November 29, 2023

Justice for Gemmel

Stellar business, nonpareil

Stelios loses his grip on easyJet after 26 years

Sir Stelios has repeatedly clashed with easyJet’s management about options to increase the airline. 

After easyJet tapped shareholders at the start of the pandemic, he warned he would not again the board if they returned to the industry to check with buyers for far more cash. 

Sir Stelios declined to remark on the dilution of his stake in easyJet.

Some 93pc of shareholders backed the £1.2bn rights challenge, put in place to spend down financial debt and capitalise on the challenges struggling with “legacy” carriers this kind of as British Airways. 

EasyJet’s place has been strengthened in the very last week just after BA’s system to start a new shorter-haul airline at Gatwick had been scuppered by its pilots voting down the proposals. 

BA will go on to run lengthy-haul products and services from the airport, but it is unclear if it will sell the Gatwick landing slots or transfer them to yet another IAG airline this kind of as Aer Lingus or Vueling.

Shares ended two.7pc decrease at 690p, valuing the company at £5.2bn. The inventory was at 412p at this time very last yr.