Misplaced Pages

#8991

109-491: The airline began operations as Flybe Nordic on 20 October 2011 as a joint venture between Flybe and Finnair, following their acquisition of Finncomm Airlines . Flybe sold its 60% to Finnair as a temporary solution at a price of one euro (€1) in March 2015, which was sold three years later to Danish Air Transport . The airline has operated under Finnair's flight code since 1 May 2015. The company's head office and operations centre

218-543: A codeshare agreement for Finnair, operating under Flybe's BE-code. Flybe agreed to sell its 60% stake in Flybe Nordic in November 2014 for €1, in an attempt to reduce group costs. On 1 May 2015, Flybe Nordic began operating solely for Finnair as it was no longer a part of Flybe. Flybe Nordic is now known as Nordic Regional Airlines – Norra. Flybe was the main sponsor of Exeter City Football Club and also sponsored

327-486: A public company . Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded. After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate

436-410: A 27% increase in sales while profits had risen by nearly a third to reach £3.4 million. That same year, the airline, which operated a mixed fleet of 12 British Aerospace 146s, four Fokker F27s and two Short 360s was in the process of leasing additional BAe 146s to cater for expansion. Jim French, Jersey European's deputy chief executive, announced that the company was performing detailed studies with

545-580: A better result. In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch auction fares any better than the traditional IPO in an unwelcoming market environment. A Dutch auction IPO by WhiteGlove Health, Inc., announced in May 2011 was postponed in September of that year, after several failed attempts to price. An article in

654-455: A company is listed, it is able to issue additional common shares in a number of different ways, one of which is the follow-on offering . This method provides capital for various corporate purposes through the issuance of equity (see stock dilution ) without incurring any debt. This ability to quickly raise potentially large amounts of capital from the marketplace is a key reason many companies seek to go public. An IPO accords several benefits to

763-552: A fee or have one allocated free of charge during online check-in or at the airport check-in. The airline operated a buy on board programme, called "Café Flybe", offering food and drinks for purchase. On most flights to and from the Channel Islands a selection of duty free spirits and tobacco items was also available for purchase. Passengers had the option of three ticket types, "Just Fly", "Get More" and "All In". Flybe provided short haul services to destinations throughout

872-421: A firm's stock of patents mitigates this effect. A Dutch auction allows shares of an initial public offering to be allocated based only on price aggressiveness, with all successful bidders paying the same price per share. One version of the Dutch auction is OpenIPO , which is based on an auction system designed by economist William Vickrey . This auction method ranks bids from highest to lowest, then accepts

981-829: A further 15, increasing its fleet of the type to 60. In September 2014, Republic Airways agreed to lease 24 of their Q400 aircraft to Flybe with delivery over two years starting from March 2018. In June 2017, Flybe announced that due to a loss of near to £20   million, it would retire six Q400 aircraft in 2017. When Flybe collapsed in March 2020 its 54 Dash 8 Q400s were placed into storage. In January 2021, aerial firefighting airline specialist Conair Group in Abbotsford, British Columbia in Canada announced that it had purchased 11 of Flybe's Q400 for conversion into water bombers and multi-role firefighting aircraft. IPO An initial public offering ( IPO ) or stock launch

1090-593: A further £10   million available. Subsequent funding of £80   million was also confirmed. In accepting the revised offer, Flybe's board said that it provided the security which the business needed and preserved the interests of its stakeholders, customers, employees, partners, and pension members. The deal which covered Flybe Group's operating subsidiaries, i.e. the airline and the website, would be completed by 22 February 2019. Flybe Group's shareholders had decided in December 2018 to transfer its final shares to

1199-440: A minimum free float both in absolute terms (the total value as determined by the share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding). Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and

SECTION 10

#1732791206009

1308-501: A new company, Thyme Opco, to purchase the Flybe brand and relaunch the airline, subject to regulatory approvals. The new owner planned to "start small and restore regional connectivity in the UK" from 2021. On 1 December 2020, Thyme Opco applied for a UK operating licence. Thyme Opco also registered a 21-year-old Q400, which was expected to be the first aircraft for the 'new Flybe'; since then

1417-744: A new director, but noted that Flybe's articles of association did not give members the powers needed for the new director's proposed investigation of the sale. It confirmed that it had received and rejected, a preliminary alternative bid from former Stobart CEO Andrew Tinkler . On 7 February, Flybe Group warned its shareholders that after the sale of the operating assets, the parent company would be wound up if they did not approve its sale. On 20 February, Flybe said it had rejected an alternative "preliminary and highly conditional contingency proposal" from Mesa Air Group in Phoenix and supported by Tinkler, noting that it could not be executed quickly enough to enable

1526-682: A partnership with Eastern Airways , a British airline and would now operate routes in direct competition with Loganair–namely flights from the Scottish mainland to Stornoway in the Isle of Lewis , Kirkwall in Orkney, Scotland and Sumburgh in Shetland, Scotland . On 16 January 2017, former CityJet boss Christine Ourmieres-Widener , took over as CEO after Saad Hammad left in October 2016. Later in

