19th Oct 2007 16:42
Ryanair Holdings PLC19 October 2007 RYANAIR SUBMITS COMPLAINT TO IFSRA OVER AER LINGUS SHAREHOLDER BRIEFINGS TODEPARTMENT OF TRANSPORT Ryanair, Aer Lingus's largest shareholder today (Friday, 19th October 2007)confirmed that it has submitted a formal complaint to the Irish FinancialRegulatory Services Authority (IFSRA) concerning the apparent breach by AerLingus of Irish Company Law and Stock Exchange Rules in its selective briefingsto one shareholder (the Department of Transport) of market sensitive information(the closure of the Shannon-Heathrow route) some 8 weeks prior to theannouncement of this decision to all shareholders through the Stock Exchangenotice. Ryanair is gravely concerned that one shareholder (the Department of Transport)which only holds a 25% interest in Aer Lingus was repeatedly briefed on thismarket sensitive information by the Chief Executive of Aer Lingus on the 13th ofJune; again by the Chairman of Aer Lingus on the 31 July; and again by both theChairman and Chief Executive of Aer Lingus of 3rd August - 4 days before theStock Exchange announcement of this route closure on 7 August 2007. Thisrepeated and selective dissemination of market sensitive information to oneshareholder up to 8 weeks prior to making all other shareholders aware of thefacts is a clear violation of Stock Exchange rules and Irish Company Law.Ryanair has asked the FSA to investigate these selective briefings of oneshareholder, and these apparent breaches of Stock Exchange rules. Commenting on today's complaint, Ryanair's Head of Regulatory Affairs, JimCallaghan said: "Aer Lingus's Chief Executive in an interview on RTE radio on 12 August claimed that all Aer Lingus shareholders were advised at the same time of this market sensitive information. This weeks' revelations prove that these claims were untrue. It is unlawful for any publicly owned company to engage in selective disclosure of market sensitive information to one shareholder regardless of how large that shareholder may be. "Since that shareholder (the Department of Transport) has no regulatory role either in the case of Irish airlines, or in route opening and closure decisions, Aer Lingus could only have been briefing the Department of Transport in its capacity as a 25% shareholder of Aer Lingus. "This appears to be a clear and flagrant breach of Stock Exchange rules by both the Chairman and Chief Executive of Aer Lingus and we have asked the FSA to investigate this matter and take appropriate action.. It is long past time that the Department of Transport stopped behaving as the downtown office of Aer Lingus, and that Aer Lingus stops treating the Department of Transport as its downtown head office." Ends. 19th October, 2007 For further information please contact: Peter Sherrard Robert Marshall Ryanair Murray ConsultantsTel. +353-1-8121212 Tel. +353-1-4980351 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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