In a statement dated Thursday 11, February 2019, they said they believe the terms of the acquisition remain in the best interests of Flybe and warned shareholders their shares are likely to be worthless if it doesn’t go through.
The consortium, Connect Airways, has offered £2.2 million for the airline’s parent, which Flybe admitted was ‘disappointingly low’.
Flybe has already agreed to sell Connect its operating assets – the airline and the website – for £2.8 million in a deal which doesn’t require shareholder approval.
But on March 4 shareholders are due to vote on the sale of the parent company.
The Directors’ statement described a challenging air travel market. ”There have been a number of airlines who have gone out of business over the past year and several others have issued profit downgrades,” it said.
“While Flybe had made tangible progress in delivering its strategy, maintaining momentum had been hampered by the challenging market environment. ”
“In addition, the general economic outlook and conditions had impacted the business leading to a further weakening in consumer demand, affecting cash, revenues and profit adversely.”