1635-467: A preliminary prospectus, known as a red herring prospectus , during the initial quiet period. The red herring prospectus is so named because of a bold red warning statement printed on its front cover. The warning states that the offering information is incomplete, and may be changed. The actual wording can vary, although most roughly follow the format exhibited on the Facebook IPO red herring. During

1744-868: A result of a merger of the Intra Airways from Jersey and Express Air Services based in Bournemouth, England . It was founded by John Habin, a resident of Jersey and the majority investor. After selling Aviation Beauport and other business interests, Habin invested in the firm so that it could establish several routes from Jersey Airport to major airports in the UK. Initially equipped with an aging fleet of war-surplus Douglas DC-3 aircraft, Jersey European Airways gradually reequipped with more modern commuter airliners. In November 1983, Habin sold his stake in Jersey European Airways to Jack Walker 's Walker Steel Group , which already owned

1853-902: A six-year agreement with SAS Scandinavian Airlines to fly 4 ATR 72–9 aircraft on their behalf, starting in October 2016. On 4 March 2015, Flybe announced new routes from Cardiff Airport bringing the number of routes to eleven. Flybe also stated their intention to create a new base at Cardiff Airport in summer 2015, initially basing two Embraer 195 aircraft there, which subsequently increased to three. On 10 November 2015, Flybe announced that it would base two Embraer 195 aircraft at Doncaster Sheffield Airport in South Yorkshire, starting new routes to Amsterdam , Berlin Tegel , Paris Charles de Gaulle (Paris CDG), Jersey , Alicante Airport , Málaga , Faro, Portugal and Newquay Cornwall Airport as of 27 March 2016 . The announcement came on

1962-434: A standard listing, meaning that shareholder approval for the sale of the assets was no longer required. Notwithstanding the change, on 21 January 2019 one of the largest shareholders, Hosking Partners, threatened legal action to block the deal which it believed undervalued the company. On 4 February 2019, Flybe confirmed that it had received a valid request from Hosking Partners to convene a general meeting in order to appoint

2071-612: A wide-ranging review of strategic options. On 22 November, news emerged that Virgin Atlantic was one of the parties with which Flybe had been holding discussions; Flybe's slots at Heathrow were of particular interest to Virgin Atlantic, along with the potential to use Flybe to feed passengers into the Virgin Atlantic hubs in Manchester and London Heathrow. On 11 January 2019, a takeover bid worth £2.2   million by

2180-461: A £280,000 rebate from Norwich Airport , Flybe advertised for "actors", as well as offering free return flights to Dublin on its website. As a result, the environmental group Friends of the Earth called on the government to launch an investigation into the aviation industry. Chief Executive Officer Jim French was recognised in the 2009 Queen's Birthday Honours List with a CBE for his services to

2289-438: Is theglobe.com IPO which helped fuel the IPO "mania" of the late 1990s internet era. Underwritten by Bear Stearns on 13 November 1998, the IPO was priced at $ 9 per share. The share price quickly increased 1,000% on the opening day of trading, to a high of $ 97. Selling pressure from institutional flipping eventually drove the stock back down, and it closed the day at $ 63. Although the company did raise about $ 30  million from

SECTION 20

#1732791206009

2398-411: Is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks , who also arrange for the shares to be listed on one or more stock exchanges . Through this process, colloquially known as floating , or going public , a privately held company is transformed into

2507-545: Is an expensive process, IPOs also typically involve one or more law firms with major practices in securities law , such as the Magic Circle firms of London and the white-shoe firms of New York City. Financial historians Richard Sylla and Robert E. Wright have shown that before 1860 most early U.S. corporations sold shares in themselves directly to the public without the aid of intermediaries like investment banks. The direct public offering (DPO), as they term it,

2616-528: Is located in Vantaa , Finland , while the office in Seinäjoki houses the company's financial division. The creation of the airline was announced on 1 July 2011, when Flybe and Finnair revealed plans to jointly purchase Finncomm Airlines (FCA) and rebrand the airline Flybe Nordic , with Flybe and Finnair each holding a stake in the new airline. Under the terms of the agreement, the purchase price of Finncomm

2725-451: Is low enough to stimulate interest in the stock but high enough to raise an adequate amount of capital for the company. When pricing an IPO, underwriters use a variety of key performance indicators and non-GAAP measures. The process of determining an optimal price usually involves the underwriters ("syndicate") arranging share purchase commitments from leading institutional investors. Some researchers (Friesen & Swift, 2009) believe that

2834-465: Is possible that the financial incentives of the advisor and client may not be aligned. The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under a specific circumstance known as the greenshoe or overallotment option. This option is always exercised when the offering is considered a "hot" issue, by virtue of being oversubscribed. In the US, clients are given

2943-399: Is to generate additional interest in the stock and a rapid rise in share price when it first becomes publicly traded (known as an "IPO pop"). Flipping , or quickly selling shares for a profit , can lead to significant gains for investors who were allocated shares of the IPO at the offering price. However, underpricing an IPO results in lost potential capital for the issuer. One extreme example

