FLYB Flybe Grp

TIDMFLYB

RNS Number : 4860H

Flybe Group PLC

18 August 2016

Flybe Group Plc

Reduction of Capital - Court approval

Flybe Group PLC

18 August 2016

Flybe Group Plc ("Flybe" or the "Company")

Flybe announces that approval from the Company's court was obtained on 17th August 2016 to a Reduction of Capital, involving the cancellation of the amount standing to the credit of the Company's capital redemption reserve in the sum of GBP22.5m. This follows receipt of shareholder approval at the Company's AGM on 27th July 2016 and the previous announcements on 28 June 2016 and 27 July 2016.

The reduction of capital eliminates the accumulated deficit on the retained earnings account of the Company and creates a positive balance of distributable reserves. This balance gives the Board the flexibility to proceed with the share grant of 5% of basic salary to all employees employed as at 31st July 2016, giving employees a stake in the company. The shares to enable the grants will be purchased in the market by the Company's employee benefit trusts.

Catherine Ledger

Company Secretary

Flybe Group plc

This information is provided by RNS

The company news service from the London Stock Exchange

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August 18, 2016 02:01 ET (06:01 GMT)

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