UK carrier Flybe has warned shareholders to approve its sale to a consortium led by Virgin Atlantic and Stobart Air.

Directors said they believe the deal on offer is in the best interests of Flybe and warned its shareholders their shares are likely to be worthless if it doesn't go through.

 

The consortium, named Connect Airways, has offered GBP2.2 million for the airline's parent, a figure Flybe described as "disappointingly low".

 

Flybe has already agreed to sell Connect the airline and the web site for GBP2.8 million. This transaction didn't require shareholder approval, but shareholders will vote on the sale of the parent company on March 4.