Flybe Share Discussion Threads

[minerve] 27/1/2019 12:45

Devasted19

The failing was your original decision to invest. When I made an error, I reviewed it and accepted it was MY fault, My negligence, My ignorance, etc.. etc..

Others need to do the same and learn from it.

By-the-way, one of my greatest failures led to me becoming a much much better investor. On that occassion I lost over £400K.

If you live in denial, you will never learn and never progress. It will always BE THE FAULT OF OTHERS.

[mhin2] 27/1/2019 12:42

Minerve...let me repeat what you have previously said, albeit not in relation to Flybe

"I would never rely on disclosures during takeovers being 100% fully confirmed. Many are not aware of their responsibilities to disclose and professionals forget to advise. In my experience it isn't policed that well. A company I founded - which was listed on the LSE - was subject to a takeover and I am convinced many disclosures which should have occured during that period didn't. The Takeover Panel were impotent IMO - I did make a complaint. Rather annoying considering I went to the effort when I had many other things to attend to at that time. I was well aware of major shareholders and their holdings. People simply don't bother to play the game fairly and they are ones that scream the loudest when they lose out."

Lets hope Hoskings scream very loudly!

[devasted19] 27/1/2019 12:39

I for one am glad they are taking some form of action. Those on here that think they are wasting time are the ones that gained rather than lost.

[mhin2] 27/1/2019 12:33

are the shorters/experts/paid de-rampers starting to have a little bit of panic...they certainly seem to act in a co-ordinated manner, and come out of the woodwork mostly together and at the same time.

[mhin2] 27/1/2019 12:26

I think Hoskings implied that the offer process was flawed. Anyway the amount being invested by the consortium is for restructuring, not all of it is to `save' flybe...that was my understanding of the documents. In fact not much needs to be done to address liquidity issues, unless something changed so drastically since Nov half year results (other than with-holding by credit card acquirers. Of course we have not been kept informed..but suggestions Flybe has `a significant cash balance'. It seems as if some people here have insider information, or think they know more than Hoskings (or even Tinkler), who said that parties had `remained interested' until the board unexpectedly and suddenly sold the assets. Further don't forget the discussion with the consortium seems to have been taking place before the sale/strategic review was announced, and the criteria for rejecting/accepting offers would/did exclude the full range of options that could have been available.

I thought all of the above is in the public domain...maybe people need to read the documents with a bit more care (or maybe just read them!)

[minerve] 27/1/2019 11:28

Exactly, and they have had plenty of opportunity to do it over the last 3 months!

The hedge-fund needs to accept it made a mistake and move on. All this clutching at straws isn't productive.

[whatsup32] 27/1/2019 11:24

If they think Flybe is worth more then the £102.5 million paid by the consortium then let them buy it.

I haven’t seen anyone make an alternative offer to date,

[coscos] 27/1/2019 10:56

The bottom line is that Hoskings and Tinkler both think Flybe is worth substantially more than what's been agreed. Ultimately that can only be good for all shareholders.

[mhin2] 27/1/2019 10:47

whatsup...rubbish. Why would Hoskings want to lose everything?

[whatsup32] 27/1/2019 10:41

Likely course .
Nothing detrimental happens.

Or

Consortium says , sod this it’s too much hassle. Demands their loan back immediately. Flybe can’t raise a penny , goes into admin. Shareholders get nothing but the good feeling they bankrupted the company and all the workers lost their jobs.

[mhin2] 27/1/2019 09:45

coscos...lets see what happens...

[coscos] 27/1/2019 09:32

Likely course of events: new chairman in, investigation into collusion, statement of company financial standing and viability, court injunction halting bid, remaining directors resign, virgin walk away, new bridging loan agreed, bidding process re-opened, new board of directors.Something along those lines.......

[mhin2] 27/1/2019 09:30

"Hosking Partners believe the deal to sell Flybe for 1p per share is unfair as the airline reportedly has a significant cash balance, and could sell slots at London airports to raise funds."

hxxps://simpleflying.com/flybe-deal-threatened/

[coscos] 26/1/2019 21:40

I'm very confident Hoskings is aligned with Tinkler and have a definite plan of action from here on.Hoskings lawyers will find the small print and utilise it accordingly. Let battle commence.

