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Red Flags at Night: Esken (ex-Stobart Group) Announces Departure of Ryanair from Southend at 5.36pm

By Nigel Somerville | Saturday 7 August 2021

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Oh dear, oh dear, oh dear. 5.36pm on  a Friday evening in August – just as the City dives into its second G&T after a long week, or is already far away on holiday – clearly is a good  time to bury bad news! Fully listed Esken (ESKN) – the former Stobart Group (STOB) – has announced, at no-one is watching O’Clock, that Ryanair (RYA) has decided to chop its operations at Southend airport. It is yet another hammer blow for Esken’s/Stobart’s punch-drunk shareholders. The timing – apart from being announced late on a Friday evening when everybody had gone home – is even more terrible as Esken is in the middle of an open offer alongside the recent placing at 14p. With the shares having already dropped to 16p to sell at Friday’s close, will this news kybosh the whole operation?

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Rumours of two placings FWIW