By Anthony O. Goriainoff

Ryanair Holdings PLC said Wednesday that it has started the forced sale of around 1 million ordinary shares acquired by non-EU nationals since Jan. 1, in accordance with its articles of association.

The budget carrier said that the net proceeds of the sale will be transmitted to the relevant investors in due course.

The airline said that the prohibition on non-EU nationals acquiring ordinary shares in the company--as announced in 2002--still applies and that since Jan. 1 U.K. nationals aren't permitted to acquire company shares.

Ryanair Holdings said that it has recorded a number of acquisitions of its ordinary shares by non-EU nationals since Jan. 1 and that the relevant investors haven't complied with the disposal requirements in the Restricted Share Notices issued to them by Ryanair.

"As a result of Brexit, ordinary shares in the company which have been acquired by or on behalf of U.K. nationals (like all other non-EU nationals) since Jan. 1, 2021 have been treated as 'Restricted Shares' and such non-EU national investors have been issued with Restricted Share Notices by the company requiring them to dispose of their interests in such Restricted Shares to EU nationals," it said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

09-08-21 0954ET