BUT

The majority of the workforce got nothing.

Coffin Corner,

The original share issue, I believe, was intended to reward the employees of Jersey European Airways at the time for their loyalty and hard work over a period of years - you didn't get it just because you happened to work for them on the day the share certificates were issued.

It is the loyalty part which meant that if you left the company, as I did, that you had to return the certificate. I also recall that there were restrictions as to how any shares received at the eventual flotation could be disposed of, but I no longer have the details - one of your more senior colleagues might be able to tell you more.

The majority of the work force didn't get anything because the majority of the work force haven't/hadn't worked there long enough to be entitled to them. If that somehow seems unfair maybe balpa should take it up.

excrab

I am not bemoaning the fact that I have no shares, my response to Whispering Giant was so because RHINO had asked how many shares the workforce received during the float. WG's response, although dated, didn't state that the majority of the workforce received no shares. I didn't want RHINO to think the majority did, because we didn't.

I'd be surprised if much more than a quarter of the workforce have shares in fact.

Initially about 1400 Jersey European staff were granted shares by the late Jack Walker on 31 May 2005.

Those eligible were to have had a minimum of 3 years service on that date.

thanks for that, quite enlightening!

It seems to me if your directors were bothered about what you think they would have issued (or allowed you to buy at an advantageous price) all employees with shares. Ensuring that you were ALL tied into the businesses future. Given they have not leads me to think they reckon you guys (and girls) have nowt in your trousers as far as improving your T and C's.

good luck!

As much as I'd like to buy shares, as a year 4 F/O my salary is stretched enough with food, rent and loan payments.

Thanks for the offer though Uncle Jim :mad:

Based on BALPA's press release this morning, the make or break meetings between management and themselves are imminent.

It's been impressive to watch the crews rallying behind BALPA on this one, and a few i have spoken to have joined the union in order to make their point.

Watch this space.

RHINO, I think you hit the nail on the head. Flybe completely neglected to offer employees the opportunity to buy shares at the option price.....another kick in the balls, indicative of management's contempt for their workforce given the current situation. It would have cost them next to nothing and may have improved moral at a time when it's desperately needed.

Two items from the prospectus of relevance
 

Page 15: Risk relating to the business

"The Group is dependent on good industrial relations

Many of the Group’s employees are represented by trade unions and the Group has voluntary recognition agreements in place with BALPA in respect of its pilots, UNITE in respect of its cabin crew and Prospect in respect of its engineers. The Group undertakes collective bargaining with such unions on a financial yearly basis. While agreements have been reached with UNITE and Prospect in respect of the 2010/11 Financial Year, the Group is currently in discussion with BALPA (under the dispute resolution process agreed in Flybe’s voluntary recognition agreement with BALPA) in relation to the 2010/11 Financial Year pay settlement and certain scheduling issues. Any breakdown in the bargaining process with BALPA (or with UNITE or Prospect generally) could result in the Group being unable to continue to negotiate wages and salaries on terms that support it offering services at competitive prices, or could lead to strikes or other industrial action (or the threat of strikes or industrial action) which could damage the Group’s reputation or cause passengers to book with the Group’s competitors. A breakdown in the relationship with employee representative bodies, or the employees themselves, could lead to industrial action being taken which could in turn have a material adverse effect on the Group’s business, results of operations, growth prospects and/or financial condition."


Page 44. A "Key element" of strategy
"the group will continue to focus on cost reductions across all aspects of the Flybe business with the aim of delivering the lowest unit cost base amongst European regional airlines"

Enough said!

Best of luck in getting a fair result,

Two more from the prospectus
 

Two more from the prospectus

Page 16 (Risk)

In addition, pilots are from time to time in short supply in the European airline industry and the Group may have to expend significant amounts of time in recruiting and training them. There has historically been a trend in the industry for senior pilots in short haul airlines (such as the Group) to leave in order to join airlines with longer haul routes, particularly when the global economy is strong and there is high demand for experienced pilots to fly on international routes. Although in the last few years the Group has maintained a relatively high retention rate in respect of pilots, this may change when the economy improves. ......Any significant shortage of highly trained or specialised employees could have a material adverse effect on the Group’s business, results of operations, growth prospects and/or financial condition.

