Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Started: deep_insight, 3 Apr 2024 09:09
Last post: deep_insight, 3 Apr 2024 09:09
I remember you:)
Last traded this June 2016.. dear oh dear…can’t even remember price…think washed face…
GL
Started: legsofman, 19 Oct 2020 14:11
Last post: Taverham, 28 Jan 2023 11:13
Have thrown in the towel as Flybe have ceased trading again. Given they participated in its initial downfall and seemed to conspire against the original investors it seems they have their come uppence at last. Sympathy for long suffering employees. Will it be renamed Phoenix?
From news article;
In October 2020 it was sold to Thyme Opco Ltd, a firm controlled by Cyrus Capital, and in April 2022 it resumed flights, albeit on a smaller scale.
Flybe's demise contrasts with a post-pandemic pick-up in demand for air travel
Hedge fund buy out hopes to flymaybe next year.
Started: teawithsugar, 17 Nov 2021 09:34
Last post: Morbox, 28 Jan 2023 07:08
Down the pan again ;-)
parmxz, as i recall a guy called Tom was soldering on with a claim against the bod and was seeking to claim from the directors [insurance] for their misdemeanours. The last i heard was that he was seeking legal opinion and I am unsure where he got to. Problem with litigation is the upfront cost obviously.
Anyone know what happened with the legal proceedings?
Now based in Birmingham - good luck to the new team.
Virgin more karma.
An effort by Virgin Atlantic to raise £400m in rescue funding has been thrown into doubt by fears of new travel curbs, raising concerns among industry observers about its prospects over winter. Sir Richard Branson's airline has been in talks with existing shareholders and lenders over a cash lifeline in recent weeks, after extended restrictions on travel from the UK to the United States forced it to shelve plans for a public listing. - Telegraph
BBC news “ Sir Richard Branson's Virgin Atlantic is exploring a possible listing on the London stock market to raise money to repair the airline's finances.”
And let the new shareholders bail out the Airline!
Started: Oligarch_No1, 20 Oct 2020 11:32
Last post: Pianista, 28 Jul 2021 00:05
Good to see 'em get their come-uppence!
Esken group[ formerley stobart ] raising capital at between 14 and 16p per share as a consequence of needing cash short term . What a couple of years it has been for all the actors in the flybe saga!
Stobart air now in liquidation - more karma it seems. Cyrus capital look to have lost Heathrow slots. The bad news here is that many more people will be losing their jobs and the pain occuring in the wrong places imv.
Karma- The perilous state of Virgin Atlantic's finances have been laid bare in new documents as it battles to open its key US routes this summer. The papers reveal the airline's survival would be at risk if travel restrictions are lifted more slowly than expected or if the UK faces another lockdown this year. Directors called this a 'severe but plausible' worst case scenario and said it could force the airline to raise more cash from shareholders or go through 'significant restructuring'. - Financial Mail on Sunday
Cyrus capital is taking over the company - perhaps it should be rebranded phoenix.
After holders have been diddle out of their money, drove past Exeter Airport last month and lone behold a flybe aircraft came over.
She flies again
Started: pike71, 17 Aug 2020 11:39
Last post: Starance, 19 Oct 2020 12:15
Interesting how former directors are in talks with Lucien Farrell.
If successful then this would open the door to further claims against the former directors of the company.
Anyone seen this mornings news?
Started: pooroldman15, 18 Mar 2020 13:03
Last post: Starance, 10 Jul 2020 13:10
Ofcourse he did :P Branson has got rich at the expense of others and the taxpayer.
I wonder if Banson will try and get some money from our tax payer pockets for his different businesses as he is always passing the begging bowl around when he sees the £ sign , i don't think any of his group pays tax here ( or little ) as he is not registered here i expect , but he will try i bet.
Started: Scabbawath, 5 Mar 2020 06:21
Last post: Starance, 5 Mar 2020 14:22
WorldGoRound, that 100m figure from their pledged investment etc is strikingly similar to the tax money owed... i doubt any of them ploughed much into Flybe. Flybe had cash in the bank, had millions withheld and a years of fuel pre purchased etc etc... they got all that for a pittance. Now, where is that smithy guy.
