16th May 2023 18:25
(Alliance News) - Jet2 PLC on Tuesday amended the maximum percentage of the company's issued share capital that may be owned by non-UK nationals to 45% from 35%.
The move came after the leisure travel group was informed the previous 'permitted maximum' limit had been exceeded, reaching 37%.
Jet2 explained its rights to fly - operating rights - have been granted in line with rules relating to airline ownership.
These can require that UK airlines flying to the destination country be majority owned and controlled by UK nationals.
Jet2 said it has discretion to take steps to protect the company's operating rights, given these are so material to its current and future operations.
These steps include serving notice to holders of any non-UK shares above the permitted maximum which require the sale of shares within 21 days.
Jet2 has decided it is not necessary to make this move at this time and has decided to increase the permitted maximum to 45%.
Should the new permitted maximum be exceeded in future, it is the board's current expectation that it will serve affected share notices requiring their sale to UK nationals.
Shares in Jet2 closed 0.5% higher at 1,255.12 pence in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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