Aer Lingus Unlawful Agreement Removes Any Credi...
AER LINGUS' LATEST FLIP-FLOP
UNLAWFUL AGREEMENT REMOVES ANY CREDIBILITY
FROM MESSRS. BARRINGTON AND MANNION
Ryanair this evening (Friday, 9th January 2009) welcomed the latest
flip-flop decision from Aer Lingus. So far in recent weeks we have
seen Aer Lingus reinstate the Shannon-Heathrow route, withdraw its
fuel surcharges, open a base in Gatwick and today, withdraw the
indefensible and illegal 'Failure Fee' awarded to its Chief Executive
Dermot Mannion.
Speaking this evening, Ryanair's Chief Executive, Michael O'Leary
said:
"Neither the Chairman nor the Chief Executive of Aer Lingus have any
credibility after this series of flip-flop decisions, made only in
response to Ryanair's merger proposal with Aer Lingus. How can
shareholders believe anything that they say? Why did the Chairman of
Aer Lingus defend the Chief Executives 'Failure Fee' just five days
ago and state that "such a contract is perfectly normal" and a week
later rescind it. Aer Lingus claimed that this was a 'constructive
dismissal' payment. It is now evident to everyone that it was
nothing of the sort. This payment, which did not have the support of
the Board, let alone the shareholders, was nothing less than an
attempt to defraud the Company and its shareholders. This Board and
Management has no credibility left with its shareholders".
Ends.
Friday, 9th January 2009
Enquiries:
Ryanair Telephone: +353 1 812 1212
Howard Millar
Davy Corporate Finance Telephone: +353 1 679 6363
(Financial Adviser to Ryanair and
Coinside)
Eugenée Mulhern
Brian Garrahy
Morgan Stanley Telephone: +44 20 7425 5000
(Financial Adviser to Ryanair and
Coinside)
Colm Donlon
Adrian Doyle
Murray Consultants Telephone: +353 1 498 0300
(Public Relations Advisers to Ryanair)
Pauline McAlester Telephone: +353 87 255 8300
The following statements and information are included in this
statement in accordance with the requirements of the Irish Takeover
Rules.
The directors of Ryanair and Coinside (a wholly owned subsidiary of
Ryanair and the company making the Offer) accept responsibility for
the information contained in this statement, save that the only
responsibility accepted by the directors of Ryanair and Coinside in
respect of the information contained herein relating to Aer Lingus
and the Aer Lingus Group, which has been compiled from published
sources, has been to ensure that such information has been correctly
and fairly reproduced or presented (and no steps have been taken by
the directors of Ryanair or Coinside to verify such information). To
the best of the knowledge and belief of the directors of Ryanair and
Coinside (having taken all reasonable care to ensure that such is the
case), the information contained herein for which the directors of
Ryanair and Coinside accept responsibility is in accordance with the
facts and does not omit anything likely to affect the import of such
information.
Davy Corporate Finance, which is regulated in Ireland by the
Financial Regulator, is acting exclusively for Ryanair and Coinside
and no one else in connection with the Offer and will not be
responsible to anyone other than Ryanair and Coinside for providing
the protections afforded to clients of Davy Corporate Finance nor for
providing advice in relation to the Offer, the contents of this
document or any transaction or arrangement referred to in this
announcement.
Morgan Stanley is acting exclusively for Ryanair and Coinside and no
one else in connection with the Offer and will not be responsible to
anyone other than Ryanair and Coinside for providing the protections
afforded to clients of Morgan Stanley nor for providing advice in
relation to the Offer, the contents of this document or any
transaction or arrangement referred to in this announcement.
---END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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