Aer Lingus chairman meets with investor to allay fears
Concerns: Aer Lingus (PETER MUHLY/AFP/Getty Images)
AER Lingus chairman Colm Barrington has offered an olive branch to one of the airline's aggrieved investors, agreeing to a personal meeting to allay concerns about the company's future.
The airline's senior managers, including chief executive Dermot Mannion and finance boss Sean Coyle, have just finished an extensive roadshow in the aftermath of the airline's full-year results.
But the roadshow failed to prompt any significant recovery in the airline's stock, which plunged 26pc on results day after the company reversed its guidance of profits in 2009 and admitted its crucial net cash balance could dwindle by €250m this year.
Against this backdrop, management are understood to have come under fire from a number of investors, prompting Mr Barrington's offer to meet with at least one investor to address concerns.
Meetings
A very limited number of other meetings may also take place, the Irish Independent understands.
A spokesman for Aer Lingus last night declined to comment on dealings with investors, but said Mr Barrington has consistently "made himself available when it's helpful for the airline".
Barely six months into his Aer Lingus tenure, Mr Barrington has done a number of media interviews and was a prominent figure in the Ryanair/ Aer Lingus takeover battle.
Even though roadshows aren't usually hosted by chairmen, some investors expected Mr Barrington to make an appearance at the latest Aer Lingus round, since he had been such a visible part of the company of late.
The roadshow is understood to have been dominated by concerns about Aer Lingus' long-haul expansion, with a number of investors questioning the wisdom of handing over cash for planes in a market where demand is falling.
Those concerns prompted Aer Lingus to bring forward April's board meeting to last Friday, when executives were sanctioned to begin talks with Airbus on potentially rowing back on the plane order.
- Laura Noonan
