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BHP GROUP

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Ryanair drops London listing, citing costs

11/19/2021 | 03:38am EST
FILE PHOTO: Ryanair in Dublin

DUBLIN (Reuters) - Ryanair gave notice on Friday of its intention to delist from the London Stock Exchange next month, saying the volume of trading did not justify the costs related to retaining an additional listing.

The Irish airline said on Nov.1 that it was planning to drop the listing due to a fall in trading volumes there, dealing a blow to London's status as a global financial centre after Brexit.

The move comes after its British shareholders' voting rights were restricted post-Brexit and followed miner BHP saying in August it would do away with its dual-listed structure and make Sydney its main listing.

Royal Dutch Shell's decision on Monday to scrap its dual share structure and move its head office to Britain from the Netherlands has also renewed focus on dual listings, which are often criticised as both complex and expensive.

Ryanair said the last day of trading of its shares on the LSE would be Dec. 17.

Ryanair said it will continue to hold a primary listing on Euronext Dublin and list its American Depository Receipts (ADRs) on the U.S. Nasdaq. In 2012 it downgraded its listing on the LSE from premium to standard.

Ryanair Chief Executive Michael O'Leary said last month that Brexit had pushed EU stock ownership of the company below 50% - given the Britain is no longer part of the bloc - and that the European Commission wanted it "to be seen to be taking action."

Ryanair had said in 2020 that UK nationals, like other non-EU nationals, would from January 2021 no longer be permitted to acquire its ordinary shares - a decision taken to ensure the airline remains majority EU-owned and retains full licensing and flight rights in the bloc after Brexit.

(This story has been refiled to fix the headline)

(Reporting by Padraic Halpin in Dublin and Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
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Financials (USD)
Sales 2022 60 826 M - -
Net income 2022 18 492 M - -
Net Debt 2022 7 367 M - -
P/E ratio 2022 8,35x
Yield 2022 9,03%
Capitalization 163 B 164 B -
EV / Sales 2022 2,81x
EV / Sales 2023 3,17x
Nbr of Employees 40 110
Free-Float 55,6%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 32,23 $
Average target price 34,81 $
Spread / Average Target 8,03%
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Managers and Directors
Mike Henry CEO, Non-Independent Executive Director
David Mark Lamont Chief Financial Officer
John Kenneth Norman MacKenzie Chairman
Laura Tyler Chief Technical Officer
Malcolm William Broomhead Independent Non-Executive Director
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