O'Leary sells 2.5 million Ryanair shares
Ryanair chief executive Michael O’Leary has sold shares in the budget airline worth almost €25m, it was announced today.
Mr O’Leary decided to sell 2.5 million shares – valued at €9.7 each – in the Irish Stock Exchange listed company yesterday.
The deal was worth around €24.3m in total and comes as the Ryanair boss continues his bid for rival Aer Lingus.
Mr O’Leary pocketed around €39m in June after reducing his shareholding by 0.8%. It is thought around €147m has been raised in past sales.
He still holds 32.5 million shares in Ryanair, which makes up 4.2% of the carrier.
The stake is worth €317m based on today’s price of €9.74. No reason was given for the shares sale.
Ryanair said earlier this month half-year profits to September 30 lifted 39% to €329m as the number of passengers it carried jumped from 18 million to 22.1 million.
Mr O’Leary now expects Ryanair to make profits of €350m this year compared with earlier forecasts of €335m.
He believes his strongly opposed offer for Aer Lingus would create a “strong Irish airline group” able to compete with Europe’s largest carriers and offer customers lower fares.
But Aer Lingus chiefs have urged investors not to sell out to Ryanair, claiming a takeover would be bad for the company, shareholders, staff and consumers.
John Sharman, Aer Lingus chairman, claims the bid fails to recognise the unique position of the group’s businesses, its outstanding track record and its excellent growth prospects.
He also said the offer also ignored the significant regulatory issues that a tie-up would face.
