“Flybe has warned shareholders it will wind up the company if they do not back a sale to a consortium led by Virgin Atlantic and Stobart Air.
The airline said failure to approve a sale would mean investors were unlikely to get anything for their shares.
The airline’s board agreed the £2.2m sale to Connect Airways group last month, but the deal needs investor approval at a meeting on 4 March.
Flybe acknowledged the offer of 1 penny per share was “disappointingly low”.
However, it said it was the only rescue plan on the table.
In a statement on Thursday, Flybe said: “If the [sale] scheme is not approved, the Flybe directors intend to take steps to wind-up the company and shareholders are likely to receive no value for their shares in Flybe.”
Based in Exeter, Flybe carries about eight million passengers a year from airports such as Southampton, Cardiff and Aberdeen, to the UK and Europe.
It put itself up for sale last November, following a profits warning the previous month. …”
East Devon Watch 