EasyJet has laid out plans to suspend the voting rights of a small number of shares to comply with EU ownership rules if there’s a no-deal Brexit.
In a statement today, it said its Board stands ready to activate the contingency plan of suspending shareholders’ voting rights in respect of a small number of shares on a ‘last in first out’ basis in order to comply.
EasyJet said its EU ownership, excluding British shareholders, has increased to 49.92% but is still below the 50% plus 1 share that will ultimately be required following Brexit.
It said the suspension would apply, to the extent required, until EU (excluding UK) ownership reaches the 50.5% level or above.
"Whilst the new EU regulations make it unlikely that the company will be required to take any immediate action to implement the permitted maximum or contingency plan in connection with Brexit, the timing of implementation (if required) will depend on the outcome of Brexit negotiations. A further update will be provided in due course," it said.