3052-452: Is usually underwritten by a " syndicate " of investment banks, the largest of which take the position of "lead underwriter". Upon selling the shares, the underwriters retain a portion of the proceeds as their fee. This fee is called an underwriting spread . The spread is calculated as a discount from the price of the shares sold (called the gross spread ). Components of an underwriting spread in an initial public offering (IPO) typically include

3161-523: The Avios frequent-flyer program until 30 April 2019, when Flybe and Avios ended their partnership and all accounts were closed. The programme is operated by the IAG subsidiary Avios Group. Flybe's cabin interiors were configured with a single-class all-economy layout. It operated an allocated seating policy on its flights. Passengers had the option to choose a specific seat of their choice online in advance for

3270-414: The Channel Islands and Eastern Airways continued. The chief executive, Mark Anderson, said that Flybe had made "every possible attempt" to prevent the collapse but were "unable to overcome significant funding challenges". As of 1 May 2020, Flybe's administrators EY believed that a sale of the business as a going concern remained possible, having received around 20 non-binding offers including three for

3379-488: The Connect Airways consortium, which includes Virgin Atlantic and Stobart Aviation, was confirmed. The consortium planned to lend £20   million enabling Flybe to continue operations and would take over Stobart Air; when the acquisition is completed it would provide a further £80   million. The initial deal, which would have been conditional on shareholder and court approval, was expected to be completed by

Nordic Regional Airlines - Misplaced Pages Continue

3488-970: The Exeter Chiefs with their branding featured on both teams' shirts. Flybe had also sponsored the ITV Weather forecasts on ITV Channel Television , ITV Cymru Wales , ITV Meridian , ITV West Country , STV , UTV , and the sport sections of the Manchester Evening News , the Express & Echo (Exeter), the South Wales Echo (Cardiff), the Isle of Man Courier and the Isle of Man Examiner . Flybe had previously sponsored Birmingham City FC (2003–2007), Norwich City FC (2006–2008), Southampton FC (2006–2010), and Inverness Caledonian Thistle FC (2007–2010). Flybe used

3597-472: The Finnish Competition and Consumer Authority approved the sale of its stake (60%) to StaffPoint Holding and G.W. Sohlberg. Flybe sold its share to Finnair as a temporary solution in March 2015. The airline has operated under Finnair's flight code since 1 May 2015. In May 2015, Flybe Nordic was rebranded as Nordic Regional Airlines. As of November 2014, the airline has codeshare agreements with

3706-642: The International Airlines Group (15%). The acquisition increased Flybe's route network in both the UK and continental Europe, making Flybe Europe's largest regional airline. On 14 January 2008, it was announced that Flybe had signed a franchise agreement with Scottish airline Loganair , to commence on 26 October 2008 following the termination of Loganair's franchise agreement with British Airways on 25 October 2008. The agreement would see Loganair aircraft flying in Flybe colours on 55 routes from Scotland. In 2008, in order to avoid losing

3815-625: The London Stock Exchange . In February 2019, the airline was sold to the Connect Airways consortium, backed by Virgin Atlantic and Stobart Aviation . Connect Airways intended Flybe and Stobart Air to then rebrand as Virgin Connect , although they would have retained their own air operator certificates . On 5 March 2020, Flybe filed for administration and ceased operations. The airline, which had been struggling for several months, claimed that its difficulties were compounded by

3924-822: The charter airline Spacegrand Aviation based in Blackpool, England . Initially, the two airlines were run separately although they partially shared management; Exeter Airport served as a critical hub, forming a meeting point between the two companies' route networks. In 1985, both airlines were amalgamated under the Jersey European name; the combined entity's headquarters was established in Exeter, England . In 1985, Jersey European Airways carried 160,000 passengers and achieved an annual revenue of just under £9   million. During 1990, Jersey European Airways' passenger count rose to 460,000, being 40 percent greater than

4033-629: The impact of the COVID-19 pandemic on bookings. In October 2020, Thyme Opco, a company linked to former shareholder Cyrus Capital, agreed with the administrators to purchase the Flybe brand and relaunch the airline in 2021, subject to regulatory approvals. In April 2021, the new company renamed itself Flybe Limited , obtained an operating licence, route licences, and airport slots; the first flight took place on 13 April 2022. The relaunched airline ceased trading on 28 January 2023. Flybe started operations on 1 November 1979 as Jersey European Airways as

4142-506: The publicani were legal bodies independent of their members whose ownership was divided into shares, or partes . There is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum , near the Temple of Castor and Pollux . The shares fluctuated in value, encouraging the activity of speculators, or quaestors . Mere evidence remains of

4251-467: The 118-seat E-195 over rival 150-seat aircraft due to economics and performance benefits. Flybe would serve as the launch customer for the E-195, receiving the first example of the type during the later half of 2006. Initially, the E-195 fleet were assigned to the airline's high-volume trunk routes, but the firm later planned to use it on new routes to expand their network. Further E-195s would be ordered by

