement.
Flybe routes from the u.k. to europe can continue after the 29th March as long as E.U. residents dont make up over 50% of the shareholding, in the U.K. we dont mind who own's the shares, this makes us so different from both the E.U. and the States where again a company for airline status must be majority American residents owned.
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Old 7th Feb 2019, 17:49
  #1575 (permalink)  
 
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https://www.londonstockexchange.com/.../13962430.html
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Old 7th Feb 2019, 19:28
  #1576 (permalink)  
 
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Being reported...

Directors state they will effect action for Flybe to be wound up if the Connect offer is not accepted at a shareholder meeting on March 4.
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Old 7th Feb 2019, 19:34
  #1577 (permalink)  
 
Join Date: Nov 2018
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Originally Posted by southside bobby View Post
Being reported...

Directors state they will effect action for Flybe to be wound up if the Connect offer is not accepted at a shareholder meeting on March 4.
only be the group as they don’t need the shareholder approval for the airline and website according to financial times
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Old 7th Feb 2019, 19:40
  #1578 (permalink)  
 
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Accordingly, following completion of the Subsidiary Sale, if the Scheme is not approved, the Flybe Directors intend to take steps to wind-up the Company and Shareholders are likely to receive no value for their shares in Flybe. Accordingly, the Flybe Directors believe that the terms of the Acquisition remain in the best interests of Flybe Shareholders as a whole and unanimously recommend that Flybe Shareholders vote in favour of the resolutions to be proposed at the Court Meeting and the General Meeting.

Looks like it's getting nasty in the boardroom and the vultures are circling overhead!!!
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Old 7th Feb 2019, 20:06
  #1579 (permalink)  
 
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Flybe Limited (airline) should be sold by 22 February 2019 - so Flybe Group being wound up in March doesn't effect the physical airline, right - since they wouldn't own it? Or am I misunderstanding
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Old 7th Feb 2019, 20:42
  #1580 (permalink)  
 
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https://www.bbc.co.uk/news/47165902

From this it seems the Board are playing hard ball with the shareholders - vote for the takeover and get a pay off (even if its smaller than the one they wanted) or don't, and get nothing. Would be interested for someone more in the know to comment though on what would happen if Hosking, Tinkler et al voted against the takeover on 4th March....
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