Flybe Group PLC Statement regarding media speculation. (5782Q)
20 Febrero 2019 - 1:01AM
UK Regulatory
TIDMFLYB
RNS Number : 5782Q
Flybe Group PLC
20 February 2019
Flybe Group plc
Statement Regarding Media Speculation
The Board of Flybe Group plc ("Flybe" or the "Company") notes
the recent media speculation and confirms that, on 19 February
2019, Flybe received a preliminary and highly conditional outline
contingency proposal from an investor group led by Bateleur Capital
LLC and Mesa Air Group Inc., with indicative support from Mr Andrew
Tinkler and other un-named institutional shareholders (together,
the "Investor Group") for a capital injection and replacement of
funding provided by Connect Airways Limited ("Connect Airways")
(the "Indicative Proposal").
The Indicative Proposal states that it is conditional on and
subject to a significant number of items. In particular, the
Indicative Proposal is subject to completion of the sale of Flybe's
operating businesses to Connect Airways in accordance with the
share purchase agreement dated 15 January 2019 (the "SPA") not
occurring. As the Investor Group is aware, Flybe is bound by the
terms of the SPA to complete the sale of its operating subsidiaries
to Connect Airways if the conditions to the SPA are satisfied or
waived by Connect Airways.
The Indicative Proposal is also conditional on CAA consent and
agreements being reached with Flybe's credit card acquirers, banks,
lessors, OEMs and pension fund trustees. Furthermore, a key aspect
of the Indicative Proposal requires the publication of a prospectus
and the passing of a "whitewash" resolution (as defined in the
Takeover Code) by Flybe's independent shareholders.
Flybe has now drawn down the first GBP15 million of the GBP20
million secured committed credit facility, as referred to in the
announcement of 15 January 2019. The sums utilised under the credit
facility from the Connect Airways shareholders are repayable not
later than 22 February 2019. The arrangements with the Company's
credit card acquirers and banks are vital to enable Flybe to
continue to trade and are conditional themselves upon the SPA
completing.
Therefore, the Board does not believe that the Indicative
Proposal is executable in the timeframe required to enable Flybe to
continue to trade. Accordingly, the Board emphasises to
shareholders that it continues to regard the arrangements entered
into with Connect Airways as being the only viable option available
to the Company which provides the security that the business needs
to continue to trade successfully. The arrangements with Connect
Airways preserve the interests of Flybe's stakeholders, customers,
employees, partners and pension members.
Flybe continues to work with Connect Airways on the sale of
Flybe's operating businesses. The SPA is subject to only a limited
number of conditions and progress is being made to meet those
conditions on time in anticipation of completion on or before 22
February 2019.
Enquiries:
Maitland/AMO
Andy Donald
Finlay Donaldson +44 (0)20 7379 5151
MAR
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No.596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service, this inside information will be considered to be in the
public domain.
LEI Number: 5493005SC6523Y8KJF24
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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