The original IAG of British Airways and Iberia sets the maximum allowable ownership of non-European entities at 47.5%, but the company is currently not planning to classify UK shareholders as non-EU.
Airlines enjoying the benefits of EU traffic rights must ensure that they are majority in the EU. The UK is currently still an EU Member State, but the planned withdrawal, called Brexit & # 39 ;, on 29 March, has led EU airlines to examine the implications of UK holdings.
But Spain-based IAG says that British investors "are not and will not be treated as" non-EU entities.
As a result, UK investors will not be subject to the restrictions set out in the new restriction "unless IAG informs shareholders otherwise," the company said, adding: "IAG does not intend to issue such notice. to give."
IAG has exercised powers under its company statutes to set the maximum limit of 47.5% for non-EU shares – a limit that has already been reached, according to the company's share register.
This states that the measure is "necessary" and "no certainty" is given about when – or if – the imposed limit will be lifted.
The articles of association of the IAG allow the board to specify a maximum permitted number of shares of non-EU parties, provided that this is not less than 40% of the share capital of the company.
Since the 47.5% threshold has already been reached, the decision means that non-EU entities are no longer allowed to acquire IDA shares, and the company's management says it will "not issue any certificate" which would allow such acquisitions would be effective.
All shares acquired by non-EU entities from this point on are treated as "affected" shares and the buyer will be informed that the voting rights attached to these affected shares, as well as the right to attend shareholders' meetings, will are suspended.
The buyer will also be ordered to sell the relevant shares within 10 days of the notification – and to ensure that they are not sold to another, equally invalid buyer.
IAG says that if this requirement is not implemented, the board of directors can order the company to acquire the shares at a price determined by a valuation formula.