Member Info for joetunheimr

Sure, this event will be a general meeting just like the last one in December. The term 'general meeting' replaced the previous term of 'extraordinary general meeting.' both events are general meetings. The brokers may well contact people but I just thought it safer for people to take the initiative and contact their brokers just in case.

If anyone holds shares with a broker (share dealing account) e.g. Hargreaves Lansdown, Halifax, Degiro ,IG, Barclays etc. then they will need to contact these guys in order to vote in the EGM. You can then instruct them to vote on your behalf.

This is really important guys as we let the previous EGM in December 2018 float by. We have learnt our lesson in that we will need to contact the brokers regarding our interest to vote in this EGM.

Private investors make up a huge percentage of Flybe's shares and it is therefore very important that these individuals vote.

If you are unsure of what to do just contact your broker to help you out. Failing that you can ask in this forum for more information.

Please see below paragraph from september 2018 flybe management report

'This cash flow forecast includes several cash generating transactions over the next 12 months to provide
further liquidity in addition to that arising from ordinary business trading. The Directors believe these
transactions will provide sufficient liquidity for the Group’s needs and to manage potential consequences of
downside risks as noted above. The financing actions range from short-term actions that are currently at an
advanced stage and relate to the sale or sale and leaseback of assets or disinvestment of non-core elements
of the business and further medium-term plans that are being prepared to be transacted during 2019.'

2 points to note:

1)The directors believed that Flybe was a going concern and hence creating a false market

2) Notice how the directors described 'divestment in non-core elements.' When we were told about divestment we did not consider the directors selling its 3 subsidiaries which are effectively the entire business. Under no circumstances can this be descrbed as 'non-core.'

Has anyone heard anything about the 3 or so E170s/E175s that Flybe is due to purchase? In the half year results Ian Milne mentioned that they were in the last stages of securing finance for the planes. It's weird that we have heard nothing about it considering they'd need around £100m in finance.

Apologies, you are right. This was reported in November 2018. Im unsure why it is suddenly being released again now.

They received an increased subsidy beyond the initil £2.5m. That was not reported already. Due to Ft's copyright etc i cant give too much info. You'll have to read the article for full details.

According to the FT Flybe has received an extra £1m in subsidies from the govt. FT reports that this was in November 2018 but yet we were not informed about this. Of course only now that the consortium has sealed their deal has this been released to the public. Please see link

https://www.google.com/amp/s/amp.ft.com/content/c24054d4-1c13-11e9-b126-46fc3ad87c65

I have changed my time zone to GMT at the tweet was at 8:47pm 10th January 2019.

By the way, thanks to all the people who have put together the timeline etc. You have all done a brilliant job from what I've seen of it!

I believe this is what you're looking for?

https://twitter.com/MarkKleinmanSky/status/1083465339709599747

The fact that Hosking have taken issue with this is quite significant. According to the FT, they have over £4bn of assets under management. If they didn't feel they had a case they would likely have preferred this Flybe investment to go under the radar due to other potential investors wanting to pull their funds out of Hosking.

However, according to Companies House, they only had 13 members of staff during 2017 and this has likely not changed much. It seems they are a rather small operation. They will likely be seeking external legal advice which will hopefully be sharp.

It is interesting to see what Standard Life will do. According to FT they hold around 5% of the shares in Flybe and from what I can see from the RNS announcements they have not offloaded their shares. Standard life have over £51bn of assets under investments which is massive. It will be interesting to see how they react to this issue.

Of course there is also the issue of Andrew Tinkler and it remains to be seen what his intentions are, especially since he only this week sold some of his shares in Stobart for around £5m.

Looking likely to be another interesting week. I bet over Christmas Simon Laffin was laffin his way to the bank with his new job nicely secured but when Hosking informed them this week of the potential legal action I'm sure the board have not been sleeping too well ever since.

At least one thing is clear, this circus now means that the current board are unlikely to ever get jobs on the board of a listed company again, given the way they have sold out the shareholders.

Haha true. The Flybe board may as well take the employees out for lunch and give a nice bonus to the staff with that £10m. It will at least prepare them for the culling the consortium is going to unleash with its £80m of 'investment' in repainting, rebranding and redundancies.

As far I am aware Flybe never sold the HQ, it was just a hanger. I guess cash flow can also depend on its receivables ( amounts owed to Flybe) and payables (amounts owed by Flybe). Once a company announces it is struggling it is like a self fulfilling prophecy. Flybe's suppliers will have likely have requested earlier payment e.g. Monarch's engineering arm. Companies supplying Flybe would not have offered generous cash terms. Therefore, a lot of the debts could have been called in earlier, whilst the money Flybe was due to receive did not arise any faster.

