EasyJet gets enough votes in favour of $524m share sale

EasyJet Chairman John Barton said he expects shareholders to approve the British carrier’s GBP419m share sale, providing a financial buffer as it contends with a slow recovery from the coronavirus shutdown. The airline received proxy votes worth 60% of share capital in favor of the conditional part of a 703 pence-a-share equity raise announced last month, Barton told investors on Tuesday. EasyJet needed a simple majority to push ahead with the proposal. Final results will be announced later on. After the equity increase, EasyJet has said it will have more than GBP3b of cash, including funds raised from sale-and-leaseback transactions on its aircraft. Liquidity has been boosted by a slightly lower-than-expected cash burn as more customers opt to take vouchers for canceled flights instead of asking for refunds. The carrier was among the first European airlines to start increasing flights as lockdowns eased, in the hope of salvaging the tail end of the summer season. EasyJet plans to operate 50% of its usual routes in July and 75% in August, though lower frequencies mean capacity will be down about 30% in the third quarter of the year.<br/>