Flybe shareholders to vote on chairman’s future
Cash-strapped Flybe has agreed to call a general meeting at which shareholders will be asked whether or not to remove its chairman.
The airline, which has accepted a takeover bid by a group led by Virgin Atlantic, said the meeting to decide Simon Laffin’s future will be held later this month.
Major shareholder Hosking Partners has been trying to oust Laffin since the airline accepted the £2.2 million takeover offer, for which shareholders will receive just a penny per share.
News that the airline had agreed to vote on Laffin’s position pushed Flybe shares up almost 10% to 3.5p.
Hosking wants to replace Laffin, who has served on the board for five years, with aviation industry veteran Eric Kohn.
"The company will within 21 days from 1 February 2019 call a general meeting of shareholders to consider the resolutions to appoint Mr Eric Kohn and remove Mr Simon Laffin as directors of the company and such general meeting will be held on a date not more than 28 days after the date of the notice convening the meeting," Flybe said in a statement.
"The board is writing today to Mr Kohn to invite him to meet with the nomination committee of the board in accordance with its procedures applicable to the assessment of board candidates. Following this meeting, in the circular to shareholders accompanying the notice of general meeting, the board will make recommendations to shareholders in relation to the resolutions."
Hosking has also urged Flybe to charge Kohn with leading an investigation, though it did not say would Kohn would investigate.
"Flybe has again informed Hosking that this resolution would, if proposed, be ineffective as the company’s articles of association do not confer on members the necessary powers," the airline said.
The airline rejected an offer of a capital injection from former Stobart boss Andrew Tinkler yesterday, which was conditional on Flybe walking away from the Virgin-led takeover.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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