REG - Jet2 PLC - Update on UK ownership and Permitted Maximum

Jet2Announcement

19/11/2024 11:15

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RNS Number : 8168M  Jet2 PLC  19 November 2024

 

19 November 2024

Jet2 plc

("Jet2", the "Group" or the "Company")

 

Update on UK ownership, Operating Rights and amendment to Permitted Maximum

 

Jet2 plc, the Leisure Travel Group, today announces that its board of
directors (the "Board") has amended the current "Permitted Maximum", being the
maximum percentage of the Company's issued share capital that may be owned by
non-UK nationals, from 45% to 49%.

 

As specified in its last update on 16 May 2023, in common with other industry
participants, the Company's Articles of Association (the "Articles") provide
the Board with certain powers to take action to ensure that the number of
shares in the Company held by non-UK nationals ("Non-UK Shares") does not
reach a level which could jeopardise Jet2's current and future rights to fly
to its chosen destinations ("Operating Rights"). In particular, the Board may
set a Permitted Maximum, which was previously announced on 16 May 2023 as 45%.
 

 

In addition, the Articles include the right for the Company to serve notice to
holders of any Non-UK Shares above the Permitted Maximum ("Affected Share
Notices") notifying them that they are no longer entitled to attend, vote or
to speak at any general meeting of the Company.  In deciding which
Non-UK Shares are to be subject to Affected Share Notices, the Board would
have regard primarily to the chronological order in which such Non-UK Shares
have been acquired (the so-called 'last in first out' principle).

 

The Board has been advised that, as at 31 October 2024, the current number
of Non-UK Shares as a percentage of the Company's issued share capital was
approximately 39%.

 

The Board, having consulted with its advisers, and having regard to the
thresholds set by other industry participants, has decided that it is
appropriate to increase the Permitted Maximum to 49%, a level which still
ensures that the Board can take appropriate action to maintain its current and
future Operating Rights.

 

It is the Board's current expectation that, should the new Permitted Maximum
be exceeded in future, it will serve Affected Share Notices on those
Non-UK Shares which have caused the Permitted Maximum to be exceeded removing
the right to attend, vote or speak at any general meeting of the Company,
whilst reserving the other rights set out Article 44.6 of the Articles,
including the right to require the sale of certain Non-UK Shares within 21
days.

 

The number of Non-UK Shares as a percentage of the Company's issued share
capital will be published
at www.jet2plc.com/en/uk-ownership-and-operating-rights
(https://www.jet2plc.com/en/uk-ownership-and-operating-rights) , where
Frequently Asked Questions on this subject may also be found.

 

For further information, please contact:

 

 Jet2 plc                                     0113 239 7692

 Robin Terrell, Chairman

 Gary Brown, Group Chief Financial Officer

 Cavendish Capital Markets Limited            0207 220 0500

 Nominated Adviser

 Katy Birkin / Camilla Hume / George Lawson

 Canaccord Genuity                            020 7523 8000

 Joint Broker

 Adam James / Harry Rees

 Jefferies International Limited               020 7029 8000

 Joint Broker

 Ed Matthews / Jee Lee

 Burson Buchanan                              020 7466 5000

 Financial PR

 Richard Oldworth / Toto Berger

 

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