Taverham, I'm not so sure about that... i'd like this fiacso thoroughly investigated, considering the failure to pay it's tax... with that said, that is where the investment came from. With a payment holiday and then the audacity to ask for a loan. Don't forget, the creditors at the time withheld 100% of Flybe's bookings etc what was that figure (it was millions but how much?)
Candid, imv the consortium came together at speed , driven by greed and without really ensuring full alignment. Had the virus not hit , each of them may have got what they were looking for. The first symptom of the virus is a massive headache and that is what they now have!!
This consortium did very little to try and save Flybe, instead they were trying to snare taxpayer money to suppot it, scandalous..
I wouldn’t be at all surprised if they ran Flybe into the ground just to get the big tax losses.
Just remember the consortium members as they are never to be trusted and their reputation has been trashed:
Virgin Atlantic
Cyrus Capital
Stobart
I think the cash that was put in initially were loans against flybe assets.
On reflection, given the 3 conn air partners all had different objectives they were doomed to failure. I am thinking virgin atlantic will get hammered from the virus and stob feel some further significant pain this summer.
Started: InnuendoBingo, 4 Mar 2020 22:54
Last post: WorldGoRound, 5 Mar 2020 12:33
Seizure notices going on planes. Sky News say she is going bust tonight. Shame on the Bod.
Having been made redundant from an airline going bust myself, I know the absolute heartache and misery this imposes on you - turns your whole world upside down. I really feel for the staff. However, I really hope those involved in the theft of the company get absolutely screwed over and lose as much as possible! And I hope the LHR slots are lost to creditors and don’t somehow end up in the hands of Virgin Atlantic... if they are not already! Although I wouldn’t be surprised if that happened back when the route moved to Gatwick so they were ‘in the bag’ already!
" there is a old saying " .. what goes round , will come round..
Started: 962962, 4 Mar 2020 15:26
Last post: 962962, 4 Mar 2020 15:26
Serves em right.
Started: gell, 20 Jan 2020 08:33
Last post: Taverham, 27 Feb 2020 11:11
Woodie, esl are not the stobart part of the consortium, they are stob.Nevertheless the stob have bonds with esl and they are falling more than the market atm.
Eddie Stobart has crashed. No tears from me. Bastards
Taverham
Thanks for your observations - I am still pursuing but meeting resistance. I have even quoted the Ombudsman's ruling and rationale. It appears a game of attrition - still truth will out as they say.
HL did the same with my complaint twisting and turning with words / statements after my first letter they stated that they ALWAYS inform shareholders of important info regarding shares but they soon twisted that around saying they did not inform holders of a EGM unless the company was folding what a joke. As you say a bunch of weasels and they are still playing that game lets hope that the FCA come down on them. I must get in touch with the OD and see what they say.
Specky, I have to say HL have misrepresnted what actually happened by using weasel words. The Financial Ombudsman made an award to me and against HL on account of facts of the case not because I was upset , which is not really relevant. The case notes on the Ombudsman website explain the reasoning fully and you should be aware that HL resisted me every step of the way and worse still kept changing their story . I find it irratating that they are making out that they made some sort of sympathetic gesture - they did not they were forced by the Ombudsman - they were slippery obstructive and difficult imv. HL tried to argue they had complied with their corporate actions policy but the Ombudsman saw through that and ruled the EGM was very important and fitted the criteria of meetings that stockbrokers should inform shareholders of.[ In essence forcing them to actually do their job properly]. If i were you, and remained disatisfied , I would see if a financial journalist might take up the cudgels - they are hardly flavour of the month after the woodford debacle. Best of Luck.
Last post: Starance, 11 Feb 2020 10:20
www.bbc.co.uk/news/business-51453196#
The company said on Sunday that "the airline is being supported by its shareholders and leading suppliers, is managing its cash position carefully and currently has strong liquidity"
That is beyond laughable.
Started: pooroldman15, 7 Feb 2020 11:07
Last post: pooroldman15, 7 Feb 2020 11:07
I was looking to book a flight to Malaga from Exeter and back but no flights showing around the end of April could it be that Branson / Virgin have sold the slot. That's what they wanted the SLOTS all looks a bit dodgy just now. Anybody else having trouble finding a flight with Flybe.
Last post: Taverham, 20 Jan 2020 07:58
You are welcome to quote the Financial ombudsman case number as it is public domain info on their web site. I can think of no reason wht hl will not pay up to all clients who helf flybe shares during nov 2018.
