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Flybe dismisses top investor call for chairman removal, sale inquiry

Flybe dismisses top investor call for chairman removal, sale inquiry
FILE PHOTO: An airport worker examines a flybe aircraft before it takes off from Liverpool John Lennon Airport in Liverpool northern England, May 19 , 2016. REUTERS/Phil Noble   -   Copyright  Phil Noble(Reuters)
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(Reuters) – Flybe Group Plc said its largest shareholder Hosking Partners’ request to oust Chairman Simon Laffin and investigate the British regional airline’s cut-price sale to a consortium agreed this month “was not a valid request”.

Flybe, which is being bought by Richard Branson’s Virgin Atlantic, Stobart Group and Cyrus Capital for an initial 2.2 million pounds, also said a resolution to push Flybe’s directors to appoint industry veteran Eric Kohn as director, if proposed, be ineffective.

Flybe shares slumped 23.9 percent after it responded to the correspondence received from Hosking.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)

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