THE potential of an EGM at Aer Lingus throws up a number of fascinating possibilities, several of which leave the airline's board in a vulnerable position, which may prompt the government to vote against any motion to preserve the Shannon-Heathrow route.
The uncertainty is compounded by the fact that only one shareholder, Ryanair (which owns 29.44%) has made its intentions clear: it wants to preserve the route. However, informed sources have indicated that the airline will de"nitely abstain from voting, no matter what the government (a 25.3% shareholder) does.
The government is still hedging its bets as to how it will vote, although it seems clear it will not vote to preserve the route. It is also unclear how the Aer Lingus ESOT (14.4%) will vote, particularly as it has now decided to ballot its members. It is also unknown how the airline's pilots (4%) will vote, although they are likely to follow the ESOT's decision.
Businessman Denis O'Brien (2.28%) is another wildcard although it seems probable he will vote with institutional shareholders (around 24%) against any Ryanair motion.
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