TIDMFLYB TIDMSTOB
RNS Number : 5662I
Flybe Group PLC
22 March 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. ON PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE 22 March 2018
Flybe Group plc
Statement Regarding Withdrawal of Stobart Group Limited
The Board of Flybe Group plc ("Flybe" or the "Group") (LSE:
FLYB.L) notes the announcement by Stobart Group Limited withdrawing
its approach regarding a possible offer for Flybe.
The Board remains highly confident in the prospects of Flybe and
believes that the Group continues to have an exciting future as an
independent company, delivering the Sustainable Business
Improvement Plan as set out in June 2017. This plan is focused on
driving sustainable profit and cash generation and will see the
fleet size reduce to an optimum level for the number of identified
profitable routes and make the business demand-driven rather than
capacity-led.
Enquiries:
Flybe +44 (0)13
Christine Ourmieres-Widener, 9236 4520
Chief Executive Officer
Evercore (Financial Adviser +44 (0)20
to Flybe) 7653 6000
Julian Oakley
Tariq Ennaji
+44 (0)20
Numis (Broker to Flybe) 7260 1000
Stuart Skinner
Mike Burke
Liberum Capital (Broker +44 (0)20
to Flybe) 3100 2000
Richard Crawley
Jamie Richards
Maitland
Neil Bennett +44 (0)20
Andy Donald 7379 5151
In accordance with Rule 26.1 of the City Code on Takeovers and
Mergers, a copy of this announcement will, subject to certain
restrictions relating to persons resident in restricted
jurisdictions, be available at www.flybe.com/investors/. The person
responsible for arranging for the release of this announcement on
behalf of Flybe is Catherine Ledger, General Counsel and Company
Secretary. For the avoidance of doubt, the content of the website
referred to above is not incorporated into and does not form part
of this announcement.
FORWARD LOOKING STATEMENTS
This announcement (including information incorporated by
reference in this announcement), oral statements made by Flybe
regarding the withdrawal of Stobart Group Limited's approach, and
other information published by Flybe may contain statements about
Flybe that are or may be deemed to be forward looking statements.
Such statements are prospective in nature. All statements other
than historical statements of facts may be forward looking
statements. Without limitation, statements containing the words
"targets", "plans", "believes", "expects", "aims", "intends",
"will", "may", "anticipates", "estimates", "projects" or
"considers" or other similar words may be forward looking
statements.
Forward looking statements inherently contain risks and
uncertainties as they relate to events or circumstances in the
future. Important factors such as business or economic cycles, the
terms and conditions of Flybe's financing arrangements, tax rates,
fuel prices, or increased competition may cause Flybe's actual
financial results, performance or achievements to differ materially
from any forward looking statements. Due to such uncertainties and
risks, readers are cautioned not to place undue reliance on such
forward looking statements, which speak only as of the date hereof.
Flybe disclaims any obligation to update any forward looking or
other statements contained herein, except as required by applicable
law.
ABOUT FLYBE
Flybe is Europe's largest regional airline and flies more UK
domestic flights than any other airline - 53% of all UK flights
within mainland Britain excluding London (36% including London) in
FY17. Flybe currently operates 211 routes serving 15 countries from
80 departure points in the UK and Europe* and is the largest
scheduled airline by air traffic movements at Aberdeen, Belfast
City, Birmingham, Cardiff, Exeter, Isle of Man, Jersey, Newquay and
Southampton airports**. Flybe operates a fleet of 81 aircraft - 56
Bombardier Q400, 9 Embraer E195, 11 E175 & 5 ATR 72s and was
recognised as the most punctual UK-based airline in the latest
report on 'Best and Worst Airlines' issued by leading consumer
watchdog Which? in January 2018.
*Flown under the Flybe brand including all routes on sale Feb
2018 - Oct 2018
**Source: UK CAA Oct 2017
ABOUT EVERCORE
Evercore Partners International LLP ("Evercore"), which is
authorised and regulated by the Financial Conduct Authority in the
UK, is acting exclusively as financial adviser to Flybe and no one
else in connection with the matters described in this announcement
and will not be responsible to anyone other than Flybe for
providing the protections afforded to clients of Evercore nor for
providing advice in connection with the matters referred to herein.
Neither Evercore nor any of its subsidiaries, branches or
affiliates owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract, in
tort, under statute or otherwise) to any person who is not a client
of Evercore in connection with this announcement, any statement
contained herein, the acquisition or otherwise. Apart from the
responsibilities and liabilities, if any, which may be imposed on
Evercore by FSMA, or the regulatory regime established thereunder,
or under the regulatory regime of any jurisdiction where exclusion
of liability under the relevant regulatory regime would be illegal,
void or unenforceable, neither Evercore nor any of its affiliates
accepts any responsibility or liability whatsoever for the contents
of this announcement, and no representation, express or implied, is
made by it, or purported to be made on its behalf, in relation to
the contents of this announcement, including its accuracy,
completeness or verification of any other statement made or
purported to be made by it, or on its behalf, in connection with
Flybe or the matters described in this document. To the fullest
extent permitted by applicable law, Evercore and its affiliates
accordingly disclaim all and any responsibility or liability
whether arising in tort, contract or otherwise (save as referred to
above) which they might otherwise have in respect of this
announcement or any statement contained therein.
ABOUT NUMIS
Numis Securities Limited ("Numis"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting as corporate broker exclusively for Flybe and no one else
in connection with the matters set out in this announcement. In
connection with such matters, Numis will not regard any other
person as their client, nor will it be responsible to anyone other
person than Flybe for providing the protections afforded to clients
of Numis or for providing advice in relation to the contents of
this announcement or any other matter referred to herein. Neither
Numis nor any of its affiliates owes or accepts any duty, liability
or responsibility whatsoever (whether direct, indirect,
consequential, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of Numis in connection
with this announcement, any statement contained herein or
otherwise.
ABOUT LIBERUM
Liberum Capital Limited ("Liberum"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting as corporate broker exclusively for Flybe and no one else
in connection with the matters set out in this announcement. In
connection with such matters, Liberum will not regard any other
person as their client, nor will it be responsible to anyone other
person than Flybe for providing the protections afforded to clients
of Liberum or for providing advice in relation to the contents of
this announcement or any other matter referred to herein. Neither
Liberum nor any of its affiliates owes or accepts any duty,
liability or responsibility whatsoever (whether direct, indirect,
consequential, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of Liberum in
connection with this announcement, any statement contained herein
or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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