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Flybe-9

Old 9th Feb 2019, 18:08
  #1601 (permalink)  
 
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It is income dear boy however small it might be.
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Old 9th Feb 2019, 21:16
  #1602 (permalink)  
 
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Originally Posted by compton3bravo View Post
It is income dear boy however small it might be.
Disposal of shares ordinarily will not be subject to income tax. Potentially a disposal may attract Capital Gains Tax if a profit has been made. In this particular situation anyone selling at 1p will have made a major loss and hence there will be no tax liability.
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Old 10th Feb 2019, 00:34
  #1603 (permalink)  
 
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Shaft the shareholder week.... it all sounds like pie in the sky. So sad to see a viable airline mismanaged into this
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Old 10th Feb 2019, 04:56
  #1604 (permalink)  
 
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A fitting axiom?...
Perhaps relating to both past & present..."Distrust any enterprise that requires new clothes"...
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Old 13th Feb 2019, 09:41
  #1605 (permalink)  
 
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https://www.flybe.com/application/fi...e_Document.pdf

Not looking good guys.

Paragraph 6 and 7 guys - Page 18
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Old 13th Feb 2019, 10:01
  #1606 (permalink)  
 
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Link posted doesn't work for me.
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Old 13th Feb 2019, 10:06
  #1607 (permalink)  
 
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It's the same document provided on post 1609.
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Old 13th Feb 2019, 10:14
  #1608 (permalink)  
 
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Thanks DC3 Dave.
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Old 13th Feb 2019, 10:18
  #1609 (permalink)  
 
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Originally Posted by Weathergirly View Post
https://www.flybe.com/application/fi...e_Document.pdf

Not looking good guys.

Paragraph 6 and 7 guys - Page 18
Care to enlighten us?
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Old 13th Feb 2019, 11:45
  #1610 (permalink)  
 
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It says there will be headcount reductions / redundancies. You can point to words like 'possible' and 'might be' but you'd have to be pretty naive to think it won't happen.
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Old 13th Feb 2019, 11:53
  #1611 (permalink)  
 
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Intentions with respect to the Flybe Group business
Connect Airways intends to focus on three principal areas, in relation to the business of the Flybe Group:
ē simplifying and focusing on improving the performance of Flybe Limitedís core network whilst recognising the importance of regional connectivity;
ē adjusting Flybe Limitedís network to improve connectivity with Virgin Atlanticís long-haul network, particularly at London Heathrow Airport and Manchester Airport, bringing more choice to customers; and
ē operating the Combined Group as an independent company, and optimising the combined commercial, operational and functional expertise and scale of Virgin Atlantic and the Stobart Group.

Optimising the Network and Improving Connectivity

Connect Airways plans to optimise Flybe Limitedís network and operations to focus on key routes with the aim of continuing to enhance regional connectivity across the UK and Ireland.
Connect Airways also intends to bring benefits for customers through linking an enhanced Flybe regional network with Virgin Atlanticís long-haul operations particularly at Manchester Airport and London Heathrow Airport.

Rebranding
All flying operations except Stobart Air will operate under a Virgin brand to the extent possible. This will be timed to coincide with a refurbishment programme for Flybe Limitedís fleet to provide a seamless customer experience in keeping with Virgin Atlanticís heritage.

There will be no change to the brands under which Stobart Air flies today which will continue to be maintained and operated separately.
Interim funding
Concurrently with announcing the Acquisition, the Connect Lenders made available a £20 million secured bridge loan facility to support Flybe Limitedís ongoing working capital and operational requirements. Concurrently with the entering into of the Subsidiary Sale SPA, this bridge loan facility was amended and £10 million of the revised £20 million secured facility was immediately utilised by Flybe Limited (with an additional £5 million being utilised on 25 January 2019).
Directors
Upon completion of the Acquisition, the Non-Executive Directors will be asked to resign from the Board and will be replaced by directors appointed by Connect Airways.
Whilst very limited discussions have taken place, Connect Airways has made no decision as to whether it would be appropriate to put in place management incentivisation arrangements and, if so, the form such arrangements may take. It is Connect Airways intention to consider this only once the Acquisition has completed.
Leveraging the expertise of Flybe, Stobart Group and Virgin Atlantic
Through the combination of Flybe and Stobart Air, and partnering with Virgin Atlantic, Connect Airways intends to continue as an independent operating carrier with a separate UK AOC under the Virgin Atlantic brand. Stobart Air is intended to continue under a separate Irish Air Operator Certificate with its franchise and aircraft leasing operations as exists today.
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Old 13th Feb 2019, 11:57
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Locations for the Combined Group

As part of the integration process, Connect Airways will consider the most appropriate locations for the headquarters and engineering centre. However, it is expected that the Combined Group will maintain a material presence at each of Flybeís existing Exeter headquarters and Stobart Airís Dublin headquarters.


