Member Info for Specky

Here’s what I got Dear Thank you for your response. From your previous secure message, I understand your frustration with the way in which this particular issue was handled. With that being said, the following explains the reasoning behind why we did not consider the issue in question to be a Corporate Action, and therefore why shareholders were not notified. The EGM circular was published on 27 November. At this time, the board of Flybe commented: “Your Board believes that having regard to the current market capitalisation of the company, its shareholder base and its business plans in the medium term, a transfer of the company’s listing to the Standard segment of the Official List, with continued trading on the Main Market of the London Stock Exchange, represents the best balance between, on the one hand, the positive benefits of the potential for greater liquidity and access to capital offered by a Main Market listing and, on the other, the greater flexibility and reduced direct and indirect costs of compliance associated with the Standard segment of the Official List.” The resolution was approved with 99.75% of the Shares voted being in favour of the proposal. The circular in November referred to the transfer making it easier for the company to sell assets in the future but there was no information as to the terms of any such sale or anything else that would have provided indication of the offer that was announced on 11 January. As such we didn’t contact you about this. We contact shareholders if there is a notifiable Corporate Action. We won’t contact you if it’s regarding an AGM or EGM unless the meeting is being held to approve a Corporate Action. However, if you want to vote we’ll be happy to do this on your behalf, if you let us know. In regards to what will happen moving forward, we are still waiting for the formal Offer Document for the 1p per Share takeover. It’s still expected that this offer will require Shareholder approval so we’ll be in touch to provide you with your voting options once the dates are known. I have noted your previous email as negative feedback, and passed on your comments that we could have taken a different approach to notifying shareholders at the time of the circular. I hope this addressed your queries, however if we can be of any further assistance please reply to this message, or please view our Help and Support centre or contact me on 0117 900 9000. Kind regards Daniel Letchford Investment Helpdesk Consultant Hargreaves Lansdown One College Square South | Anchor Road | Bristol | BS1 5HL Tel: 0117 900 9000

Nice summary - not forgetting the masters of dark arts in the form of Rothschild as advisors to the consortia.

Again from Annual Report - shows some Internal rigour to test mgt assumptions. Copied from of 70.... ‘As always, the Audit Committee has challenged management on the integrity of the financial statements to ensure that the information presented to shareholders is fair, balanced and understandable. The Committee reviewed the management assessment of the going concern period and also the three-year period which is considered appropriate for the viability outlook. The going concern and viability reviews were considered in parallel as both were based on the refreshed three-year plan. Following a rigorous process, during which the Committee challenged the relevance of the sensitivities applied, the mitigating actions in place and that the relevant risks had been addressed, the directors have a reasonable expectation that the Group will be able to continue to operate, meet all liabilities as they fall due within the 12 month period from date of signing these accounts and have a viable business model for the three-year period to March 2021. David Kappler Chair of the Audit Committee since 2015 and former CFO at Cadbury’s Schweppes stepped down at this years AGM. Would be interesting to hear what he has to say...

Many thanks Page 37 of Last full Annual Report Viability statement The directors have assessed Flybe’s viability over a three- year period to March 2021. While the Board believes that the Company will be viable over a longer period, three years is the period considered most appropriate to form a reasonable expectation of the Company’s viability. This period is supported by the three-year business plan enabling the forecasting assumptions to be aligned. And... In making their assessment, the directors took account of Flybe’s current financial and operational position. They also assessed the potential financial and operational impacts, in severe but plausible scenarios, associated with the principal risks and uncertainties set out on pages 40 to 45 and the likely effect on the Company’s prospects and viability. This analysis is a continuation of the downside scenarios and mitigations used to support our conclusion on going concern. Those statements, in my view, are intended to comfort the market not to publicise a potential fire sale ...

I have emailed HL to see if I did receive an invite to vote. Will post to the Board once I hear back.

Apologies - getting my facts totalky wrong here - we did get a circular and the vote was passed. Ignore my efforts. The circular comes up with some unexpected concerns - Clearly from the Sky news report Hoskins appear to be on the case for mal administration - hopefully they have a good inside handle that should help all shareholders.,

Apologies that is Interim Management report ending 30th Sept 2018 and released to the market on 14th November

Excerpt Outlook page 5 of half year trading report (Nov 2018) “The Board is also exploring a possible move to an LSE Standard listing, from the current Premium listing. This would have the benefit of allowing the Company greater flexibility when considering divestments, particularly to recycle cash, as the current low market capitalisation places restraints and complexity on such disposals for companies with a Premium listing. If the Board determines that such a move would be in the interests of the Company and shareholders, the Board will write to all shareholders and convene a general meeting to approve this move.” Hello...still waiting for my letter. As no invite from Board I presume the move is not in the interest of shareholders as we did not get invited. Seems a slam dunk here in terms of going against publicised process.

I am still waiting to be invited to vote on the original offer which is still tabled isn’t it?

Thanks Canonguy. Another mute point here is that the Board are seasoned airplane execs - the CEO ex Air France KLM and the CFO ex IAG. Surely they would know what indicators to look out for and report if the company was heading for skids. Seems they had already taken precautions on essentials likr fuel prices and the operating fleet. Major IT revamp was in train and costed. Volatile business environment yes but isn’t that the same for all low cost operators at this time. The nose dive from June to December is puzzling to say the least.

Just a thought it might be worth including the info reported in the trading statements on passenger numbers. These continued to be reportedly positively by COW throughout the timelines.

When trying to get difficult/ unwelcome/ messages into the market - BOD’s will try to post these at times the market is likely to be distracted. You could also argue trying to steal a company from under the noses of shareholders is also a tricky one to publicise. As many have posted, releasing this info during Brexit chaos week no doubt provided some welcome fire cover. Good luck with the FCA etc actions and for those still in go well.

I had a look back through the RNS and noticed a change of CFO and Auditors in 2017. Shortly after Flybe issued Trading Statements. If cash burn was crippling then I would expect audit reports and a new CFO to have shouted loudly and forwarned the market. Interestingly the new CFO came from IAG...not sure whether that is significant but thought I’d share.

Tinkler may be accumulating who knows ... but if Stobart/ Virgin have paid £2.8m for some of the parts that money I presume goes back into Flybe. Add the £2.2m offer price that makes £5m back into the shell. Tinkler may just be wanting Stobart/ Virgin to up its stake to reflect the cash value. Hence the rise in share price. Just my thoughts I am no accountant but just sharing.

How about French Executive destroys Uk’s only Regional airline in response to Brexit.

I’m out and putting my leftovers into Stobart. That will be good for employees, pension holders, stakeholders etc too.

Concur with your pragmatic view but cannot deny slight of hand tactics going on here to buy the whole and then when forced by likely shareholder resistance to break up and sell, only for Stobart/Virgin to obtain the whole again...

I could only find details of the offer from Stobart not on Flybe’s RNS on investegate. The process to select potential partners considered a sale of the whole or parts of Flybe. The offer made, after due diligence, by Stobart/Virgin was for the whole. If the sale was for only parts of the business then legally the sale process should begin again. I think COW is in panic mode, she needs to take a deep breathe and get some good advice.

The market must have some doubts as I am still being offered more than double the 1p offer per share

In addition if I was selling bits of my core business Iwof you be minded to get a few quotes particularly if they are the more valuable parts?