RYANAIR DEFERS AER LINGUS LEGAL ACTION

RNS Number : 9239Y

Ryanair Holdings PLC

08 March 2012

 



RYANAIR DEFERS AER LINGUS LEGAL ACTION,

AS AER LINGUS CEO RULES OUT PENSION FUND TOP-UP

Ryanair, Ireland's favourite airline, and a 29.8% shareholder in Aer Lingus, today (8^th Mar '12) instructed its lawyers to postpone any further legal action against Aer Lingus plc, to prevent Aer Lingus making any top up contributions to its defined contribution pension schemes, following the unequivocal and public assurances made by Aer Lingus CEO Mr Christoph Mueller during the company's annual results last week (see http://www.irishtimes.com/newspaper/finance/2012/0229/1224312523193.html - Irish Times, 29^th Feb).

Mr Mueller has, on behalf of Aer Lingus, ruled out any pension fund top-up, and also confirmed that Aer Lingus' participation in recent Labour Relations Commission talks was "through a moral obligation to the employees, more than anything else".

Ryanair welcomes this definitive and unequivocal assurance by Aer Lingus to its shareholders and staff that it will not make any further contributions to its pension schemes over and above its existing fixed contribution rates, and believes that all Aer Lingus shareholders will take comfort from Mr Mueller's unequivocal assurances.

Ryanair has advised Aer Lingus that should the company or management attempt to resile from this unequivocal position concerning its defined contribution pension schemes, then Ryanair will restart its legal action against Aer Lingus in order to protect the interests of all Aer Lingus' shareholders and prevent these funds being wasted yet again by Aer Lingus on further contributions to Aer Lingus' DC pension schemes.

For further information please contact:                   

Stephen McNamara              Joe Carmody

                                                Ryanair Ltd                            Edelman

                                                Tel: [phone]              Tel. [phone]

 

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