Ryanair eyes bigger share buyback after Brexit vote

Ryanair Friday said it would seek shareholder approval to buy back more of its shares to exploit any further market volatility after Britain's decision to leave the EU caused a sharp drop in the value of the stock. Ryanair said it would hold an extraordinary shareholder meeting on July 27 to win backing for further stock repurchases over the next 15 months. Though the airline had no immediate plan for further buybacks, CE Michael O'Leary said "if there is further turbulence and share price weakness then it's sensible that the board has the flexibility to take advantage of these opportunities if it considers that so doing is in the best interests of all shareholders." European airline stocks fell sharply in the wake of the U.K. referendum held June 23. Ryanair shares fell 23.5% in the two trading days after the referendum, while rivals easy Jet PLC and British Airways parent International Consolidated Airlines Group SA fell about 35% in the same period. O'Leary said the company had bought E150m immediately after the referendum, reaching its upper authorized limit for the year for such purchases. "We remain committed to returning surplus funds to shareholders," O'Leary said, adding "it is sensible to request approval from shareholders to allow the board [to] consider further share buybacks over the next 15 months should they deem it in the best interests of shareholders to do so."<br/>