4360-507: The Dutch auction is still a little used method in U.S. public offerings, although there have been hundreds of auction IPOs in other countries. In determining the success or failure of a Dutch auction, one must consider competing objectives. If the objective is to reduce risk, a traditional IPO may be more effective because the underwriter manages the process, rather than leaving the outcome in part to random chance in terms of who chooses to bid or what strategy each bidder chooses to follow. From

4469-407: The Dutch auction system for its initial public offering. Traditional U.S. investment banks have shown resistance to the idea of using an auction process to engage in public securities offerings. The auction method allows for equal access to the allocation of shares and eliminates the favorable treatment accorded important clients by the underwriters in conventional IPOs. In the face of this resistance,

Nordic Regional Airlines - Misplaced Pages Continue

4578-401: The Flybe network overnight. In March 2014, it was announced that Flybe would undergo a major brand refresh. This new scheme included a new purple aircraft livery, new interior features and new uniforms. During June 2014, British Airways sold most of its remaining stake in the airline; it had already been reduced to 5% by share issues. In early 2016, it was announced that Flybe had negotiated

4687-473: The IPO are restricted from issuing any earnings forecasts or research reports for the company. When the quiet period is over, generally the underwriters will initiate research coverage on the firm. A three-day waiting period exists for any member that has acted as a manager or co-manager in a secondary offering. Not all IPOs are eligible for delivery settlement through the DTC system , which would then either require

4796-763: The Jersey based airline, Blue Islands . Now all Blue Islands flights operated under the Flybe name, and the Blue Islands aircraft livery was replaced with the current Flybe livery from May 2016. However the deal was under investigation and was reported to potentially break local competition laws. From 1 September 2017, Eastern Airways became a new franchise partner for Flybe taking over routes previously operated by Loganair from Aberdeen Airport, Glasgow Airport and Edinburgh Airport. That meant both Flybe and Loganair were now in direct competition with each other. In January 2018, services to Sumburgh were being withdrawn, owing to

4905-512: The UK government envisaged granting Flybe a £100   million rescue loan, and held talks with the EU Commission to ensure that state aid rules were not broken. In early March, the airline faced concern over the impact of the COVID-19 pandemic on bookings, casting doubt on whether the loan would be granted. In the early morning of 5 March 2020, the airline filed for administration and ceased all operations with immediate effect after

5014-540: The UK government failed to grant a proposed £100   million ($ 129   million) loan. Virgin Atlantic said that Connect Airways could "no longer commit to continued financial support" despite its investment of over £135   million; Virgin Atlantic placed part of the blame on the negative impact of the COVID-19 pandemic on Flybe's trading. All flights operated by Flybe and Stobart Air were cancelled, although those operated by franchisees Blue Islands , an airline in

5123-619: The United Kingdom, Ireland, and continental Europe. Flybe formerly had codeshares with the following airlines under the 'One Stop to the World' programme: The airline also had franchise agreements with the following airlines: Flybe had an interline agreement with Pakistan International Airlines Before ceasing operations these were the aircraft in the Flybe fleet: Flybe retired its final Embraer 195 in February 2020, which

5232-412: The United Kingdom, the Channel Islands and the Isle of Man . The airline held a Civil Aviation Authority Type A Operating Licence permitting it to carry passengers, cargo and mail on aircraft with 20 or more seats. The Flybe Group included Flybe Aviation Services (engineering and maintenance), Flybe Training Academy (engineering and flight crew training), Flybe UK (airline operations) and Flybe Europe,

5341-504: The Wall Street Journal cited the reasons as "broader stock-market volatility and uncertainty about the global economy have made investors wary of investing in new stocks". Under American securities law, there are two-time windows commonly referred to as "quiet periods" during an IPO's history. The first and the one linked above is the period of time following the filing of the company's S-1 but before SEC staff declare

5450-500: The aim of introducing larger airliners in the 150- to 170-seat class, such as the Boeing 737 and Airbus A320 families. In June 2000, the airline announced that it had rebranded as British European ; according to a company spokesperson, that was due to the Jersey European Airways name no longer being an accurate reflection of the scope of the routes which were covered. The name was soon shortened to simply Flybe on 18 July 2002 and

5559-430: The airline announced that it had picked Birmingham Airport as its new base, with operations scheduled to begin in early 2022 to "key regions across the UK and EU". On 16 March 2022, Flybe announced that it would start ticket sales the following week, and that Belfast would be the airline's second operating base. The company slogan was "Smile and go the extra mile." On 22 March the company's website opened for bookings;

SECTION 50

#1732791206009

5668-424: The airline industry. On 10 December 2010, Flybe floated in an IPO on the London Stock Exchange , with trading in shares commencing on the same day. Full public release of shares followed on 15 December 2010. The share price was set at 295p, valuing the company at approximately £ 215   million, and raising £ 66   million for the company, half of which was to pay for fleet expansion. On 23 May 2013, it

5777-486: The airline over the following decade, the type making up a major proportion of Flybe's fleet. On 3 November 2006, it was announced that Flybe would buy BA Connect , except for that airline's services out of London City Airport . During March 2007, this takeover was completed; as a consequence of the BA Connect takeover, the ownership of Flybe was divided between Rosedale Aviation Holdings (69%), Flybe staff (16%) and

