Flybe Group PLC (LON:FLYB) shares jumped again on Monday after former Stobart Group Ltd (LON:STOB) boss Andrew Tinkler confirmed he has taken a 12.2% stake in the airline.
Stobart, along with Virgin Atlantic and US hedge fund Cyrus Capital, agreed a cut-price £2.2mln takeover of the struggling carrier on Friday, which valued shares at 1p each.
READ: Stobart teams up with Virgin to take out Flybe
Tinkler, who is embroiled in a long-running litigation with his former employer, in which he remains a significant shareholder, spent just under £1mln to buy the 26.5mln shares.
News of his involvement sent Flybe shares up another 4.7% to 3.9p on Monday.
“My investment in Flybe has nothing to do with the ongoing dispute with Stobart Group Board. It is purely an investment decision,” said Tinkler in a press release.
“Flybe is an important part of the UK economy, particularly helping to connect regional businesses & consumers outside London. I have huge faith in the potential of this business if it is provided with the right balance sheet structure & stakeholder support.”
He added: “I remain a significant shareholder in Stobart Group and will continue to work for the best outcome for all shareholders.”
It is not yet clear what Tinkler’s intentions are, having taken the stake in Flybe.
Flybe and Stobart both declined to comment.