18 Aug 2016 07:00
Flybe Group Plc
Reduction of Capital - Court approval
Flybe Group PLC
18 August 2016
Flybe Group Plc ("Flybe" or the "Company")
Flybe announces that approval from the Company's court was obtained on 17th August 2016 to a Reduction of Capital, involving the cancellation of the amount standing to the credit of the Company's capital redemption reserve in the sum of £22.5m. This follows receipt of shareholder approval at the Company's AGM on 27th July 2016 and the previous announcements on 28 June 2016 and 27 July 2016.
The reduction of capital eliminates the accumulated deficit on the retained earnings account of the Company and creates a positive balance of distributable reserves. This balance gives the Board the flexibility to proceed with the share grant of 5% of basic salary to all employees employed as at 31st July 2016, giving employees a stake in the company. The shares to enable the grants will be purchased in the market by the Company's employee benefit trusts.
Catherine Ledger
Company Secretary
Flybe Group plc