Business

Thursday 29 September 2016

Ryanair shareholders in line for near €400m windfall from Aer Lingus sale

Paul O'Donoghue

Published 24/09/2015 | 09:18

Ryanair plane
Ryanair plane

Ryanair is planning to distribute the proceeds from the sale of its near 30pc stake in Aer Lingus, almost €400m, to its shareholders.

  • Go To

At its annual general meeting this morning the company said that it would distribute the funds via a share programme which will be concluded, subject to EGM approval, before December.

Ryanair chairman David Bonderman said:" Following the sale of our 29.8pc stake in Aer Lingus, the board intends to distribute the €398m proceeds to shareholders by way of a 'B' share programme. 

"We expect this programme will be completed before the end of the calendar year.

"When completed we will have returned €800m to shareholders this year, and over €3.3bn over the last 7 years, in addition to more than doubling our share price over the last 18 months."

Ryanair originally bought its stake in its rival for €407m. The company tried three times to buy out its smaller rival, but was unsuccessful.

Aer Lingus was delisted from the the Irish and London stock exchanges last week, almost nine years to the day since the airline's flotation.

The delisting comes after IAG completed its  €1.36bn takeover of the airline. The former State-owned carrier is now a part of the British Airways owner, which paid €2.55 a share for the company.

Online Editors

Read More

Promoted articles

Editors Choice

Also in Business