Faced with the threat of a Brexit chaotic, and at the possibility of having to stop operating in the EU, the group of airlines IAG, owner of Iberia, British Airwais, or Vueling, among others, established early in 2019, a limit under which, the shareholders outside the EU could not exceed 47.5% of its shareholdings. That was the percentage of shareholders “non-EU” that was the group. This Friday, after that that ratio has fallen to 39,5%, the company has eliminated that limit, though he says he will keep watch for if you have to activate it again. The decision has caused the company to rise 5% in the Bag.
In a significant event sent to the CNMV, IAG reports that this 17 of January 2020, according to the book of registry of shares, “the percentage of issued shares of IAG that are owned by People Not the EU is of 39,5%”, so it is removed “with immediate effect” to the Maximum Allowed, the limit imposed on the purchase of shares by investors outside of the EU.
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The company explains that this limit was approved in the board of directors on February 11, 2019, when the record showed that investors no community had reached 47.5%, a ceiling that was set for such participation. Since then, it was forbidden to the purchase of shares to investors outside the Union that posed to overcome this threshold, in order to safeguard their rights-of-flight in the EU. To be able to operate between cities of member countries, the eu requires airlines to that one-half plus one of its shares are owned by eu citizens and with the Brexit, has given the airline a deadline to adapt its shareholder that expires in October 2020.
article 11 of the statutes of IAG has as its “object to ensure that the ownership and control of the Society remains effectively in the hands of EU Citizens” and “contribute to preserving the exercise of traffic rights” of the airlines, thus setting both the obligatory nature of keeping a record of the actions “non-EU” and to set a maximum to these if it considers that it is necessary to avoid “damages”.
In February 2019 was that possible prejudice, against the possibility of a Brexit without agreement, was activated to the Maximum Allowed, which today is deactivated, after which the percentage has fallen significantly. However, it notes IAG that its board of directors “will continue to monitor the percentage of shareholding of Persons Non-EU”, since “article 11 of the statutes of IAG authorizes the Council to re-impose the Maximum Allowed at any time in that is necessary.”
