Midway Opens Stock Options to the Public
Posted December 6, 1997 12:00 a.m. EST
MORRISVILLE — The age of puddle-jumping and multi-legged flights may be coming to an end in the Triangle. Durham-based Midway Airlines went public Friday. The money will be used to expand service.
Never underestimate the advantage of having an airline based in your town. Because when the airline grows, usually the options available to travelers grow as well. And that's just what's expected to happen now that Midway Airlines is selling its shares to the public.
To most Midway passengers, the fact that you can now buy the company's stock is more a curiosity than anything else. That's until you hear what the Durham based airline plans to do with the money it has raised with the public stock offering.
"What will happen is we're gonna increase our fleet size by about 40%," Midway CEO Robert Ferguson explains, "which will give us an opportunity to serve the current markets which we participate in, but also a whole series of new markets."
A couple of Midway passengers WRAL spoke with say more flights to more destinations suits them just fine.
When you put things in that context, the stock sale has a little more impact. But this big step for Midway does not signal its arrival as a big league airline. It plans to remain a regional carrier.
Mum's the word on where most of the new jets will go from RDU. And for those of you who follow the markets, Midway finished up Friday at 16 7/8. It started trading at 15.50 a share. The airline is on the NASDAQ exchange under the symbol MDWY.