The three million shares to be disposed of this week by Ryanair's chief executive, Mr Michael O'Leary, are only a fraction of his holding in the airline.
Worth €35.4 million at yesterday's closing price of €11.80, they represent just 10 per cent of the 30 million shares held by Mr O'Leary. His remaining 27 million shares were worth €318.6 million when trading on the Dublin exchange closed.
The 30 million shares represent 8.5 per cent of the company, which had a market capitalisation yesterday of €4.1 billion.
Ryanair's latest annual report, for 1999, indicates that Mr O'Leary's shares were acquired at market prices, because none of its directors held any share options on March 31st 1999 or at any earlier date.
Ryanair also revealed yesterday that its chairman Mr David Bonderman and two directors, Mr Jeff Shaw and Mr Rick Schifter, were dissolving Irish Air Gen Par LP, a partnership through which they held 1.3 per of the airline.
Mr Bonderman placed 3,278,730 of the 3,528,340 shares in this partnership in trust for his children. That tranche was worth €37.8 million when trading closed yesterday.
Mr Shaw will continue to hold 192,800 shares, worth €2.3 million yesterday, and Mr Schifter will continue to hold 332,410 shares, worth €3.9 million.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/83458afb-5b49-4bc4-9945-1a20e9ca0c70.png)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)