UK regional operator Flybe's major shareholder, Rosedale Aviation Holdings, has sold its entire 48.1% interest in the carrier, as the share price surged in the wake of a new cost-cutting plan.
While the financial terms of the transaction have not been disclosed, Rosedale sold its stake on 12 November. Flybe's share price had risen by more than 50%, to around £1.07, after the plan was unveiled the day before.
This would value Rosedale's 36.1 million shares at nearly £39 million ($62 million).
Rosedale is the corporate representative of trust funds linked to late industrialist Jack Walker who was highly influential in the airline's development. It became the primary shareholder during Flybe's initial public offering in 2010.
Flybe confirms that Rosedale has sold its entire shareholding of the carrier, adding that the decision will increase the free-float of the company to 85%. The shares have been placed with institutional investors by Liberum Capital.