This article is from page 8 of the 2007-10-23 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 8 JPG
RYANAIR, Aer Lingus’s largest shareholder, has confirmed that it has submitted a formal complaint to the Irish Financial Regulatory Services Authority (IFSRA) concerning the alleged breach by Aer Lingus of Irish Company Law and Stock Exchange Rules.
The low-cost airline says the breach was in the Aer Lingus “*’selec- tive briefings to one shareholder (the Department of Transport) of market sensitive information (the closure of the Shannon-Heathrow route) some eight weeks prior to the announce- ment through the Stock Exchange
notice.”
A Ryanair spokesman said it is of grave concern “that one shareholder (the Department of Transport) which only holds a 25 per cent interest in Aer Lingus was repeatedly briefed on this market-sensitive informa- tion…before the Stock Exchange an- nouncement of this route closure on August 7.
“This repeated and selective dis- semination of market sensitive in- formation to one shareholder up to eight weeks prior to making all oth- er shareholders aware of the facts is a clear violation of Stock Exchange rules and Irish Company Law,” he claimed.