For closure it would be nice to receive one more trading update from Flybe. so far as this winter has been concerned there has been no adverse weather. It would be interesting to see Flybe's future bookings. However, as we aware aware, credit card companies have held this cash back.

We can't really be mad at the Consortium really, Brady of Stobart has done exactly what any CEO of a listed company should do and that is masimise shareholder wealth. I'm sure if members on this board were Shareholders of Stobart they would be praising him for playing a blinder. It is the Board of Donkeys at Flybe that have had a shocker and are responsible for this. I mean COW was the part of the large order of Sukhoi superjets at Cityjet and look how those planes have turned out to be. There was a reason no other European airline wanted those SSJ100s.

The other thing that is of any interest to me at the moment is the large shareholders. Now that Flybe has been effectively purchased and no shareholder vote is to be held on the matter (that we are aware of yet) why does Mr Tinkler continue to hold his Flybe shares? There is effectively nothing left to be hedged against his Stobart holding. Why does he not just sell now and get 2pps? Furthermore, why have Hosking etc not exited, surely the 1pps writing is on the wall. Why are they not selling to at least get 100% more than the eventual take over price and take 2pps?

Ironic, considering that just a few days ago you thought Flybe was AIM listed

Furthermore, does anyone know anything about the following company: TVFB PLC?

I'm not sure if it has been mentioned here before (sorry if it has)

But it was a company set up with Andrew Tinkler and some accountant as directors and was incorporated on 7th November 2018, just 3 days before the formal sales process was announced by Flybe.

Here is a link to it on Companies house:
https://beta.companieshouse.gov.uk/company/11666011

Mr TInkler isn't too active on social media or twitter, but yesterday he posted:

'Boyzone - When The Going Gets Tough https://youtu.be/zjudr5YlzuE via @YouTube @ronanofficial love this song.
Hope you had a fab time on the Hols see you all soon.'

Here is a link to his Twitter:
https://twitter.com/Andrew_Tinkler?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

No idea what his intentions are as it is very hard to make anything of what he has said. According to Companies House he is 55. So he is hardly retiring age. Would he really be content retiring early with his Stobart holding of 7% or is he trying to get back in the game somehow? However, I can't see him ever getting back on the Stobart board due to the instability that would cause.

Thanks Taverham, that is very useful. It is interesting to see that as a far as we are aware, Hosking, Standard Life and Keith Everitt are still in. I am assuming this as there would be an RNS with the transaction like Rowe's. I wonder what their intentions are.

I find Keith especially interesting as he is a PI with a large holding, around 4.5%. It would be fascinating to know what his intentions are.

The sale of slots will actually increase the net assets of the company. This is because slots are not recognised as an intangible asset under some accounting policies. Therefore, a lot of Flybe's slots are not reflected on the balance sheet.

However, the net assets have been declining due to losses being incurred throughout winter. However, if slots are to be sold then the asset of cash will then actually appear on the balance sheet.

Blackrocktrader: Thanks for response but to buy at this point is a HUGE gamble. Chances are it is going for 1pps.

It would be great to see a trading update before we have to agree on any kind of deal. This way we can see whether it is just the short term cash issues from the credit card companies or whether the long term future of Flybe is doomed. If the trading update is dire then it is fair that it is to be 'rescued' by the consortium. If however the trading update is good then it seems that Flybe can best be preserved going alone with a short term bridge in finance from one of its many stakeholders. The employees are crucially important in all this and them keeping their jobs is vital.

Flybe's collapse would be disastrous for so many different parties and therefore if the situation looked like administration a lot of parties may want to do more to rescue Flybe. Take for example Cardiff airport, Flybe is the largest operator out of this airport and recently ministers were 'urged to protect its key routes' as reported by BBC News: https://www.bbc.co.uk/news/uk-wales-46225146

Furthermore, airports such as Exeter, Norwich, Belfast City, Southampton where Flybe is a large operator (if not the largest) would be in dire straits should Flybe fail. Exeter and Norwich airport are owned by the same company, Rigby Plc and they certainly would not want to see Flybe go, it would be horrendous for their operating profits. You can see more about Rigby and their airprots via their accounts on the following link:

https://beta.companieshouse.gov.uk/company/03437118/filing-history

There are so many other stakeholders in Flybe and the consensus is that they need to stay for the sake of the economy and regional connectivity. The Monarch collapse was different because pretty much every route they had was served by another airline, this is certainly not the case with Flybe. Virgin, Stobart, Cyrus don't care about regional connectivity, they merely want a profitable feeder into their international network. The consortium couldn't care less if Newquay has links to London or not.

Should the pathetic deal of £2.2m be voted down by shareholders then there are surely other options and other parties to call on to assist.