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RduR - If Tinkler loses £500k on Flybe, he gains 10 times that through his £40m holding in Stobart. So it's not as clear cut as you're making out. His motives are unknown at this stage.

In any case, it's always dangerous to slavishly copy high net worth individuals. Remember when Keith Everitt piled into Flybe in November, building up a stake of 5% at a cost of £1.5m? It's now worth a pittance.

Re Flybe cash flow forecast: this was done on the basis that credit card companies would not seek more collateral.

Unfortunately, this all changed around Christmas: they suddenly demanded more collateral and Flybe became desperate for cash, it seems.

Virgin/Stobart are clearly trying to exploit this desperation. The big puzzle for me, is why didn't IAG trump Virgin/Stobart's lowball offer during the lengthy sale process? And since IAG have just taken the Gatwick slots off Flybe's hands, after poring over the books for months, why would they only now put in a counter bid?

Nothing significant.

After usual opening volatility, SP unchanged, market waiting for some real news.

Opened up, but now falling back

Thanks Taverham. Seems worth exploring further. I don't know if you're aware of Mayfield, who's pretty clued up in this area. I wonder if he'd care to comment.

Is anyone au fait with the rules on asset disposals under either of the Listing types?

What I'm getting at is, the sale of slots for £4.5m took place on Friday, supposedly when the market cap of the company was between £2m and £8m.

I'm just wondering whether a transaction of this magnitude may not be effected without shareholder approval under Premium Listing rules (the change to Standard Listing does not take effect till 17.1.19 I believe).

So we can take threats of administration with a pinch of salt. It's too important to fail.

I agree, unless there is a dramatic turn of events in the next week or so, it has to be vote it down and face administration.

We stand to lose less than "the conspirators" in the event of administration.

Ultimately, the position of employees won't be much different whether it goes ahead or not.

And who knows, the govt might step in with a £20m loan to avoid administration.

In view of AT's holding in Stobart, I think he's sailing close to the wind by buying Flybe shares.

Furthermore, if he was colluding with Stobart - unlikely in view of pending court case - he'd definitely be constrained by the regulations you refer to.

Actually, the slot sale wasn't announced till 4.25pm!!

I wonder if the sale of slots was part of a cynical move to stop counter-bids, by making the company less attractive to certain other bidders? Perhaps Mayfield could comment.

But IAG have just paid £4.5m for the Gatwick slots. Why would they do that if they were prepared to make a bid?

It's almost as if IAG, Virgin and Stobart, along with the BOD, have put aside their differences/rivalries in order to divide and maximise the spoils between them - inevitably to our cost.

The question now is, is there anyone out there who could get more out of Flybe than Virgin/Stobart, and therefore be prepared to make a significantly higher offer?

Tav, yes I appreciate it takes effect on 17 Jan, not that it is terribly relevant now.

It may have had net debt of £80m, but it still had assets in excess of that.

That's why HSBC valued the shares at 24p as recently as last October!

Only a few short weeks ago, they went from premium to standard listing to facilitate asset disposals.

This gave the impression that the company could raise sufficient cash to go it alone.

This was at a time time when I bet they'd already thrown in the towel: the consortium was already setting up the relevant companies way back in December; and the extensive bid documentation is not something that can be turned round overnight.

Thanks Joe.

BTW, only about one third got out on Friday: the 60% or whatever includes both buys and sells.

Will there still be one at the end of Jan?

Presumably, yes. Arguably it's more relevant than ever, with shareholders being asked to approve a sale at a knock-down price.

We can therefore expect it to be all doom and gloom, in order to encourage acceptance of the bid.

Taverham, the way I read p20 of the Joint Bid Agreement is that there is a budget of £4.8m for fees and expenses, not for the acquisition of Flybe shares.

In any case, there doesn't need to be a budget in order for the offer to be increased.

And I don't think it gives any clues as to what the offer might be increased to, if at all.

Taverham, I do recall seeing something in the last few days, but can't locate the message among the thousands!

Would be good to know where the info came from.

If Keith Everitt still owns his 5%, I'm sure he wont be voting for the deal.

I wonder if institutional investors will inform Flybe of their intentions, or even make a public announcement?

Is there a list of major shareholdings anywhere? Nothing on their website.

"the consortium will have prepared for all possible outcomes"

Really? They are only human, and with all the complexities, can easily slip up.

For example, did they anticipate the possible intervention of Andrew Tinkler?