Ryanair is advancing its plan to delist from the U.S. London Stock Exchange Because of the foreign ownership and control rules that apply after Brexit.
Low-cost airlines, Said earlier this month The company intends to list separately in Dublin and said its last trading day on the London Stock Exchange will be December 17.
“As shown in our interim results, and after subsequent shareholder participation, Ryanair It has been decided to request the cancellation of the London listing,” the company said in a statement.
“The trading volume of shares on the London Stock Exchange does not justify the costs associated with such listings and trading access, nor can it integrate trading liquidity into a regulated market for the benefit of all shareholders.”
Ryanair says it has notified the UK Financial Conduct Authority It will be officially delisted at 8 am on December 20. Earlier this year, Ryanair stated that its move to abandon its listing in London was “in line with the overall trend in EU company stock trading after Brexit”.
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The airline said that this is also a “probably more serious” problem for it, because the European Union requires airlines to be majority-owned by EU nationals. Ryanair’s first listing in Dublin, Ireland, Had previously instructed some British investors to dump stocks this year to maintain compliance.
Ryanair said: “After the cancellation of the London listing, the company will continue its primary listing on the regulated market of the Dublin Euronext, which provides shareholders with the highest standards of protection, including compliance with the UK corporate governance guidelines.”
Its chief executive, Michael O’Leary, said earlier this month that the move was “unfortunately an inevitable result of Brexit”. Although the EU and the United Kingdom have reached an agreement to ensure that flights can continue without interruption, the United Kingdom cannot ensure amendments to foreign ownership rules.
The United Kingdom and other non-EU-owned airlines cannot operate flights between other European countries. Although Ryanair is headquartered in the European Union, its 45% of the shares are held in the United States-which means it has to prevent any further Investors.
Prior to Brexit, EasyJet moved most of its business to Vienna-based EasyJet Europe to maintain compliance.