Page 62; employee Incentivisation

Flybe recognises the importance of its people to the success of the Group. Consequently, the Group’s remuneration policy is designed to be market competitive in order to motivate and retain talented executives, align the reward strategy with delivery of the business strategy, incentivise and reward sustainable profit growth and the creation of long-term value, and align employee behaviours with the interests of shareholders.

Ummm???

Consequently, the Group’s remuneration policy is designed to be market competitive in order to motivate and retain talented executives

Are flight crew executives or bottom feeding scum?

Interestingly an airline can operate without members of one group but not the other..

Somebody mentioned earlier about the float possibly being pulled. I have know doubt it was on a knife edge. Any talk of industrial action in the press would have seen the float pulled. It probably explains why it was one of the most low key floats of the year. What an opportunity missed....

It's back to the bottom of the tank....

Page 44. A "Key element" of strategy
"the group will continue to focus on cost reductions across all aspects of the Flybe business with the aim of delivering the lowest unit cost base amongst European regional airlines"

Ok... am I the only person out there who finds this paragraph actually quite worrying. As if it's not enough that the average salary in the company (excluding directors and their 28% payrise) has fallen by a couple of percent, this makes it appear that this is one of their key points. They don't want to pay us above the inflation rate, in order so it will cost them less.

I understand that key talks are going on today - I hope that the result is a fair one to all pilots out there - I've had enough of being treated in the way that the company have done. It's a wonder that half the people turn up to work with the levels of morale in the crewrooms.

Jims £1000000 interest free loan just totally takes the p155 out us all. It's a shame that the directors are just looking after themselves in this issue... no regard for us who have been making the money for the company.

And this flight efficiency. I will bloody well only do it when the company give me a fair payrise. Even if it means getting in 30 minutes early on each sector. I'm not funding any more of Jims little ventures willingly.

Rant over.
Beer...

Is it not unlawful for a company to make a loan to a director in order to allow him/her to buy shares in the company? It used to be, I'm sure.

correction, the loan was used to the ceo buy a house in london

Perhaps they are waiting for industrial action, then when the share price falls they can buy shares with their loans:E

FANS
 

Fans retort is brutal, but sadly correct. And when you guys go all e-jet,(Q400 replacement, as well as expansion over the next 4-5yrs), the salaries will not remotely reflect industry standard.

What's your latest on the single-salary pay scale? Are the company still trying to push that little GEM through?

T:suspect:

More from the prospectus:


7.4 It is intended that the following awards over Ordinary Shares be granted to Directors and Senior Management on Admission or within six weeks thereafter pursuant to the PSP:




Maximum value of



Ordinary Shares


under award (by


reference to the


Name Offer Price) Earliest Vesting Date


Jim French . . . . . . . . . . . . . . . . . . . . . . . . £500,000 Third anniversary of award date


Mark Chown . . . . . . . . . . . . . . . . . . . . . . . £95,000 Third anniversary of award date


Andrew Knuckey . . . . . . . . . . . . . . . . . . . . £250,000 Third anniversary of award date


Mike Rutter . . . . . . . . . . . . . . . . . . . . . . . £250,000 Third anniversary of award date


Andrew Strong . . . . . . . . . . . . . . . . . . . . . £250,000 Third anniversary of award date


Chris Simpson . . . . . . . . . . . . . . . . . . . . . . £60,000 Third anniversary of award date


Mark Elkins . . . . . . . . . . . . . . . . . . . . . . . £104,000 Third anniversary of award date


Simon Charles . . . . . . . . . . . . . . . . . . . . . . £104,000 Third anniversary of award date

So, has anyone 'heard' what the pay deal is?! It's been provisionally agreed but not going to ballot until mid/end of Jan!