[jerseyman1] 26/1/2019 21:05

Eric Kohn is an operator. Skin like a rhino, focused and single minded. He will be acting in Hoskings interest, hopefully this aligns with the legged over shareholders too. I wouldn't want to be in the Boards shoes as this unfolds.

[europa79] 26/1/2019 21:02

Flyb are a Laffin stock

[whatsup32] 26/1/2019 20:37

Why would Stobart care. They already have what they want...... All the assets

[coscos] 26/1/2019 20:34

Good to see we're finally going to get some real information regarding the planned robbery. I've been waiting for this shower of a board to be pushed out and for Tinkler to move in. No doubt he'll be on the new BoD in some capacity, maybe even CEO. Bet Stobart will love that.

[mhin2] 26/1/2019 19:18

News starting to spread, and the tone does not sound good for the CONsortium



Hosking wrote to Flybe directors last week accusing them of breaching duties to investors and warning that it could seek an injunction to try to block the deal.

It is unclear whether an injunction is an option still being pursued by Hosking.

At the current sale price, Hosking’s shares are worth £400,000, but with Flybe shares closing on Friday at 3.4p, its market value is £3.7m.

Investors have further reason to be annoyed, with Stobart, one of the members of the consortium, having had a bid worth 40p per share rejected last year.

hxxp://www.cityam.com/272250/flybe-shareholder-demands-egm-bid-oust-chairman-row-over

[mhin2] 26/1/2019 19:05

Who were the card acquirers? It wasn't Virgin money or Barclays by any chance...lets see what comes out

[mhin2] 26/1/2019 18:59

Remember

"...In providing its financial advice to the Flybe Directors, Evercore has taken into account the commercial assessments of the Flybe Directors..."...yeah the directors that were part of the conspiracy, however gives Evercore a `get out of jail free' card

I am not convinced such a sentence should be necessary, unless insisted upon by Evercore.

He who pays the piper plays the tune!

Hopefully it will all come out in the investigation.
VOTE KOHN!
OUT WITH LAFFIN BOY!

[cleverinvestor] 26/1/2019 18:05

Whatsup32

Hosking doesn't look like an attention seeker to me. He felts Shareholders have been unfairly treated and he is in a position to do something about it


Sky News article listed his grudge against the BOD (See below) They are real and most already raised and discussed on this thread

"Hosking, which owns nearly 19% of Flybe, initially expressed doubts about the takeover in a letter ten days ago which accused directors of breaching their duties to investors and warning that it could seek an injunction to try to block the deal."

"Hosking's anger has been sparked by a number of factors, including the huge discount to the airline's prevailing share price at which Connect Airways' bid was pitched."

"The fund manager is expected to argue in a statement to fellow shareholders that Flybe's board, led by Mr Laffin, failed to pursue viable alternatives to the consortium's offer."

"Flybe has argued that the restructuring of the deal had been made necessary by its urgent need for liquidity, with the consortium extending an emergency £10m bridging loan in recent days to provide it with cash.

That claim has been challenged by Hosking because of Flybe's cash balance and its ability to raise funds from the sale of potentially lucrative assets such as its take-off and landing slots at London airports."

"Hosking is also furious because Flybe's switch from a premium to a standard listing on the London market - implemented this week - means that investor approval is now only required for the holding company bid."

"Hosking has raised concerns about the process through which they formed an alliance, and has highlighted the recent rise in Stobart Group's shares as evidence of a value transfer from Flybe to its prospective acquirers."

"Under their plans, Stobart Air will be folded‎ into Connect, with all of Flybe's services rebranded under the Virgin Atlantic name.

The chief executive and chief financial officer of Flybe will transfer to the bidding consortium, according to documents published by the company."


Investors' anger at the bid process has been exacerbated by the fact that early last year, Stobart made a takeover approach to Flybe understood to have been valued at roughly 40p-a-share.

This was rejected by Flybe's board.

[whatsup32] 26/1/2019 17:20

The more I think of it the more I believe Hosking is attention seeking.

[phillis] 26/1/2019 17:02

Wonder who will sponsor the Chiefs next season