14-Nov-2013 1:28 PM

Flybe: Notification of Shares Sale

Direct News Source

13-Nov-2013 Flybe received notification from Rosedale Aviation Holdings Limited ("Rosedale") on 12 November 2013 that, on the same date, Rosedale sold a total of 36,146,250 existing ordinary 1 pence shares of Flybe.

The shares sold represent approximately 48.1 per cent. of Flybe's issued ordinary share capital and account for Rosedale's entire interest in the ordinary shares of the Company.

The shares were placed with institutional investors by Liberum Capital who acted as sole bookrunner in respect of the placing.

As a result of this transaction the free float of the Company is expected to increase to 85%.

Saad Hammad (CEO) commented:

"This transaction marks another milestone in Flybe's history. I would like to thank Rosedale Aviation for their support over many years. I would also like to take this opportunity to welcome aboard our new shareholders and thank existing investors who have increased their holding as part of this transaction.

"As I reported in our half year results on Monday 11 November, the economic environment remains challenging and all airlines face risks and uncertainties. I believe, however, that the turnaround of Flybe is gaining momentum. The immediate actions announced in our results will incur significant transitional costs, but will deliver a full payback over the next two years. The Board is confident that these initiatives will put the Group on a firm foundation for performance improvement and future growth."