Ryanair shareholders vote for distribution of €398m

Ryanair shareholders voted overwhelmingly in favour of the company's plans to distribute the €398 million earned from the sale of its stake in Aer Lingus at a meeting on Thursday.

International Consolidated Airlines’ Group (IAG) bought Ryanair’s 29.8 per cent stake in its rival last August for €398 million when it took over Aer Lingus.

At an extraordinary general meeting in Dublin on Thursday, Ryanair equity holders passed a series of resolutions needed to allow the company to return the cash to them through a B-share scheme.

Each of the five resolutions passed with 988.9 million votes for, virtually all the company’s issued share capital, and between 6,200 and 7,200 against.

The issue of the B-shares will require a 39 for 40 consolidation of the airline’s shares in order to maintain price stability.