19th Nov 2007 16:21
Ryanair Holdings PLC19 November 2007 Ryanair responds to Aer Lingus CFI appeal Ryanair, today (Monday, 19th November 2007) dismissed the Aer Lingusannouncement of its intention to submit an appeal to the European Court of FirstInstance seeking to force Ryanair to dispose of its 29% shareholding in AerLingus plc. The European Commission has already confirmed that since Ryanair has neither defacto nor de jure control over Aer Lingus, there are no legal grounds for such acompulsory disposal. Ryanair's lack of control or indeed even our influence overAer Lingus was recently highlighted by the two separate refusals by the AerLingus Board to hold an EGM at the request of Ryanair to allow shareholders toconsider Aer Lingus's abandonment of its profitable Shannon-Heathrow route.Ryanair has no doubt that this appeal will be dismissed. Speaking today, Ryanair's Head of Communications, Peter Sherrard said: "This appeal would seem to be another smokescreen from the Board of Aer Lingus to distract from its awful performance over the past 12 months. Aer Lingus's share price closed last week at €2.15, almost 25% lower than Ryanair's €2.80 offer in October last year, and some 5c per share less than Aer Lingus's original float price in September 2006. "It is clear that the market has little faith in the Board of Aer Lingus, who last year advised shareholders to reject an offer of €2.80, but have presided over the withdrawal of its Dubai route, a succession of labour problems and the collapse in its share price "Perhaps if the Board of Aer Lingus spent more time improving the management of the airline and its share price, they wouldn't have to waste time worrying about Ryanair's minority shareholding". Ends. Monday, 19th November 2007 For reference: Peter Sherrard - Ryanair Pauline McAlester - Murray Consultants Tel: +353-1-8121228 Tel: +353-1-4980300 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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