Flybe Shares take a dive after controversial £2.8m sale

Value of the Flybe Shares were down 16 per cent, after shareholders approved its acquisition by Virgin-led consortium Connect Airways.

63  per cent of the shareholders voted with the board’s recommendation that they approve the sale, with 37 per cent staging  a revolt at the general meeting. Flybe has been urging the shareholders to accept the Connect Airways offer saying “only viable option the business needs to continue to trade successfully”.

The largest shareholder, Hosking Partners threatened legal action over the price takeover in January. Flybe confirmed the nominal value of each share is only 1p valuing the airline at £2.8m.