5886-456: The airline repositioned itself as a full-service, low-fare airline . Various pricing and product changes were made in line with this position such as discounted one-way tickets, the abolition of overbooking practices, a customer charter of the airline's service standards, as well as compensation for delays. In June 2005, it was announced that Flybe would procure a fleet of 26 Embraer E-195 regional airliners; it would claim that it had opted for

5995-401: The airline to continue trading. On 21 February 2019, Flybe announced that the sale of Flybe Limited and Flybe.com Limited to Connect Airways had been completed, with Flybe flights continuing to operate as normal. The sale of the parent company, Flybe Group plc, now an empty shell, was confirmed by its shareholders at a meeting on 4 March and became effective on 11 March. In October 2019, it

6104-493: The airline was not relaunched in time to use these slots. The 'original' Flybe company was renamed FBE Realisations 2021 Limited, with Thyme Opco Limited becoming Flybe Limited. On 3 June 2021, the operating licence for the original company was revoked following an unsuccessful appeal to the Transport Secretary. Despite initial beliefs that its legacy slots at UK airports had returned to the slot coordinator, that

6213-406: The airline, which had climbed by up to 25% following the bid, to drop back to their previous level. In September 2018, a revised aircraft livery was launched, with purple and white being retained but lilac replacing the red and yellow. On 14 November 2018, after the airline's shares fell by 75%, Flybe announced that it was talking with various parties about a potential sale of the business, as part of

6322-408: The assumption of independent private values (that the value of IPO shares to each bidder is entirely independent of their value to others, even though the shares will shortly be traded on the aftermarket). Theory that incorporates assumptions more appropriate to IPOs does not find that sealed bid auctions are an effective form of price discovery, although possibly some modified form of auction might give

6431-422: The capital to its public investors. Those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. After the IPO, once shares are traded in

6540-407: The company (primary offering) as well as to any early private investors who opt to sell all or a portion of their holdings (secondary offerings) as part of the larger IPO. An IPO, therefore, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of the debt, or working capital. A company selling common shares is never required to repay

6649-487: The competition with Loganair and the route being unable to sustain two carriers. It was announced that Loganair was withdrawing services from Glasgow to Manchester leaving Flybe as the sole operator on that route. Flybe purchased Finncomm Airlines with Finnair of Finland in July 2011, and on 30 October 2011 rebranded the airline as Flybe Nordic . The joint venture operated its own routes along with franchise routes under

SECTION 60

#1732791206009

6758-442: The concession, while the member of the syndicate who provided the shares to that broker-dealer would retain the underwriting fee. Usually, the managing/lead underwriter, also known as the bookrunner , typically the underwriter selling the largest proportions of the IPO, takes the highest portion of the gross spread , up to 8% in some cases. Multinational IPOs may have many syndicates to deal with differing legal requirements in both

6867-724: The entire business and assets, and expected to receive final offers for evaluation in early May. They appealed to the UK transport secretary to ensure that Flybe's operating licence is not revoked, as this would prevent the sale of the valuable airport slots. The appeal was successful, and on 9 July the CAA withdrew its revocation decision. Further legal action remained, relating to Flybe's slots at Heathrow – which have been taken over by British Airways parent IAG – and to its air operator certificate. On 19 October 2020, reports emerged that Lucien Farrell, in charge of former shareholder Cyrus Capital's London office, had formed

6976-451: The final IPO prospectus is for the issuer to retain one of the major financial "printers", who print (and today, also electronically file with the SEC ) the registration statement on Form S-1. Typically, preparation of the final prospectus is actually performed at the printer, wherein one of their multiple conference rooms the issuer, issuer's counsel (attorneys), underwriter's counsel (attorneys),

7085-551: The financing provided by Connect Airways. A deal was reached on 15 January, entailing a deferred payment plan for Flybe's tax debts and increased funding from Connect Airways. The UK government also agreed to conduct an urgent review of Air Passenger Duty on domestic flights. By January 2020, Flybe operated 36% of all UK domestic flights (ahead of the UK's two largest airlines, British Airways and EasyJet ), carrying 26% of domestic passengers (behind British Airways and EasyJet which operate larger types of aircraft). In February 2020,

7194-429: The first flight took place on 13 April 2022. On 28 January 2023, Flybe entered administration and ceased all operations. On 18 March 2024, administration of the original Flybe (FBE Realisations 2021 Limited) ceased and the company was dissolved. The former owner, Flybe Group plc, was a public company listed on the London Stock Exchange ( LSE :  FLYB ). Until November 2013, the main shareholder, with 48.1% of

7303-468: The following (on a per-share basis): Manager's fee, Underwriting fee—earned by members of the syndicate, and the Concession—earned by the broker-dealer selling the shares. The Manager would be entitled to the entire underwriting spread. A member of the syndicate is entitled to the underwriting fee and the concession. A broker-dealer who is not a member of the syndicate but sells shares would receive only