In addition, Connect Airways intends to maintain people and presence at the airports at which Flybe Limited, Stobart Air and Virgin Atlantic have operations, subject to changes arising from any alterations to the network.

The network and route optimisation will likely include a limited reduction in the number of Flybe Limitedís aircraft to right size the fleet for the Combined Group going forward.
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Old 13th Feb 2019, 12:07
  #1613 (permalink)  
 
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I wonder if the SEN-MAN service could be restarted to feed in Virgin pax. The route was building up quite nicely.
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Old 13th Feb 2019, 12:15
  #1614 (permalink)  
 
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Originally Posted by Weathergirly View Post
https://www.flybe.com/application/fi...e_Document.pdf

Not looking good guys.

Paragraph 6 and 7 guys - Page 18
Thank you, and thank you to Copenhagen and davidjohnson6. I don't think the planned reduction in headcount is any real surprise, especially considering the situation that currently exists at FlyBe. Going back to last autumn once the credit card companies started ramping up their holdbacks the writing was on the wall for FlyBe as an independent company. Airlines are very much hand-to-mouth organisations and if the revenue stream is curtailed in any way they quickly become insolvent. In the US an announcement that the holdbacks are increasing is usually code for a very quick progression to a Chapter 11 filing. Amazingly enough this usually involves the same credit card companies giving debtor in possession financing for the filing. Under UK insolvency rules this isn't an option as once the administrators are called in the airline's AOC is suspended, they essentially are no longer an airline. They have to stop flying and get rid of all of their slots. In this case Flybe estimated how long they had with their reduced/delayed revenue stream and put themselves up for sale. The original Connect offer was based on the holdbacks being held and/or reduced once the offer was accepted. However, it this did not happen, and the may have been increased. This forced the hand in the quick sale of the actual airline and website. The bridge loan became day-to-day critical. It is also why tentative proposals from people such as Tinker are very hard to consider. As soon as you seriously consider them the connect investors will call in the bridging loan. If you don't have the cash to pay it you have to call in the administrators, so the offer has to be guaranteed to be worth following up.

The end result is that anyone who wants Flybe to walk away from the Connect deal not only has to cover the bridge loan and immediate future operational needs, but also has to be prepared to cover any further increase in holdbacks from credit card companies, which are certain to happen if the uncertainty as to debt payment were to increase any further.
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Old 13th Feb 2019, 13:23
  #1615 (permalink)  
 
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Smile

Originally Posted by tophat27dt View Post
I wonder if the SEN-MAN service could be restarted to feed in Virgin pax. The route was building up quite nicely.
Possibly then a STN-MAN service may make even more material sense.

Stobart Handling already here & a MAG centre to MAG centre service could be an incentivised alliance/opportunity too.
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Old 13th Feb 2019, 14:54
  #1616 (permalink)  
 
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I donít believe it. Another airline in clear trouble with its business plan and here we are - now for the third time - with a suggestion that a new route from Stansted is (at least part of) the cure.

Can we please please give this a break, my dear chap ? Itís ridiculous.
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Old 13th Feb 2019, 15:19
  #1617 (permalink)  
 
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If there was demand for STN to MAN Iím sure U2 of FR would have given it a go.
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Old 13th Feb 2019, 15:41
  #1618 (permalink)  
 
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Originally Posted by goldeneye View Post
If there was demand for STN to MAN Iím sure U2 of FR would have given it a go.
Southend does have its very own catchment area. Please stop sending all new routes to hell hole STN
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Old 13th Feb 2019, 16:25
  #1619 (permalink)  
 
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Originally Posted by southside bobby View Post
Possibly then a STN-MAN service may make even more material sense.

Stobart Handling already here & a MAG centre to MAG centre service could be an incentivised alliance/opportunity too.
Handling and airport ownership have almost zero impact here, anymore than a BAA to BAA airport ever did.
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Old 13th Feb 2019, 16:40
  #1620 (permalink)  
 
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If I read that report correctly £15 million of the £20 million bridge loan has already been gobbled up. I really feel for the staff but not to the shareholders, you took a punt and lost. As I said before whoever at Hoskings decided to hold nearly 20% of the stock wants their head tested.
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