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I've also been invested from 2013 at an average price of £3.28. Glad to see the rise today. May long it continue!
Well put, alwayswinning, the BOD clearly have been looking after their own interests at the expense of many other shareholders. Hoskings realise this, which is why they’re fighting for justice against corruption. Let’s hope they can eventually bring this shambolic BOD to account. The attempt to sell out to the Consortium at such a cheap price has to be unethical.
Pooroldman15
Here’s the letter I sent to H-L that Taverham was referring to. The more of us that get on to them will help our case against the greedy, unprincipled BOD.
Opinion: No Opinion
Price: 3.19
Letter to my on-line brokerFri 16:15Here’s my reply to H-L which was in response to their predictable first fob off standard reply........
Please keep up the good work to many here who are trying to bring about a just result. This BOD shouldn’t and mustn’t be allowed to get away with their sheer incompetence!
Dear XXX,
Thank you for your email.
I appreciate H-L do not become involved with proceedings against companies which are organised by Shareholders. My gripe is that your company did not inform me of the Corporate Action taken by Flybe to call an EGM on 14th December. At this meeting a decision was taken to change from a premium to standard listing. The resolution, which was passed by only a small number of shareholders, resulted in the significant losses experienced by many of my fellow shareholders which I referred to in my previous email.
It would seem that the Board of Directors of Flybe set out to deliberately provide mis-information to some of their shareholders by the fact that H-L were not provided with the information regarding this meeting.
It is the responsibility of a nominee company, typically a stockbroker or online platform, to ensure the rights of shareholders investing through them are kept safe and secure. In this case the Board of Directors of Flybe did NOT advise all shareholders of the proposal. I can only assume that the Board did not inform H-L that an EGM was taking place.
Therefore, the vote was invalid and in my opinion the Board of Flybe acted outside of their authority and misled shareholders.
If H-L was not informed by Flybe of the meeting which took place on 14th December, how to you propose to safeguard investors who use your company in the future? Surely, the very least you can do regarding this issue is to raise a formal complaint with the FCA? For H-L to do nothing and sit on its hands makes it just as culpable as the Board of Flybe!
Yours sincerely,
962 and Tav I agree they are squirming - the following statement is hardly the sign of a robust defence!.........
“That said, we do appreciate that the action taken by Flybe is not ideal, but we hope you can see that we have only acted within our standard business practice.”
Here’s my reply to H-L which was in response to their predictable first fob off standard reply........
Please keep up the good work to many here who are trying to bring about a just result. This BOD shouldn’t and mustn’t be allowed to get away with their sheer incompetence!
Dear XXX,
Thank you for your email.
I appreciate H-L do not become involved with proceedings against companies which are organised by Shareholders. My gripe is that your company did not inform me of the Corporate Action taken by Flybe to call an EGM on 14th December. At this meeting a decision was taken to change from a premium to standard listing. The resolution, which was passed by only a small number of shareholders, resulted in the significant losses experienced by many of my fellow shareholders which I referred to in my previous email.
It would seem that the Board of Directors of Flybe set out to deliberately provide mis-information to some of their shareholders by the fact that H-L were not provided with the information regarding this meeting.
It is the responsibility of a nominee company, typically a stockbroker or online platform, to ensure the rights of shareholders investing through them are kept safe and secure. In this case the Board of Directors of Flybe did NOT advise all shareholders of the proposal. I can only assume that the Board did not inform H-L that an EGM was taking place.
Therefore, the vote was invalid and in my opinion the Board of Flybe acted outside of their authority and misled shareholders.
If H-L was not informed by Flybe of the meeting which took place on 14th December, how to you propose to safeguard investors who use your company in the future? Surely, the very least you can do regarding this issue is to raise a formal complaint with the FCA? For H-L to do nothing and sit on its hands makes it just as culpable as the Board of Flybe!
Yours sincerely,
Very well thought out letter Parm. I would encourage other Shareholders affected by this debacle to follow your example.
This was the information that Taverham was referring to for making complaints. It was was posted by Spring@ this morning....