7412-953: The following airlines: Nordic Regional Airlines's fleet consists of the following aircraft (as of August 2019): In April 2013, it was announced that Flybe Finland Ground will be established to provide ground services to Flybe operations in Finland. This business will initially focus on Helsinki Airport where it will develop services to support Flybe's own operations. In the future, Flybe Finland Ground will also offer ground services to other airlines in Finland and overseas. The former Finnish Aircraft Maintenance has operated as Flybe Finland Maintenance since April 2013. It provides maintenance services for regional aircraft, in particular ATR 72 aircraft at Helsinki Airport . [REDACTED] Media related to Nordic Regional Airlines at Wikimedia Commons Flybe (1979%E2%80%932020) Flybe (pronounced / ˈ f l aɪ ˌ b iː / ), styled as flybe ,

7521-421: The highest bids that allow all shares to be sold, with all winning bidders paying the same price. It is similar to the model used to auction Treasury bills , notes, and bonds since the 1990s. Before this, Treasury bills were auctioned through a discriminatory or pay-what-you-bid auction, in which the various winning bidders each paid the price (or yield) they bid, and thus the various winning bidders did not all pay

7630-479: The holding company for all European operations, which previously consisted of Flybe Nordic . Trends for Flybe Group during the period 2007–2018 are shown below (as at year ending 31 March): Loganair , a Scottish airline, was the first franchise partner for Flybe and operated a number of flights in Scotland and Ireland under a franchise agreement from 2008. Loganair aircraft wore the full Flybe livery during

7739-458: The issued shares, the stock may fall in value on the first day of trading. If so, the stock may lose its marketability and hence even more of its value. This could result in losses for investors, many of whom being the most favored clients of the underwriters. Perhaps the best-known example of this is the Facebook IPO in 2012. Underwriters, therefore, take many factors into consideration when pricing an IPO, and attempt to reach an offering price that

7848-425: The issuer's domestic market and other regions. For example, an issuer based in the E.U. may be represented by the major selling syndicate in its domestic market, Europe, in addition to separate group corporations or selling them for US/Canada and Asia. Usually, the lead underwriter in the head selling group is also the lead bank in the other selling groups. Because of the wide array of legal requirements and because it

7957-524: The jet was acquired by PAL Airlines , a regional airline in Eastern Canada . In April 2021, the British CAA granted the new airline an operating licence as well as Type A and B route licences, enabling the carrier to operate both charter and scheduled services. The new company also obtained 86 slots at Heathrow for the summer 2021 season, to be used for flights to Edinburgh and Aberdeen , but

8066-668: The lead underwriter(s), and the issuer's accountants/auditors make final edits and proofreading, concluding with the filing of the final prospectus by the financial printer with the Securities and Exchange Commission. Before legal actions initiated by New York Attorney General Eliot Spitzer , which later became known as the Global Settlement enforcement agreement, some large investment firms had initiated favorable research coverage of companies in an effort to aid corporate finance departments and retail divisions engaged in

8175-426: The listing regime. Planning is crucial to a successful IPO. One book suggests the following seven planning steps: IPOs generally involve one or more investment banks known as " underwriters ". The company offering its shares, called the "issuer", enters into a contract with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell those shares. A large IPO

8284-583: The marketing of new issues. The central issue in that enforcement agreement had been judged in court previously. It involved the conflict of interest between the investment banking and analysis departments of ten of the largest investment firms in the United States. The investment firms involved in the settlement had all engaged in actions and practices that had allowed the inappropriate influence of their research analysts by their investment bankers seeking lucrative fees. A typical violation addressed by

8393-427: The offering, it is estimated that with the level of demand for the offering and the volume of trading that took place they might have left upwards of $ 200 million on the table. The danger of overpricing is also an important consideration. If a stock is offered to the public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of

8502-417: The ongoing requirement to disclose important and sometimes sensitive information. Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus . Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter. Underwriters provide several services, including help with correctly assessing

8611-405: The open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a fixed price , through a secondary market offering . This type of offering is not dilutive since no new shares are being created. Stock prices can change dramatically during a company's first days in the public market. Once

8720-401: The physical delivery of the stock certificates to the clearing agent bank's custodian or a delivery versus payment (DVP) arrangement with the selling group firm. "Stag profit" is a situation in the stock market before and immediately after a company's initial public offering (or any new issue of shares). A "stag" is a party or individual who subscribes to the new issue expecting the price of

8829-545: The previous year. During 1991, the airline commenced its first route to London , flying between Guernsey and London Gatwick Airport . In 1993, it received the first of its British Aerospace 146 aircraft, a four-engined jet-powered regional aircraft. That same year, the airline introduced a business class service aboard some aircraft. Around that time, the Exeter hub was supplemented by connections in both London and Birmingham, England . By 1995, Jersey European Airways

8938-622: The previously private company: There are several disadvantages to completing an initial public offering: IPO procedures are governed by different laws in different countries. In the United States, IPOs are regulated by the United States Securities and Exchange Commission under the Securities Act of 1933 . In the United Kingdom, the UK Listing Authority reviews and approves prospectuses and operates

