Transport

EasyJet says Haji-Ioannou family holding dropped below 30%

Founder has tried to oust CEO, chairman and others over their handling of the coronavirus

Outgoing chairman and director of EasyJet Stelios Haji-Ioannau (right) with his successor, Sir Colin Chandler. Photograph: PA
Outgoing chairman and director of EasyJet Stelios Haji-Ioannau (right) with his successor, Sir Colin Chandler. Photograph: PA
Tue Jun 30 2020 - 14:01

British low-cost airline EasyJet said in a regulatory filing on Tuesday that the Haji-Ioannou family now holds under 30 per cent of the company.

Stelios Haji-Ioannou founded EasyJet, and along with family members remains its biggest shareholder, but he has been critical of its strategy. Earlier this year he sought to oust its CEO, chairman and others as he objected to their handling of the coronavirus pandemic.

Last week EasyJet raised about £419 million (€459 million) through a share placing to help bolster its finances.

“As a result of the non-pre-emptive placing announced on June 24th, the Haji-Ioannou concert party no longer holds 30 per cent or more of the issued share capital of the company,” EasyJet said in a statement.

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Agreement

As such, EasyJet said an agreement between it and EasyGroup, Haji-Ioannou’s vehicle, drawn up under controlling shareholder rules, had been terminated.

A separate filing showed that the Haji-Ioannou family now owns 29.99 per cent of EasyJet down from the about 33 per cent it used to own. That holding could fall further should the conditional element of the placing be approved by investors on July 14th. – Reuters