Member Info for Pianista

Offer announcement of 11.1.19 included:

"The Company's card acquirers have recently begun to retain significantly more cash against their exposure and this change in position has materially and rapidly weakened the Company's unrestricted cash position".

This should have been the subject of an RNS on the day it happened, rather than waiting to include it in the offer announcement. This would have given us an opportunity to sell before the derisory 1p offer.

I was referring to Tinkler in my last post.

As far as he was concerned, it was investable. (He made a statement to that effect).

He appears to have been both hoodwinked, and then blindsided, by Flybe management just as others have been, despite his stature in the aviation industry.

A useful ally or "expert witness" in the battle for redress?

Useful to have the views of someone who is in the know. I hope I'm not clutching at straws, but maybe the IKEA manager wasn't up to it, so his departure was not such bad thing. And surely they should be charging a premium for sofa deliveries if they are so problematical?

Anyway, it seems to be taking an age to turn this dog around, but then it was in a pretty bad way.

I presume the management target of 40p applies to 3 years out from when the management changed. It's been stubbornly sitting around 9p, despite the recent PDMR purchase. Everyone is waiting for the half year results no doubt, which is normally end March, but I've got a feeling they'll be much earlier this year. Let's hope this brings about a re-rating into the teens at least.

I doubt if we'll hear from him again. However, given his close involvement with Stobart and possibly the Flybe sale process, he probably knows something of use to aggrieved shareholders.

Thanks LetsTry.

I certainly agree that all the disparate points made on this BB and elsewhere need to be marshalled into a single place, or a dedicated website, in order that a logical, legally-watertight case can be built up against management.

At the same time, you never know, some digging by an investigative journalist might lead to a whistleblower coming forward - because there are people on the inside who know the brutal truth.

Why have Hoskins etc and Tinkler not exited?

Not sure, but if they did they'd have to report the transaction, for all the world to see.

On the other hand, if they wait till they're paid out by Connect, they won't have to report anything and can slip away unnoticed....

There's a big difference between:

a. sale of a plc, which the shareholders can block if the value is adjudged to be too low

b. sale of the trading subsidiary by the plc. Though this won't need shareholder approval in Flybe's case after 17.1.19, they must still be able to show that it was sold for fair value. So was a proper valuation commissioned, like HSBC must have done to arrive at their £40m odd.? Or did they just work back from the nominal amount they wanted to leave in the plc? I think we all know the answer to that.

For a charge to stick there need to be watertight legal grounds for complaint.

One idea: why wasn't there an RNS flagging up the dramatically increased demands of the credit card acquirers the moment the company became aware of this?

They seem to have been, at the very least, economical with the truth.

It must be people who haven't been close to this company and the sale process, as we have been, and so don't have a clue what's going on, but see every penny share as worth a punt.

In other words, uninformed gamblers.

You'd expect the major holders, whether they've sold or not, to set the ball rolling on taking legal action, on behalf of all affected shareholders.

Hopefully, they will at least make an early announcement about taking legal advice over the disgraceful way in which this takeover has been handled.

They are now too embarrassed, in their latest RNS, to utter the word "shareholders"!

BTW, who said: "I believe 2018/19 will begin to show the full potential of Flybe".

Answer: it was COW on 18 June 2018.

This whole sorry saga must be fertile territory for an investigative journalist. I believe Evercore were hacked last year: I wonder if there are any incriminating emails floating around...

Yes,Taverham, it seems that Tinkler, with plenty of time on his hands, could well have been involved in the sale process via his mysterious TVFB PLC vehicle set up on 7.11.18.

If so, he may have purchased his 12.5% of Flybe with the benefit of inside information, and with questionable ethics/legality.

However, that purchase is not looking so clever right now, unless there is yet another twist about to be revealed.

Taverham, was that the "CNN interview"? If so, there was a link to it on this board I believe.

I suspect this divestment of the trading company, exploiting the standard listing, was discussed way back in December as a ploy to sidestep shareholder resistance. But then it's ROBBERY, because they are cynically denying the shareholders the opportunity to benefit from an improved offer. It really does stink.

Surely the institutional investors and the likes of Tinkler and Everitt will be consulting their lawyers as we speak? If they are, they should also be checking whether the sale of the Gatwick slots without shareholder approval was legal, prior to the standard listing coming into effect on 17.1.19.

Taverham, very interesting suggestion, which may well come to pass, but it depends on his getting his CEO job back, and that will take months (court judgement by end Feb maybe, then the possibility of an appeal by Stobart if he wins, which would drag things out for many more months). The idea is also at variance with his public statement today.

From our point of view, it's a pity he is connected with Stobart, otherwise his acquisition of 12.5% of Flybe would undoubtedly be seen as unalloyed good news. As it is, we can't be absolutely sure what his motives are.

It was more like 30%. One bailed out Friday (T Rowe Price, 5%). We may later today if others did too.

Got shot of their 5% holding at a measly 3.3p.

Averaged down heavily at 17p, before the Microlise announcement, so got something right for a change.

Still down around 50% overall though!

1. AT has no definite intentions. Probably just getting a kick out of acquiring an influential stake in a substantial airline for relative peanuts after his "impulse purchases".

2. The BOD will soon get wind that they won't receive 75% acceptances, and Virgin/Stobart will up their offer to 2p or 3p, selling this as a "100% or 200% increase" (LOL).

3. Given that probably all potential bidders have already taken part in the 2/3 month sale process without making a better offer, I'd be surprised if any of them would make a counter-bid at this stage. I doubt if anyone could get as much synergistic benefit from Flybe as Virgin/Stobart.

4. Virgin/Stobart may have to up their offer yet again, to 4p or 5p...…..

5. If finally Virgin/Stobart throw in the towel, local/national goverment will come to Flybe's rescue, because it's too important part of national transport infrastructure to fail. Where that would leave investors is anyone's guess though.

Meanwhile, the share is a perfect candidate for ramping/deramping and day-trading.