Haji-Ioannou shares in Easyjet fall below 30%

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Easyjet founder Stelios Haji-Ioannou family’s shares in the company fell under 30%, the low cost carrier revealed on June 30, 2020. Earlier in 2020, Haji-Ioannou sought to oust the airline’s management in a heated conflict over an Airbus aircraft order. 

Following a share placing on June 24, Haji-Ioannou Concert Party stake fell under 30%, a filing by the company revealed on June 30, 2020. Consequently, an agreement from November 2014, drawn upon controlling shareholder regime, had been terminated. 

The Haji-Ioannou family concert party shareholding now holds 29.99% airline’s shares, versus the previous 32.99%, a separate document shows. 

On June 24, Easyjet made a non-pre-emptive share placing, which helped the company raise around $515 million (£419 million). 

In the spring of 2020, Haji-Ioannou entered an influence war with the LCC’s management to cancel an order for 107 Airbus A320neo aircraft for a value of £4.5 billion (€5.13 billion). The businessman saw the order as “the largest single threat to the solvency of the company”. Amid the conflict, he threatened to remove a non-executive director every seven weeks and even offered a £5 million reward to any whistleblower that could provide with information which could lead to the cancellation.

 

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