leadf
logo-loader
viewFlybe Group
(
AIM:FLYB
)

Flybe shares in a tailspin after majority owner jumps ship

flybe.jpg

Flybe’s (LON:FLYB) 48%-owner has dumped all of its stock, sending the airline’s shares into a tailspin.

Rosedale Aviation has sold its entire 48.1% stake, creating a free float of 85%, the embattled carrier claimed.

Rosedale represents the interests of the family of the late Jack Walker, who helped establish the airline in its early days.

The shares were placed by Liberum Capital.

“This transaction marks another milestone in Flybe's history. I would like to thank Rosedale Aviation for their support over many years,” new chief executive Saad Hammad said.

“I would also like to take this opportunity to welcome aboard our new shareholders and thank existing investors who have increased their holding as part of this transaction.”

The shares fell 10% to 94p. They soared over 40% on Monday as it swung to a profit in the first half of the year.

The company made a pre-tax profit of £13.8mln in the six months to end September versus a loss of £1.6mln in the comparable period.

It also revealed it would be cutting another 500 jobs as part of its cost-saving drive.

Quick facts: Flybe Group

Follow
AIM:FLYB

Price: - -

Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Base Resources highlights enhanced DFS for Toliara project in Madagascar

Base Resources Ltd's Kevin Balloch talks Proactive through an enhanced definitive feasibility study on its Toliara project in Madagascar. It's revealed a post-tax/pre-debt net present value of US$1bn and a 3.5 average revenue to cost of sales ratio over an initial 38-year mine life. Life-of-mine...

1 hour, 47 minutes ago

2 min read