20FCA Market Abuse - email: market.abuse@fca.org.uk
also https://www.fca.org.uk/markets
POTAM http://www.thetakeoverpanel.org.uk/the-code/download-code
supportgroup@thetakeoverpanel.org.uk or
Telephone: +44 (0) 20 7382 9026 / secretary@thetakeoverappealboard.org.uk
SFO: https://www.sfo.gov.uk/contact-us/reporting-serious-fraud-bribery-corruption/ (for online submission form)
962962 - a good synopsis, the BOD appear as a bunch of crooks who have taken honest shareholders to the cleaners. It has a bad smell about the whole debacle. Let’s hope the likes of Hoskings can come up with something.
Good work being led on this board by Tavernham - well done.
For what it's worth here's my contribution regarding contacting Hargreaves Lansdown - every little helps!
Dear Sirs,
I have been a loyal investor with Hargreaves Lansdown for many years. Through your company I invested in Flybe. You may be aware that there are many disgruntled investors who have lost significant amounts of money on this share.
Most of these investors feel that the board of directors of Flybe have not acted in the best interests of their shareholders over the recent takeover by Virgin Airlines and Stobart Group. It has come to light that a major shareholder in Flybe, namely Hoskings Partners, are considereing legal action on the grounds of providing untimely information regarding the financial position of Flybe before the takeover was announced.
I personally, lost a significant sum as a result and I feel, as a responsible player in financial markets, Hargreaves Lansdown should lend their weight to this argument and should give an appropriate response in the interests of their investors.
Yours sincerely,
In reply to 962962’s request, here’s my email to Hoskings offering my encouragement to them...........
Dear Sirs,
I am writing to applaud your decision to threaten legal action against the directors of Flybe regarding the takeover of the company by Virgin and Stobart.
As a personal investor I too have sufferered a significant loss, which I believe was caused by a failing of the directors to update shareholders on its financial position in a timely manner.
By your actions you have given me the determination to not lie down and let them get away with it. All shareholders have been severely let down. I will be sending a complaint to the FCA.
I wish you well in your fight to bring justice against these directors who I believe have acted unfairly and who have not acted correctly in their responsibilities to shareholders.
Yours sincerely,
Thanks for the information Moniman. I will be following your advice and file a complaint with the FCA against the Directors of Flybe. I will also email Hoskins to support them in pursuit of their claim.
I encourage every other investor who was in possession of these shares on 11th January to do likewise.
This is the least we can do to stop these unscrupulous Directors from holding similar positions again. There is always the possibility of obtaining compensation whether or not you have since sold out.
Yes Tradeface. This bunch of bastards had it all planned out in advance. They knew exactly how to play this to shaft all the P.I.’s
I have lost a great deal on this company. Hopefully I will learn from this - it’s a hard lesson to learn.
This BOD have acted absolutely disgracefully. A prison sentence would be too good for them.
Good luck to all and hope your next Investments - if you decide to - play out better than this pile of Sh1t.
Thanks Taylor - a voice of reason among many headless chickens.
A 10p offer is exactly how RB works. Buy it for next to nothing. A chancer.
The BOD will reject this offer if the rumour is true all IMO.
I always look forward to Mayfield’s very informative comments. I don’t doubt he has been on Boards of listed Companies. He is obviously very knowledgeable and also always courteous unlike many who frequent these boards.
I think some people got out of the wrong side of bed this morning!
PP and Masaimara - please show some respect and decency. You devalue your input by your unnecessary rudeness.
My thoughts exactly Clarejay. IAG want to be the only player in town they don’t want the likes of Branson getting a toehold. Dog eats dog.
As DDMan mentioned KPMG would never have advised Flybe to take on the additional engineering jobs if there was a cat in hells chance of Flybe going bust. KPMG are a top notch outfit.
If the new route announcement is taken into consideration, it’s looking increasingly likely that a deal will be announced shortly. My hunch is IAG.
Excellent post DDMan. One of the best I’ve seen on this board. Please keep us updated with your observations.
No RNS so far today, we've been having a couple each day. Lull before the storm?
Good find Morbox. It’s refreshing to find a useful post rather than the usual load of tosh one sees on this board.
Many false unsubstantiated postings on here today. If you are going to post PLEASE back up with references/links that support your comments. To do otherwise then no one is going to take you seriously.