Huge thank you as well from me - also with HL - and will be following your link to make the same complaint (if that's okay with you?)
Last post: Eileen13, 19 Jan 2020 06:16
Small tip - take a look at TRX.....could be huge in the coming months.
Thank you for the information regarding compensation from HL - contacted them and waiting for a response?
Started: Drofdarf, 22 Apr 2019 00:02
Last post: Taverham, 17 Jan 2020 20:13
Hopeful, try Flybe2019atoutlookdotcom, using the obvious letters.
Can you please provide email address to make contact and file an interest in legal proceedings.
https://www.ttgmedia.com/news/flybe-boss-christine-ourmieres-widener-to-stand-down-in-july-18150
C OW is leaving in July.
As expected those who have taken possession of the company are replacing her as soon as they can.
For anyone wondering about legal action it is still very active and options are being explored.
As you can imagine this is a lengthy process and therefore patience is needed.
For anyone who was in communication with the email address that was advertised on this board then you should expect to receive an update in the near future.
I had an email off tom I think mon or Tues thus week. Still havent heard from the fca yet but assuming it takes a while for them to look into it.
Started: ma5k, 21 Dec 2019 17:37
Last post: Hopeful2, 17 Jan 2020 12:30
Thanks for info
Hopeful , I am not the person dealing with the legal proceedings against Flybe the company. My complaint was against my brokers . who I thought played a part in the shenanigans in that the EGM slipped by almost without notice. [ I was also miffed that the brokers were completely dissmissive of the illegal acts by the bod inspite of the large shareholdings they managed]. The Ombudsman ruled against both barc and HL [my brokers] because they had not informed me of the EGM called nov 2018 and , if Halifax failed to inform you similarly then imv they will also have to pay you. Either now or following a complaint to the Ombudsman. BOL.
Sorry I just discovered this site. Can the gentleman dealing with legal proceedings send me email address would like to register my interest. Secondly anyone know if Halifax paying compensation for 150 to ?
Great, thanks!
Innuendo, try this link instead and search on Hargreaves Lansdown case number is :
DRN5456518
BOL.
https://www.financial-ombudsman.org.uk/data-insight/ombudsman-decisions
Started: keltickilla, 15 Jan 2020 06:05
Last post: Taverham, 15 Jan 2020 07:45
for the £100m from the government this year , rather than last year is that the current mob were persuasive whereas our bod were not. Am wondering if there is a legal challenge here.
For the tax payers money to be spnked in this, is because Flyb are the only airline that flys too and from our wonderful British tax havens where to get the perk you have to at least lived there for 6month. You know what I’m talking about Boris. DISGRACEFUL.
Started: Stationhouse, 14 Jan 2020 22:04
Last post: Stationhouse, 14 Jan 2020 22:04
Still talking utter sh*te you sad little man.....wrong again, why not try bingo and leave the stock market to the grown ups.....
“No chance of a government bailout. The world will survive without Flymaybenot, its niche routes will be long gone and the competition will mop up the rest. No body in their right mind would still be sat at HQ just waiting for this one to fold, 2000 peeps will soon be looking for jobs elsewhere, but it can come to no surprise to any of them.
The letter today from the man at the job was laughable, hes as delusional as the rest of them!“
Last post: Taverham, 14 Jan 2020 20:37
the 3 shareholders are stob, cyrus and virgin atlantic, bless them all!
The news says shareholders. What shareholders. We were wiped out 12 months ago. Insulting damned company.
Best person to post message on this is Metamorphosis84
iirc he had quite good handle on it back in Jan. Not sure he was brave enough to invest in it in the last days. But message him if he is still here he probably is still up to date on it.
Who here honestly believes that if FlyBE are allowed to retain the 100 million as an interest free or low interest "loan" or deferral that the Treasury will ever see that money again. It'll be syphoned off. they won't make anywhere close to that in profits over the next 3 to 4 years.
Sky News reporting that Andrea Leadsom and Grant Shapps to hold talks with Sajid Javid to defer £100m of tax payments until 2023 to help Flybe stay afloat.
Truly shocking really considering Thomas Cook needed around £100m to stay afloat as well.
If you consider the time value of money, this is effectively the Govt giving the Consortium tax payers' money. Unbelievable.
Hopefully it works out for the staff.