Ryanair and Wizz to take away UK investor voting rights on EU exit

Ryanair and Wizz Air are to take away the voting rights of UK shareholders as a result of Britain’s exit from the EU. The airlines are acting to comply with EU ownership rules once Britain leaves the bloc on Friday. Ryanair said on Tuesday it had to “take steps” to ensure it would remain majority EU-owned and controlled to comply with European regulations. The Irish airline said in a stock market announcement it would issue restricted shares to non-EU investors, specifying that holders were not entitled to speak or vote at any general meeting. Speaking earlier this month, Ryanair CE Michael O’Leary said the airline would be about 60% owned by non-EU shareholders, once the UK was excluded from the bloc.  Wizz issued a similar stock market announcement. The Hungarian airline expects to serve about 60% of its investor base with restricted share notices. Without the action, the airline would have been 80% owned by non-EU nationals from January 1. Both airlines are enacting long-held plans to ensure they maintain their flying rights after Brexit.  EU regulations demand that airlines with EU operating licences, including BA-owner IAG and easyJet, are majority owned and controlled by nationals of the bloc, Switzerland, Norway, Iceland or Liechtenstein. This enables airlines to fly between two destinations within EU borders. From January 1, UK nationals will be treated as non-EU and their shares will no longer count towards that ownership requirement.<br/>