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.