O’Leary cashes in again
Ryanair boss sells GBP17 million stake, despite not needing the money
Ryanair’s chief executive Michael O’Leary has sold £17 million pounds’ worth of shares in the airline – just days after reportedly stating that he would do no such thing.
O’Leary sold some four million shares, reducing his shareholding in the carrier to 41 million shares, which at today’s market rates are worth around £173 million. On 3 June, when Ryanair released its annual results, O’Leary stated: “I have no intention of selling shares at the moment. For one thing I do not need the money and for another I am too busy driving down fares.”
At the time, the boss warned that margins would drop over the next year because the airlines was going to reduce fares by 10 to 15 per cent. Several commentators speculate that the sell-off might be to fund O’Leary’s forthcoming wedding; a spokeswoman for the carrier refused to comment, however, reportedly telling The Independent: “Disposals of shares by shareholders are not a matter for the company.”
O’Leary originally held more than 14 per cent of the company and had sold off shares every year since it was floated in 1997.
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