Flybe Bolsters Balance Sheet with Share Offering
British regional carrier Flybe is set to continue with its fleet expansion plans after an aggressive cost-cutting exercise and a share flotation that has expanded its capital base. (Photo: Flybe)
British regional carrier Flybe is set to continue with its fleet expansion plans after an aggressive cost-cutting exercise and a share flotation that has expanded its capital base. (Photo: Flybe)

UK regional airline Flybe has raised almost $260 million in fresh capital through a share flotation launched Thursday in London. The company, which has been battling to rebuild its business model with an aggressive program of cost cutting, is issuing a total of up to 141.5 million new shares to raise £155.6 million. The offer price on February 20 was UK110p per share, representing a 7.2-percent discount on the stock’s UK118.5p mid-market price on February 19.