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08/06/2009
O'Leary Makes €18.75 Million On Ryanair Shares
Ryanair chief executive Michael O'Leary has sold five million shares in his airline earning him €18.75 million before taxes, according to reports on Monday morning.
The sale reduces Mr O'Leary's holding in the company to just over 4%, equivalent to 0.34% of the airline's total amount of shares. Ryanair shares fell in Dublin in early trade by 2% to €3.67.
The news comes after the budget airline announced its first full-year loss in 20 years. Ryanair is also a major shareholder in Aer Lingus and last week Mr O'Leary's contingent was defeated in two motions at the Aer Lingus annual general meeting that sought to reduce the pay of the airline's chairman and other board members.
In an open letter to the Minister for Transport, Noel Dempsey, Mr O'Leary complained that the payments to Directors on Aer Lingus' board was "excessive" and called on the Minister to stop the payments.
"These resolutions, if passed, would reduce Aer Lingus' costs by €500,000 per annum and will significantly boost Aer Lingus' profitability and shareholder value," said the Ryanair boss.
Mr O'Leary claimed trade union bosses such as ICTU's David Begg were paid almost €5,000 per board meeting, while the Non-Executive Chairman was paid €15,000 per board meeting.
"Should you fail to cut these excessive fees, then sadly you will have as little credibility as the Board of Aer Lingus."
Ryanair is predicting profits of between €200 million and €300 million depending on fuel costs and average fares for this year and that passenger numbers will rise by 15% to 67 million.
(DW/JM)
The sale reduces Mr O'Leary's holding in the company to just over 4%, equivalent to 0.34% of the airline's total amount of shares. Ryanair shares fell in Dublin in early trade by 2% to €3.67.
The news comes after the budget airline announced its first full-year loss in 20 years. Ryanair is also a major shareholder in Aer Lingus and last week Mr O'Leary's contingent was defeated in two motions at the Aer Lingus annual general meeting that sought to reduce the pay of the airline's chairman and other board members.
In an open letter to the Minister for Transport, Noel Dempsey, Mr O'Leary complained that the payments to Directors on Aer Lingus' board was "excessive" and called on the Minister to stop the payments.
"These resolutions, if passed, would reduce Aer Lingus' costs by €500,000 per annum and will significantly boost Aer Lingus' profitability and shareholder value," said the Ryanair boss.
Mr O'Leary claimed trade union bosses such as ICTU's David Begg were paid almost €5,000 per board meeting, while the Non-Executive Chairman was paid €15,000 per board meeting.
"Should you fail to cut these excessive fees, then sadly you will have as little credibility as the Board of Aer Lingus."
Ryanair is predicting profits of between €200 million and €300 million depending on fuel costs and average fares for this year and that passenger numbers will rise by 15% to 67 million.
(DW/JM)
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The Irish Finance Minister Brian Lenihan (pictured) is said to be having a "serious look" at a fresh multi-million euro offer for Aer Lingus from its rival Ryanair - even though the airline itself has publicly ruled the bid out. Ryanair boss, Michael O'Leary has been actively trying to take over Aer Lingus for sometime, offering €1.
Government Looks Seriously At Aer Lingus Offer
The Irish Finance Minister Brian Lenihan (pictured) is said to be having a "serious look" at a fresh multi-million euro offer for Aer Lingus from its rival Ryanair - even though the airline itself has publicly ruled the bid out. Ryanair boss, Michael O'Leary has been actively trying to take over Aer Lingus for sometime, offering €1.
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