Former Flybe shareholders are examining legal action over the cut-price sale of the independant airline to the Connect Airways consortium, owned by Virgin, Cyrus Capital Partners and Stobart Airways in 2019. Shareholders only received 1p per share for the sale. The day before the sale was announced, Flybe’s share price was worth 16.4 pence, making the company worth £36 million. Of that, shareholders picked up only £2.2 million, plus another £2.8 million from the sale of some of the airline’s assets. The former shareholders have hired a law firm to deal with the case. Flybe went bankrupt on the 5th of March this year, causing 2000 people to lose their jobs. 18th of August 2020.
Aeronews24 