EasyJet would apply any suspension of shareholders' voting rights on a first-in-first-out basis if it were to take such measures to meet the EU's ownership requirements after the withdrawal of the share capital. UK from the European Union.
The budget company is currently 49% owned by EU nationals, who claim to be only "marginally" below the 50% -plus-threshold for compliance.
But in case the UK would leave the EU without a post-withdrawal scheme – the so-called 'no-deal Brexit & # 39; scenario – the airline is willing to adopt provisions to ensure that it complies to the ownership requirements.
"This would be accomplished by exercising the Company's existing powers to suspend shareholders' voting rights with respect to a small number of shares," said Chairman John Barton, who addressed the annual general meeting of the courier service on February 7. .
"Given the current level of EU ownership, any suspension of voting rights should only apply to a small percentage of the shares and would be applied on the basis of the" first-in-first-out "arrangement, which means that this would affect shares acquired last by UK and non-EU nationals first. "
If the ownership of the EU remains below the required level over time, the airline reserves the right to force a share sale by non-EU stakeholders to achieve compliance.
Barton says the airline has "made important preparations" for the Brexit and it remains "confident" in its ability to continue flying, regardless of the outcome on the 29 March withdrawal date.
EasyJet has re-registered 133 aircraft from the United Kingdom with the Austrian EasyJet Europe division, transferred more than 1,000 pilots and again provided 3,300 cabin crew licenses. This allows the courier operations to bypass operations to prevent the UK carrier division from relying on current EU traffic rights.
Preparations include the creation of a second spare parts hub in the EU to limit exposure to any UK-EU supply chain risks, Barton adds.
"Although we are well prepared, while we are getting closer to Brexit, we continue to focus on the broader external risks that could arise," he says, especially if there is no agreement after the withdrawal.
"These risks can be sector [or] non-sector-specific and its impact is by definition less certain. This would also include some impact on consumer confidence or the potential costs and operational consequences of increasing friction in EU-UK travel.
"Our focus remains on monitoring such risks and preparing scenarios as well as possible to address them."