Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Sorry if this has been asked/answered before but I've trawled through some of the comments and can't find anything. Have PFG confirmed a div this year?
Looks like there might be a further downward adjustment based on the revaluation of high street shops and shopping centres.
Are we going to see a big drop in the share price tomorrow based on the revaluation of high street shops? NRR are very heavily weighted towards this type of asset...
https://www.thetimes.co.uk/edition/business/hedge-fund-boss-jeremy-hoskings-threatens-to-block-flybe-swoop-jmxngln9f
And The Sunday Times
I can't find any mention of the SFO looking into Flybe (or any of the other interested parties).
https://www.sfo.gov.uk/our-cases/#azf
Can you advise where you've seen this?
If anyone has submitted something and is happy to share this as 'boilerplate' that would be really helpful.
Thanks
Accepted! I've just put a brandy in my coffee to try and perk myself up.
Don't take your frustrations out on me! I live in the wilds and sometimes it takes a while for a link to load for me so thought I'd paste the 'best' summary...
OP NEWS: STOBART TEAMS UP WITH VIRGIN ATLANTIC TO BUY FLYBE
[ 11 Jan 2019 07:19 ]
LONDON (Alliance News) - Stobart Group Ltd said on Friday it has agreed to purchase budget airline Flybe Group PLC alongside Virgin Atlantic Ltd.
A new joint venture between Stobart and Virgin will be called Connect Airways Ltd, with DLP Holdings SARL also taking part. DLP is a Luxembourg-based company owned by funds managed by Cyrus Capital Partners LP.
DLP will own 40% of Connect, and Stobart and Virgin 30% each.
Connect will pay 1 pence per share to Flybe shareholders, valuing the company GBP2.2 million. Flybe shares closed Thursday at 16.38p each, giving it a market capitalisation of GBP35.5 million.
The joint venture said the offer price comes after "careful" due diligence, taking into account Flybe's capital needs, its difficult trading environment, and prevailing market conditions.
As part of the deal, Connect will provide a GBP20 million bridge loan for Flybe's operational requirements. Further, once the acquisition is completed, the partners will provide up to GBP80 million of further funding.
As part of the purchase of Flybe, the Connect Air joint venture will buy Stobart's regional airline and aircraft leasing business Stobart Air for GBP40 million and fold it into the expanded operation.
Flybe has accepted the offer, Connect Air said, with its board "unanimously" recommending shareholders accept the offer.
Flybe Chief Executive Christine Ourmieres-Widener said: "The industry is suffering from higher fuel costs, currency fluctuations and significant uncertainties presented by Brexit.
"We have been affected by all of these factors which have put pressure on short-term financial performance. At the same time, Flybe suffered from a number of legacy issues that are being addressed but are still adversely affecting cashflows."
"By combining to form a larger, stronger, group, we will be better placed to withstand these pressures," she continued.
"We aim to provide an even better service to our customers and secure the future for our people."
Stobart Chief Executive Warwick Brady commented: "The board of Stobart Group believes that bringing Stobart Air together with Flybe and partnering with Virgin Atlantic and Cyrus Capital is the best way for us to play an active role in UK regional flying.
"The combined entity will be a powerful combination with sufficient scale to compete effectively in the UK and European airline markets. It will allow us to continue to work with Flybe and provides an excellent opportunity to continue to grow passenger numbers at London Southend Airport."
Flybe may have had the liability of those employees anyway; if the staff were working more than 50% of the time on Flybe activities (at BHX and MAN) then TUPE would have applied. It's still a 'positive' sign though that Flybe have taken the staff on without a wimper.
I've worked in M&A on and off for many years and DD can take some weeks (especially with Xmas in the middle) - their financials, the active interest from 2/3 bidders and their continued 'growth' (eg; by taking on the maintenance activity, adding a couple of new routes) all bodes well. Hang in there.
Hi Arla - Ofgem published their review on grid charges (a smarter, greener and cleaner energy system!!) which capped out NG's return on their UK regulated assets. The impact of this hit last week (luckily as I work in energy I read this and got out at 843p) and it has been dribbling it's way through ever since. I will be getting back in now as I think the market has over reacted to the impact on this one part of their business.
Sorry to ask this; I know there has been a long thread on withholding tax reclaim but I can't find the answer I'm looking for! My Plus500 shares are held with Halifax sharedealing. I have received and completed the forms from ESOP (which require HMRC signature and statements from Halifax and official confirmation of bank details - not for the faint hearted)! BUT Halifax will not receive any money in USD. HELP. Has anyone else come across this and gotten round it? I have a fairly large holding so worth the effort.