9047-545: The prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicani lost favor with the fall of the Republic and the rise of the Empire . In the United States, the first IPO was the public offering of Bank of North America around 1783. When a company becomes publicly listed, the money paid by the investing public for the newly issued shares goes directly to

9156-512: The purchase price of FCA. At the time of the announcement of Flybe Nordic's creation, Flybe planned to begin operating the new airline on 1 August 2011, with the FCA name being phased out, though the start date was later pushed back to 30 October. A new route network was also planned to be announced in mid-August. In November 2014, Flybe announced that it would sell its 60% stake in the airline for €1 in an effort to reduce group costs. In February 2015,

9265-522: The quiet period, the shares cannot be offered for sale. Brokers can, however, take indications of interest from their clients. At the time of the stock launch, after the Registration Statement has become effective, indications of interest can be converted to buy orders, at the discretion of the buyer. Sales can only be made through a final prospectus cleared by the Securities and Exchange Commission. The final step in preparing and filing

9374-413: The registration statement effective. During this time, issuers, company insiders, analysts, and other parties are legally restricted in their ability to discuss or promote the upcoming IPO (U.S. Securities and Exchange Commission, 2005). The other "quiet period" refers to a period of 10 calendar days following an IPO's first day of public trading. During this time, insiders and any underwriters involved in

9483-1103: The same day that Flybe announced they would be pulling flights from Bournemouth Airport in England. Dublin Airport was added in October 2016, taking over where Stobart Air left. On 26 October 2016, it was announced that Hammad would be standing down as CEO with immediate effect and consequently, Flybe was beginning the process of finding a replacement. On 21 November 2016, Flybe announced it would open its first European base at Düsseldorf Airport in Germany. In February 2017 that commenced with two aircraft alongside 60 pilots, cabin crew and engineers. On 22 December 2016, Flybe started selling flights for 12 further destinations from Southend Airport in London in an extension to their existing franchise operation with Stobart Air. Flybe and Loganair separately announced that their franchise agreement would terminate in October 2017. Flybe then announced

9592-549: The same price. Both discriminatory and uniform price or "Dutch" auctions have been used for IPOs in many countries, although only uniform price auctions have been used so far in the US. Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by size of proceeds). A variation of the Dutch auction has been used to take a number of U.S. companies public including Morningstar , Interactive Brokers Group , Overstock.com , Ravenswood Winery, Clean Energy Fuels, and Boston Beer Company . In 2004, Google used

9701-454: The second quarter of 2019. Flybe and Stobart Air would operate under the Virgin Atlantic brand though they would retain their own air operator certificates . Optimisation of Flybe's routes would likely result in a "limited reduction" in its fleet. On 15 January 2019, Connect Airways increased its offer by £600,000, and set out improved bridging loan conditions, with £10   million to be released immediately to support Flybe's business and

9810-476: The settlement was the case of CSFB and Salomon Smith Barney , which were alleged to have engaged in the inappropriate spinning of "hot" IPOs and issued fraudulent research reports in violation of various sections within the Securities Exchange Act of 1934 . A company planning an IPO typically appoints a lead manager, known as a bookrunner , to help it arrive at an appropriate price at which

9919-414: The shares should be offered. There are two primary ways in which the price of an IPO can be determined. Either the company, with the help of its lead managers, fixes a price ("fixed price method"), or the price can be determined through analysis of confidential investor demand data compiled by the bookrunner (" book building "). Historically, many IPOs have been underpriced. The effect of underpricing an IPO

10028-505: The shares, was Rosedale Aviation Holdings Limited, the corporate representative of the trustee of the Jack Walker 1987 Settlement, which was established by the late Jack Walker , who was involved in Flybe's early development. In the UK, Flybe's largest base was at Birmingham Airport ; the airline had other large bases at Belfast City , Manchester and Southampton airports, with a total of 14 crew and aircraft who were based across

10137-419: The stock to rise immediately upon the start of trading. Thus, stag profit is the financial gain accumulated by the party or individual resulting from the value of the shares rising. This term is more popular in the United Kingdom than in the United States. In the US, such investors are usually called flippers, because they get shares in the offering and then immediately turn around " flipping " or selling them on

10246-641: The time of the franchise. In 2016, it was announced that the agreement was to end on 31 August 2017 at which time Loganair would become an independent carrier. In 2014, Flybe signed their second franchise agreement with Stobart Air , and initially started operating European routes from Southend Airport . In 2015, Stobart Air began operating more flights on behalf of Flybe from Ronaldsway Airport, Isle of Man using two ATR 72 . In 2017, Flybe and Stobart Air began operating additional services from Southend Airport using Flybe Embraer 195 jet aircraft. On 11 January 2016, Flybe announced its third franchise deal with

10355-410: The time, over 60 did not cover their direct operating expenses and the costs of crew and aircraft. On 23 April 2014, Flybe announced that it would launch domestic and international flights from London City Airport from 27 October 2014 after signing a five-year deal with the airport. The airline was expecting to carry around 500,000 passengers a year, with all five allocated aircraft being based around

