Get the app today! Download iPhone App Download Android App

SUBSCRIBE

Ryanair Restricts Voting Rights Of Non-EU Shareholders In Brexit Move

Published on Jan 4 2021 2:14 PM in General Industry tagged: Ryanair

Ryanair Restricts Voting Rights Of Non-EU Shareholders In Brexit Move

Ryanair has restricted the voting rights of British shareholders in a bid to ensure that it remains majority EU-owned and retains full licensing and flight rights in the bloc.

The plan to restrict British shareholders was approved by the airline in 2019, subject to the terms of a final agreement on Britain's post-Brexit relationship with the European Union, which was agreed last month.

"Restricted share notices will be issued to the registered holder(s) of each restricted share in due course, specifying that the holder(s) of such shares shall not be entitled to attend, speak or vote at any general meeting of the company," Ryanair said in a statement.

"These resolutions will remain in place until the board of the company determines that the ownership and control of the company is no longer such that there is any risk to the airline licences held by the company's subsidiaries," the statement said.

UK nationals, like all other non-EU nationals, will not be permitted to acquire ordinary shares, the statement said.

Last February

Last February, Ryanair said that while the airline was 55% EU-owned, Britain-based shareholders at the time controlled approximately 20% of its stock.

Chief financial officer Neil Sorahan said at the time that he expected half of those to re-domicile to the EU if Britain chose to make a sharp break with the EU.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

Share on Facebook Share on Twitter Share on LinkedIn Share via Email