URGES WORKERS TO ACCEPT OFFER
Ryanair Holdings PLC
26 October 2006
RYANAIR URGES AER LINGUS WORKERS
TO ACCEPT RYANAIR'S OFFER
RYANAIR'S OFFER INVOLVES JOB CUTS AND AN AVERAGE OF €60K* PER EMPLOYEE, WHEREAS
AER LINGUS OFFERS ONLY JOB CUTS
Ryanair, Europe's largest low fares airline, this afternoon (Thursday, 26th
October 2006) encouraged all Aer Lingus employees to accept Ryanair's generous
offer of €2.80 per share which will result in Aer Lingus employees realising
over €220m. for their shares in the airline, which equates to an average of over
€60,000* per employee, with a tax free option for ESOT members.
Reports in this morning's Irish newspapers indicated that the Chief Executive of
Aer Lingus, in a meeting with the trade unions last evening, highlighted the
need for significant cost cuts in Aer Lingus, and that this may include
significant job cuts. If these reports are true, it would appear that Aer
Lingus' response to Ryanair's offer is job cuts, but without an average payment
of €60,000* per Aer Lingus employee.
Commenting on this development today, Ryanair's Chief Executive, Michael O'Leary
said:
'The difference between Ryanair's offer and the alternative reported Aer
Lingus management offer is that at least with the Ryanair offer Aer
Lingus employees stand to realise an average of over €60,000* per
person. With Ryanair, Aer Lingus will have a strong financial partner
and a secure future. As a small stand alone airline, Aer Lingus' only
alternative appears to be further cost cuts, more job cuts, but without
any average payment of €60,000* to Aer Lingus employees.
'If these developments are true, it's clear that the best interests of
Aer Lingus employees are served by accepting Ryanair's generous offer,
because their future as a small uncompetitive, stand alone Aer Lingus
looks even bleaker today than it did yesterday'.
* See Section 8, Appendix 4 of the Ryanair Offer Document.
Ends. Thursday, 26th October 2006
For further information
please contact: Pauline McAlester Peter Sherrard
Murray Consultants Ryanair
Tel. +353-1-4980300 Tel. +353-1-8121212
www.ryanair.com
The directors of Ryanair accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Ryanair (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.
Terms defined in the Offer Document issued by Ryanair on 23 October, 2006 have
the same meaning in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
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