10464-478: The two airlines were merged under the Jersey European name during 1985. The airline experienced significant growth during the 1990s. It was renamed British European in 2000 and Flybe in 2002. On 3 November 2006, it was announced that Flybe was in the process of purchasing BA Connect . With the sale, the airline became the largest regional airline in Europe. On 10 December 2010, the company was floated in an IPO on

10573-447: The underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, and more the result of an over-reaction on the part of investors (Friesen & Swift, 2009). One potential method for determining to underprice is through the use of IPO underpricing algorithms . Other researchers have discovered that firms with higher revenues from licensing-based technology commercialization exhibit greater IPO underpricing, while

10682-399: The underwriters. A licensed securities salesperson ( Registered Representative in the US and Canada) selling shares of a public offering to his clients is paid a portion of the selling concession (the fee paid by the issuer to the underwriter) rather than by his client. In some situations, when the IPO is not a "hot" issue (undersubscribed), and where the salesperson is the client's advisor, it

10791-528: The value of shares (share price) and establishing a public market for shares (initial sale). Alternative methods such as the Dutch auction have also been explored and applied for several IPOs. The earliest form of a company which issued public shares was the case of the publicani during the Roman Republic , although this claim is not shared by all modern scholars. Like modern joint-stock companies,

10900-405: The viewpoint of the investor, the Dutch auction allows everyone equal access. Moreover, some forms of the Dutch auction allow the underwriter to be more active in coordinating bids and even communicating general auction trends to some bidders during the bidding period. Some have also argued that a uniform price auction is more effective at price discovery , although the theory behind this is based on

11009-473: The year, Flybe began flying from Heathrow to Aberdeen Airport and Edinburgh taking over slots previously used by Virgin Atlantic Little Red . On 22 February 2018, franchise partner Stobart Air confirmed interest in a takeover bid of 100% of Flybe for an undisclosed fee. However that bid was rejected by the carrier and Stobart scrapped its interest on 22 March 2018, causing share prices in

11118-451: Was a British airline based in Exeter, England . It was sold to Connect Airways in 2019; it was the largest independent regional airline in Europe. Flybe once provided more than half of the UK domestic flights outside of London . The airline was launched in 1979 as Jersey European Airways after the merger of Intra Airways and Express Air Services . In 1983, JEA was sold to Walker Steel Group , which also owned Spacegrand Aviation ;

11227-451: Was again expanding after incurring minor losses during the prior year. In mid-1997, Jersey European Airways announced that it had achieved record results in its previous financial year amid a boom in Europe's regional airlines market; in the same year, the firm secured a franchise arrangement with Air France covering routes from London Heathrow to Toulouse and Lyon , expanded its fleet to provide 32% more seat capacity, and recorded

11336-594: Was announced that Flybe would be rebranded as Virgin Connect , reflecting its incorporation into the Virgin Group , with effect from early 2020. The Virgin Group launched a landing page virginconnect .com to avoid confusion with the existing Virgin Connect brand used in Russia for internet & mobile services. In January 2020, it emerged that Flybe was again in difficulties, incurring mounting losses despite

11445-513: Was not done by auction but rather at a share price set by the issuing corporation. In this sense, it is the same as the fixed price public offers that were the traditional IPO method in most non-US countries in the early 1990s. The DPO eliminated the agency problem associated with offerings intermediated by investment banks. The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include: Public offerings are sold to both institutional investors and retail clients of

11554-539: Was reported that Flybe had sold its slots at Gatwick Airport to EasyJet for £20   million, and that the slots would be handed over to EasyJet on 29 March 2014. CEO and chairman Jim French retired in August 2013, leaving the post of CEO to Saad Hammad, formerly of EasyJet, while Simon Laffin became chairman. By November 2013, Hammad had shaken up the operation, requesting the resignations of three top managers within six weeks of his arrival. Out of 158 routes flown at

11663-639: Was returned to lessors once it was retired. It had said that the Q400 would be the backbone of its fleet going forward. Flybe became the world's largest operator of the Dash 8 Q400 after it added 24 jets leased from Republic Airways , a US regional airline, in 2014. In May 2007, the airline signed a deal with Bombardier , an aircraft manufacturer in Montreal, Canada for a further 15 Q400 aircraft valued at US$ 394   million (£197   million), with options for

11772-438: Was shown not to be the case by coordinator ACL. The new operating company also leased Heathrow slots from British Airways for routes to Edinburgh and Aberdeen. On 26 October 2021, the new Flybe Limited confirmed that it had appointed David Pflieger as its chief executive. That closely followed the appearance of an ex-Flybe Q400, registered as G-JECX, which had been painted with a new purple-and-white livery. In November 2021,

11881-421: Was €25 million, of which Flybe would pay €12 million and Finnair €13 million. Flybe has a majority stake in Flybe Nordic, holding a 60% stake in the airline, with Finnair holding the remaining 40%; Flybe has three seats on the airline's board of directors with Finnair having the other two. Flybe planned to invest a total of €23.6 million into the new airline, including expenses such as loan repayments in addition to

#8991