Flybe shares fly higher

Flybe (LON:FLYB) shares ascended 12% to 3.56p (as at GMT 16:18) after the company confirmed reports that it had received another offer to inject capital into the ailing airline – despite the funding offer being immediately rejected.

Made by Stobart Group’s former chief executive officer Andrew Tinkler, the offer was conditional on the sale of Flybe’s operating businesses to Connect Airways – which is a consortium consisting of Stobart, Virgin Atlantic and an investment firm – falling through.

In a separate announcement, Flybe announced it would hold a shareholder vote to remove Chairman Simon Laffin and replace him with Eric Kohn, a corporate financier. This decision comes on the back of a request to hold such a vote from one of its biggest shareholders Hosking Partners.