28 Jun 2016 16:42
Flybe Group Plc ("Flybe" or the "Company")
Reduction of Capital - AGM resolution
The notice of the Company's Annual General Meeting (the "Notice"), which has been posted to shareholders and is available to view on the Company's website at http://www.flybe.com/corporate/investors/, includes a resolution to authorise a proposed reduction of the Company's share capital ("Reduction of Capital"). The proposed Reduction of Capital will involve the cancellation of the amount standing to the credit of the Company's capital redemption reserve in the sum of £22.5m.
The purpose of the Reduction of Capital is to enable the Company to pay a dividend when the Board believes that the time is right, and provide reserves to support the allocation of Ordinary Shares under the Company's share schemes.
No amounts will be repaid to Shareholders. The Reduction of Capital is conditional upon approval: (i) by Shareholders; and (ii) by the Court.
The resolution to approve the Reduction of Capital is a special resolution, meaning that for it to be passed 75% or more of votes cast must be in favour of the resolution.
The Notice sent to Shareholders includes information about the background to, and reasons for, the Reduction of Capital, and explains why the Directors of the Company ("Board") consider the Reduction of Capital to be in the best interests of the Shareholders and the Company as a whole, and the Board unanimously recommend that Shareholders vote in favour of the Reduction of Capital, as they intend to do in respect of their beneficial holdings.
The Notice also contains details of the requisite Court approval process and timings of the Reduction of Capital.
Expected Timetable of Events
Date |
Event
|
27 July 2016 | Annual General Meeting |
04 August 2016* | Court Directions Hearing |
17 August 2016* | Court Final Hearing |
18 August 2016* | Registration of Reduction of Capital |
These dates (except those relating to the Annual General Meeting) are estimates only, being subject to agreement of hearing dates with the Court. The timetable assumes that the Annual General Meeting is not adjourned as a result of there being no quorum, or for any other reason. If there is an adjournment, all subsequent dates are likely to be later than those shown. Any changes will be notified to Shareholders by an announcement on the Regulatory News Services of the London Stock Exchange.
Catherine Ledger
Company Secretary
Flybe Group plc