4th Mar 2019 15:58
LONDON (Alliance News) - Flybe Group PLC on Monday said that a majority of its shareholders voted in favour of the company's acquisition by Connect Airways Ltd.
At a general meeting held earlier on Monday, 63% of the struggling airline's shareholders voted to approve the sale, with 37% against it.
In February, Flybe had urged its shareholders to approve the sale valuing the firm at just 1 pence per share or GBP2.2 million, or risk receiving "no value" for their Flybe shares.
Flybe shares were trading down 28% at 1.05 pence. The shares are expected to be suspended from trading on March 11 and cancelled on March 12.
At the end of February, Flybe had already sold all of its assets and operations have now been sold to Connect Airways Ltd for GBP2.8 million, meaning that Flybe was just a non-trading entity with no subsidiaries or assets left.
"The results of the shareholder votes will not impact the assets, flights and operations of Flybe Ltd, which continue to operate as normal under the ownership of Connect Airways following the completion of the sale of Flybe's two operating subsidiaries, Flybe Ltd and Flybe.com Ltd," the firm added on Monday.