Flybe descends after major shareholder sells out

13th Nov 2013 16:34

Shares in low cost airline Flybe dipped after its major shareholder Rosedale Aviation sold its entire stake.Rosedale, which represents the trust of the late steel magnate and owner of Blackburn Rovers football club Jack Walker, sold its 48.1% stake to institutional investors.Chief Executive Saad Hammad confirmed that while the environment remained challenging for all airlines he believed the turnaround of Flybe was "gaining momentum". "The immediate actions announced in our results will incur significant transitional costs, but will deliver a full payback over the next two years. "The board is confident that these initiatives will put the group on a firm foundation for performance improvement and future growth." Shares in Flybe were down 11% to 93p by close on Wednesday.OH