LONDON – EasyJet’s biggest shareholder, the family of founder Stelios Haji-Ioannou, has decided not to participate in the British airline’s 1.2 billion pound rights issue and has sold its rights to buy new shares, a source familiar with the situation said.
The Haji-Ioannou family has sold 76.3 million nil paid rights at 1.65 pounds, a 15% discount to the closing price of the rights on Thursday, said the source.
The family has repeatedly said it did not plan to plough more money into easyJet while the airline sticks to a deal with Airbus to buy more planes.
As a result of the rights issue, the family’s stake is set to reduce to 15.2% from 25.3% when the new shares go live on Sept. 28.
Both easyJet and a representative for the family declined to comment.