Mon. Aug 26th, 2019

IAG limits its capital to 47.5% in the hands of shareholders from outside the EU

IAG limita al 47,5% su capital en manos de accionistas de fuera de la UE

The Spanish-British aviation group IAG - to which they belong Iberia and Vueling- has informed on Monday that he has fixed in the 47.5% the maximum of its social capital that may be in the hands of shareholders who do not belong to member countries of the European Union (EU).

In a statement sent to the London Stock Exchange, International Consolidated Airlines Group (IAG) has indicated that 47.5% is, to date, "the level of ownership of the capital stock" that have "non-EU" shareholders.

Consequently, the Board of Directors of the parent company British Airways, the Irish Aer Lingus and the Spanish Iberia and Vueling, has considered that it is "necessary to establish a maximum allowed total of non-EU shares", according to its bylaws.

"In this regard, it is reported that the maximum allowed number of non-EU shares is set at 47.5%. It can not be guaranteed that the maximum allowed will be eliminated in the future or, when appropriate, when it will be eliminated, "IAG explains in the note.


The European Union establishes that more than half of the social capital of the Community airlines is in the hands of actions of the Member States

The next deadline for the United Kingdom to leave the EU is 29 March, and there is great uncertainty as to whether it will be agreed with the rest of the members of the EU bloc or there will be an exit without an agreement, which is known as Brexit hard.

The aviation group has indicated that, after the publication on Monday of this press release, "no acquisition of IAG shares may take place" by a person outside the EU.

The EU regulations on this sector provide that 50% plus a share capital of the Community airlines must be held by shareholders residing in one of the current Member States, including the United Kingdom, whose Exit of the block is scheduled for next March 29. In this regard, IAG has specified that British shareholders "are not and will not be treated as Non-EU Persons" and, therefore, "are not and will not be subject to the restrictions on the acquisition of shares mentioned in this announcement", unless their directive "notify the shareholders otherwise".

For regulatory purposes in this sector, Switzerland, Norway, Liechtenstein and Iceland are also considered as "Member States", although they do not belong to the group of 28 member states, IAG recalled in the statement.

Source link