Share ownership limitation
easyJet PLC
04 November 2005
easyJet plc - Share Ownership Limitation - Announcement
easyJet plc (the 'Company')
Limitation of share ownership
Under the Company's Articles of Association, and as previously disclosed, the
Company may limit the level of non-UK share ownership in it in order to protect
easyJet's operating rights and status as a UK airline. This level (the '
Permitted Maximum') was set, at the time of the Company's flotation, at 40%. As
at 31 October 2005, the percentage of shares owned by non UK Nationals was
40.0%. In order to provide greater flexibility for the Company's shareholders,
the Directors have determined to increase the Permitted Maximum to 45%. The
Directors are currently reviewing opportunities to operate outside the EEA and
will therefore protect these rights by enforcing this new limit as it considers
necessary. Potential enforcement actions set out in Articles 40.5 to 40.18 of
the Articles include rights to suspend voting rights, refusal to register share
transfers and to force disposals of shares owned by certain non-UK shareholders.
4 November 2005
Toby Nicol, Corporate Communications +44 (0) 1582 525339
Andrew Barker, Investor Relations +44 (0) 1582 525982
Note to Editors:
1. The provisions of Articles 40.5 to 40.18 apply to Affected
Shares (as defined in the Articles and being shares held by non UK Nationals
which the Directors resolve shall be treated as such for the purposes of Article
40). These provisions include provisions as to how the Directors may determine
which shares are Affected Shares, how the Directors shall notify holders and
persons interested in Affected Shares of their determination, that holders of
Affected Shares shall not be entitled to attend and speak and vote at meetings
of any class of the Company's shares and may, if the Directors so require in
the notice, be obliged to sell their shares within 21 days of receipt of the
notice that their shares are Affected Shares; that the Directors, if they so
state in such notice may sell the Affected Shares if they have not been sold
within that period; and that the Directors may refuse to register a transfer of
an Affected Share if it would be capable of being treated or become an Affected
Share after transfer.
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