Ryanair prepares for no-deal Brexit

Lauren Eldershaw
By Lauren Eldershaw March 13, 2019 09:30

Ryanair prepares for no-deal Brexit

As the Brexit circus show continues in the UK Parliament, Ryanair is taking steps to ensure that, in the event of a no-deal or “hard” Brexit,  the company (and its subsidiary EU airlines) will remain majority EU owned and controlled. This is necessary to ensure continued compliance with the airline ownership and control requirements of EU Regulation 1008/2008.The Board of Ryanair Holdings on Friday afternoon, 8 March 2019, passed a number of resolutions which will become effective from the date on which UK nationals cease to qualify as nationals of Member States for the purposes of Article 4 of EU Regulation 1008/2008, which Ryanair has dubbed, “Hard Brexit Day”.

With effect from Hard Brexit Day, all Ryanair Ordinary Shares and Depositary Shares held by or on behalf of non-EU (including UK) shareholders will be treated as “Restricted Shares”. Restricted Share Notices will be issued to the registered holder(s) of each Restricted Share, specifying that the holder(s) of such shares shall not be entitled to attend, speak or vote at any general meeting of the Company for so long as those shares are treated as Restricted Shares. The chairman will not vote any Restricted Shares at any meeting of the company.

Ryanair confirms that these resolutions will remain in place until the Board determines that the ownership and control of the company is no longer such that there is any risk to the airline licences held by its subsidiaries pursuant to EU Regulation 1008/2008.

The prohibition on non-EU nationals acquiring Ordinary Shares in Ryanair Holdings, as announced on 5 February 2002, will continue to apply. Consequently, with effect from Hard Brexit Day, UK nationals will not be permitted to acquire Ordinary Shares in the company.

Lauren Eldershaw
By Lauren Eldershaw March 13, 2019 09:30