Sat. Mar 28th, 2020

Ryanair will restrict the rights of British shareholders if there is a hard Brexit

Ryanair will restrict the rights of British shareholders if there is a hard Brexit


The Irish airline Ryanair has informed today that it will restrict the rights of British shareholders and prevent them from acquiring securities if the UK leaves the European Union (EU) without an agreement, in order to ensure that most of the company's securities are in community hands. In a statement sent to the London Stock Exchange, Ryanair explained that the measure is part of its contingency plans to deal with a hard or no agreement Brexit, aimed at complying with the established "ownership and control" requirements of the airline. for the "EU regulation 1008/2008". In this scenario of disorderly departure, all actions of non-EU people, including British, will be considered "restricted", which will prevent them from "attending, speaking or voting" in "any general meeting" of the company while their titles have that category, noted the note. Also, "to avoid doubts", British citizens will also not be able to buy "ordinary shares" from the "day of the hard Brexit", a date that could be next March 29, the official exit from the United Kingdom of the EU.

The EU regulation establishes that more than 50% of its actions must be in the hands of holders of the EU, as a condition to be able to operate throughout the continent under the policy of "open skies". The Irish company, leader in Europe of the low cost sector, has ensured that these measures have been approved by its board of directors and that they will come into force on the day that British citizens stop being considered "community residents".

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