👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Ryanair restricts voting rights of non-EU shareholders in Brexit move

Published 12/29/2020, 03:20 AM
Updated 12/29/2020, 03:25 AM
© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19), in Barcelona

DUBLIN (Reuters) - Ryanair on Tuesday confirmed it would restrict the voting rights of British shareholders from Jan. 1 in a bid to ensure it remains majority EU-owned and retain full licensing and flight rights in the bloc.

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

"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.

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

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19), in Barcelona

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.