Ryanair is moving forward with plans to withdraw from the London Stock Exchange due to foreign ownership and control rules that apply due to Brexit.
The low-cost airline, which earlier this month indicated its intention to become listed only in Dublin, said its last day of listing on the London Stock Exchange would be December 17.
“As reported in our interim results, and following subsequent shareholder engagement, Ryanair has decided to request cancellation of the London listing,” the company said in a statement. “The trading volume of shares on the London Stock Exchange does not justify the costs associated with such listing and admission to trading, and in order to consolidate the liquidity of trading on a regulated market for the benefit of all shareholders. “
Ryanair said it had notified the UK’s Financial Conduct Authority and would be officially deregistered at 8 a.m. on December 20. Earlier this year, Ryanair said the abandonment of a London listing was “consistent with a general trend of trading in shares of European Union companies after Brexit”.
The airline said this was also a “potentially more acute” problem for it, as EU rules require airlines to be majority owned by EU nationals. Ryanair has its main listing in Dublin, Ireland, and has already asked some UK investors to sell shares this year to stay in compliance with the rules.
“Following the cancellation of the London listing, the company will continue to have a main listing on the regulated market of Euronext Dublin, which offers shareholders the highest level of protection, including compliance with the UK corporate governance code. ‘business,’ Ryanair said.