Separate agreement for airline and website
Flybe has warned shareholders it will wind up the company if they do not back a sale to a consortium led by Virgin Atlantic and Stobart Air.
The company was sold to the consortium, which also includes venture capital firm Cyrus, last month for £2.2 million. The new airline is due to operate as Connect Airways.
The low sale price means shareholders would receive just a penny a share.
A meeting to approve the sale will be held on 4 March.
However, on 15 January, to avoid the airline going into administration, the Flybe board entered into a separate agreement to sell the operating subsidiaries including the airline and the website.
That sale is expected to be competed by 22 February, and does not require shareholder approval.
Castletown to the rescue for food market
Gas tariff increase unlikely says regulatory authority
Road closures in place as Manx Rally continues
Domestic appliances are replaceable - you aren't!
Steam Packet responds to Which? survey
KWC and Buchan unveil campus consolidation plans
