FINANCE

EasyJet reported accepting 93% of the 1. 1.6 billion rights issue


© Reuters File Photo: Easy EasyJet aircraft are parked on the park during the official opening of the new Berlin-Brandenburg Airport (BER) “Willy Brand” in Schweinfeld, Berlin, Germany on October 1, 2020.

By Sarah Young

LONDON (Reuters) – British airline EasyJet (LON 🙂 says its investors have bought the proposed 93% new shares in its 2 1.2 billion ($ 1.64 billion) rights issue, designed to help fund the recovery from the epidemic.

The airline announced the cash call, the second in 1 month of Covid-1, earlier this month, when it revealed that it had rejected a takeover procedure from an unnamed plaintiff, which was thought to be a low-cost rival, Wiz Air. .

Johan Lundgren, CEO of EasyJet, said the additional funding would enable it to take advantage of new opportunities such as the retreat of British Airways owner IAG (LON :), Air France-KLM and Lufthansa.

“The success of this capital increase to enable massive support for investors will enable EasyJet to strengthen its balance sheet and accelerate its post-Covid-1 post-recovery plans,” he said in a statement on Tuesday.

The family of the airline’s largest shareholder, founder Stelios Haji-Yonu, has decided not to participate in the rights issue and their shares will be reduced from 25% to 15% if the shares go live on Tuesday at 0800 GMT.

The founder has in the past clashed with management over its growth plans.

Shares of EasyJet, including the underwriting bank, fell 3% to 686 pence in early trade Swiss credit (Sixth :), BNP Paribas (OTC 🙂 and Goldman Sachs (NYSE :), said they would sell the remaining 21 million shares by making a fast-paced book. They closed the book at 0655 GMT, saying it was an additional subscription of 690 pence.

($ 1 = 73 0.7311)

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