Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Flybe have just announced a new once a day link to Heathrow from Guernsey in the Summer. Virgin must be behind this. https://www.itv.com/news/channel/2019-02-21/daily-flights-to-london-heathrow-from-guernsey-announced/
I assume that sacrifices one of the other slots used on Newquay, Aberdeen or Edinburgh.
Depends on your average entry price!
Can anyone post this article? Looks interesting. Thanks
https://www.thetimes.co.uk/article/flight-of-fancy-on-flybe-crashes-q9l8rq8gf
Is Branson even involved? It’s the Flybe Board who have let the holders down, Virgin have only looked after their shareholders interests by getting a very good deal, something which the Flybe Directors have failed to do for its shareholders.
Any attempt from us smaller PIs to get the attention of the FCA will be futile, especially with the level of information already supplied to them by one poster. The only chance of any recourse would be led by the likes of Mr Everitt or even Mr Tinkler. Pretty sure the institutions knew what was going on. The financial system is very far from just. Never forget this experience as it will make you a better investor. Time to move on.
Virgin have done nothing wrong other than look after their shareholders
For me it's the lack of transparency from the board over the past couple of months. Many people could have been saved a lot of pain if the board had managed expectations on the cash situation and acted sooner in selling assets. The latter non-action has threatened the company's survival. Not to forget they had a rebrand not so long ago, why? Then we have the deception with the change to standard listing and it's quite clear from this mornings release that this was the plan all along. I wouldn't have voted against the deal if you said to me the alternative was administration, as in that situation no one wins other than the liquidator. As much as I want to see the board punished, I don't want the employees to suffer and I realise the importance of what flybe do.
These directors will have insurance and have notified their insurer's of the potential for claims. I imagine there are smaller law firms who could take on this kind of stuff on a no win no fee basis. There has been £40 million or so of value wiped.
Main listing share. Reckless disregard and destruction of shareholder value whilst the company maintained a premium ftse listing.
Certainly explains why they never called the shareholders meeting for the vote. Read the egm circular about the change to standard listing. There has been deception after deception. This is absolutely sickening. Bring on the class action.
The slots aren’t actually on the balance sheet as the airline doesn’t own them. So I imagine this is effectively just a receipt of cash.
I think as someone has suggested, it is more plausible that he is going to vote yes in order to boost the value of his Stobart stake.
Purchased on the credit card in case the worse happens. We almost booked another set but have held off and may even go with another airline and airport to avoid going through the hassle of claiming from the cc company in the event the worse happens. This is something many people are going through and until there is certainty on the deal flybe are loosing more and more custom and cash is burning quicker. I do hope there is a good outcome here for shareholders but I fear it's 1p or nothing.
24 hours has passed since the guillotine was dropped on the necks of Flybe shareholders. I have deliberately avoided these boards and posting as I felt I needed a break. I sold out yesterday at around 2.3p and am nursing a £7K loss on this particular trade and a £10K overall on Flybe from various investments over the years. Despite my loss I am trying to look at the positives. There are plenty of lessons learned and I can finally stop checking this board every 5 minutes to see whether an RNS has been released! Also, never tell your other half anything about the shares you hold!
I will certainly never get involved in an asset/takeover play again. It is very easy to get swallowed by up by what you read on blogs and message boards. Don’t get me wrong, there are some very well-informed individuals on this board, but what has defeated us here I feel is something more sinister. Very few people predicted the events which have and are still unfolding - even the hugely respected Paul Scott seemed surprised. In fact, not one person suggested Virgin would be a contender for buying Flybe in the first place.
I find it baffling that the dire state of the company’s financials has unfolded so quickly since the interims were announced. We all knew it was bad, however the credit card companies collateral was a key issue surrounding Flybe’s survival and it is clear that they have demanded more cash since the interims. Where was the RNS which the board are surely obliged to issue? This news would have damaged the share price but some of us would have been able to get out at a price far in excess of where we are now. Has this all been done to suit the agendas of the BOD and/or the suitors? Or was this lowball offer a complete surprise to the Flybe BOD?
I’m happy to put my hand up and say it is my fault I have lost money. We all have to accept that this was a risky trade, but when a company’s value goes from 16p to 1p within a day, that strikes me as a company that has not been informing the shareholders of what’s really going on behind the scenes. I do hope there is a class action against the board as this whole transaction seems rotten to the core.
We have just booked flights with Flybe for May but the way events are unfolding I wonder if we’re even going to have an airline to fly us. We did however book using the credit card!!!!! :)
Anyway, a lesson learned and I’m moving back to shareholder friendly companies.
The rns says the flybe directors recommend the offer. The situation is clearly far worse than they are admitting. I should have learned my lesson to stay away from this one. It is cursed.
I can confirm that this is not a one-off policy. We were given credit towards a future flight last year after we suffered a personal tragedy.
Mayfield - I also owe you a few bottles of wine! Your insight is the only reason I visit this board. Look forward to more of your input. Cheers!
.... about yesterday's RNS.
I have been thinking long and hard about Virgin releasing this RNS. I don't think this was pre-agreed with Flybe as we would have seen a corresponding RNS from Flybe, like we did when they confirmed the original news of Virgin's interest. If it was a case that they agreed only one of them would release an RNS, why would that have been Virgin and not Flybe? After all, Virgin don't have public shareholders and there could have been plenty of Flybe holders who missed the news (it's not appearing in the RNS feed above).
Flybe could have released an RNS saying that they will still talking to other parties, but if they are in advance discussions with Virgin or any other party, that would likely ruffle some feathers. So in my eyes, this RNS had to be a surprise to Flybe and benefits Virgin in some way. But how?
Distracting the media attention away from their proposed staff strikes? I don't think so; if anything this would only give the papers a chance to mention the strikes in the same article and Virgin's interest in Flybe isn't really new news and certainly not significant enough to divert he media's attention.
Maybe this is a way of intimidating other interested parties, especially those which do not have the deep pockets of Virgin, to put off other suitors from getting into a battle they won't win?
So many theories to keep the mind ticking over. Life is going to be a bit dull once/if we're sold!
https://www.thetimes.co.uk/article/flybe-could-still-land-deal-with-virgin-k2mxbb8gn