Flybe: Re. Press Speculation
05-Feb-2013 Flybe Group plc ("Flybe") notes the further press speculation relating to discussions it is having with Ryanair Holdings PLC ("Ryanair") in the context of the review by the European Commission of Ryanair's offer for Aer Lingus Group plc ("Aer Lingus"). Flybe confirms that it has reached an agreement in principle with Ryanair about the possible transfer of a number of aircraft and operating routes as part of a package of concessions Ryanair has submitted to the European Commission. The agreement provides for a new company to be incorporated into which the relevant business assets (including cash of €100 million) and liabilities would be transferred and which Flybe would then acquire.
The agreement has not been approved by the Board of Flybe. It would also be subject to Flybe shareholder approval. The implementation of any agreement would be dependent, inter alia, on the status of Ryanair's offer for Aer Lingus; the outcome of the Commission's deliberations on the competition aspects of Ryanair's bid; and the agreement of a timetable for the implementation of the proposed remedies.