Ryanair To Drop Its Request For Aer Lingus EGM

RNS Number : 6785T

Ryanair Holdings PLC

09 December 2011

 



RYANAIR TO DROP ITS REQUEST FOR AER LINGUS EGM

Ryanair, a 29.8% minority shareholder in Aer Lingus, today (9^th Dec) published an open letter to  Aer Lingus, confirming that Ryanair will drop its EGM request, as the Board of Aer Lingus has breached Irish Company Law and the EU Shareholder Rights Directive, by rejecting a third Ryanair EGM request.

While Ryanair will drop its EGM request, the airline will continue, through direct correspondence and - if necessary - legal proceedings, to raise the two issues of Aer Lingus' "cover up" of the Deloitte & McCann Fitzgerald Report into the €30m "leave & rehire" Revenue penalty, and the impending entry by Aer Lingus into "negotiations" at the LRC to address a claimed €500m deficit in the airline's pension scheme.  Ryanair has asked Aer Lingus to explain why it is "negotiating" at the LRC, when its 2006 IPO prospectus provided legally binding assurances to shareholders, that its pension schemes are defined contribution only, in which case neither Aer Lingus nor its shareholders have any liability for any deficit in this scheme.

Ryanair has published this open letter in order to brief all other Aer Lingus shareholders on the withdrawal of its (third) EGM requisition.

For further information

please contact:                       Stephen McNamara              Joe Carmody

                                                Ryanair Ltd                            Edelman

                                                Tel: [phone]              Tel. [phone]

 

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