Flybe board puts support behind chair in Hosking dispute

28th Jan 2019 09:32

(Sharecast News) - Flybe shares took off in early trade on Monday after the group threw its weight behind chairman Simon Laffin just days after a major shareholder called for his resignation.Flybe shares nosedived as much as 47% last week after the low-cost carrier announced it would be going ahead with a £2.8bn takeover by a consortium headed up Virgin.Following the announcement on Friday, Hosking Partners, which owns almost 19% of Flybe, made a move to oust Laffin and replace him with Eric Kohn - a former reservist Lieutenant Colonel with the army's airborne division and director at Canadian aerospace manufacturer Avcorp.However, on Monday Flybe said: "The board reaffirms that it has acted at all times in the interests of its shareholders and all its stakeholders, through an extremely difficult and challenging period.""The board continues to have full confidence in its chairman, Simon Laffin, and believes that any independent scrutiny of its conduct will support the board's decision-making."As of 0930 GMT, Flybe shares had soared 26.47% to 4.30p.