Ryanair engages brokers to commence share buy-back

Dublin-based budget airline plans to buy back up to €750m worth of shares

Passengers boarding a Ryanair flight at Stanstead Airport in London. Photograph: Bryan O’Brien / The Irish Times

Passengers boarding a Ryanair flight at Stanstead Airport in London. Photograph: Bryan O’Brien / The Irish Times

 

Ryanair has engaged its brokers, Citigroup and Davy, to begin a share buy-back programme up to €750 million.

The Dublin-headquartered budget airline said on Tuesday it had entered into “irrevocable arrangements with its brokers...to commence a share buy-back programme”.

Ryanair’s brokers will repurchase ordinary shares up until November 2018 with the purpose of the programme being to “reduce the share capital of the company”.

“The timing and the actual number of shares repurchased will be dependent on market conditions, legal and regulatory requirements and the other terms and limitations contained in the arrangements,”Ryanair said in a stock market announcement.

Ryanair’s American Depositary Shares buy-back programme, announced in February 2017, remains in place.

The latest share buy back programme was announced Monday after the airline posted a 4 per cent increase in revenues for the third quarter to €1.4 billion. Profit for the same period grew 12 per cent.