End of an era as Walker family trust sells out of Flybe
AIRLINE Flybe’s major shareholder, Rosedale Aviation Holdings’ has sold its 48.1% stake in the group.
Rosedale Aviation Holdings is the corporate representative of the trustee of the Jack Walker 1987 Settlement, which was established by the late industrialist, businessman and Blackburn Rovers owner Jack Walker. Mr
Walker’s Jersey European Airways eventually became Flybe.
Flybe – Manchester Airport’s largest operator in volume terms – announced to the London Stock Exchange this morning that Rosedale had sold 36,146,250 existing ordinary 1 pence shares, representing Rosedale’s entire interest in the airline.
The shares were placed with institutional investors by Liberum Capital.
As a result of this transaction the free float of the company is expected to increase to 85%.
Flybe’s CEO Saad Hammad said: “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.”
On Monday Flybe announced a significantly improved financial performance under its new management team but it also warned that there could be up to 500 jobs lost as part of its on-going transformation plans.
