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EasyJet founder fails to stop £8bn aircraft order EasyJet founder fails to stop £8bn aircraft order
(2 months later)
EasyJet's shareholders have rubberstamped a deal to buy 135 new aircraft – despite the opposition of the airline's founder, Sir Stelios Haji-Ioannou.EasyJet's shareholders have rubberstamped a deal to buy 135 new aircraft – despite the opposition of the airline's founder, Sir Stelios Haji-Ioannou.
After a 12-minute emergency meeting at easyJet's head office at Luton airport, in which Haji-Ioannou voted against the order but did not raise a further objection, the airline confirmed its purchase of 135 A320s from Airbus.After a 12-minute emergency meeting at easyJet's head office at Luton airport, in which Haji-Ioannou voted against the order but did not raise a further objection, the airline confirmed its purchase of 135 A320s from Airbus.
John Barton, EasyJet's chairman, said: "The vote in favour of our new fleet arrangements will allow easyJet to continue its successful strategy of modest, profitable growth and sustainable returns for our shareholders."John Barton, EasyJet's chairman, said: "The vote in favour of our new fleet arrangements will allow easyJet to continue its successful strategy of modest, profitable growth and sustainable returns for our shareholders."
EasyJet is to buy the aircraft, and 100 next-generation A320neos, for delivery between 2015 and 2022, for an undisclosed amount, although the list price is just under $12bn (£8bn). These more fuel-efficient jets are about 15% larger than the A319s in its fleet. The airline said 85 aircraft would be used to replace older ones, and the rest deployed for "organic growth in existing markets".EasyJet is to buy the aircraft, and 100 next-generation A320neos, for delivery between 2015 and 2022, for an undisclosed amount, although the list price is just under $12bn (£8bn). These more fuel-efficient jets are about 15% larger than the A319s in its fleet. The airline said 85 aircraft would be used to replace older ones, and the rest deployed for "organic growth in existing markets".
Haji-Ioannou, who has a 36% stake in the company, sent an open letter to shareholders this month urging a vote against the "secret deal" and warning he would consider legal action if the order eventually proved to overcommit easyJet.Haji-Ioannou, who has a 36% stake in the company, sent an open letter to shareholders this month urging a vote against the "secret deal" and warning he would consider legal action if the order eventually proved to overcommit easyJet.
His spokesman said after the vote: "We believe this is an unnecessary order, with easyJet's very young fleet. We are concerned that new aircraft will be used to chase passengers on low-margin routes."His spokesman said after the vote: "We believe this is an unnecessary order, with easyJet's very young fleet. We are concerned that new aircraft will be used to chase passengers on low-margin routes."
The number of votes cast by Haji-Ioannou and his family appeared to indicate that he has carried out a threat to sell down a token amount of his shareholding in EasyJet, around 0.5%.The number of votes cast by Haji-Ioannou and his family appeared to indicate that he has carried out a threat to sell down a token amount of his shareholding in EasyJet, around 0.5%.
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