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Ryanair (RYA) to leave London Stock Exchange for cost reasons

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The Irish low cost airline Ryanair has confirmed it will delist its London shares in December.

Ryanair, which operates as an airline group with a UK subsidiary, said the volume of its shares traded on the London Stock Exchange (LSE) did not justify the costs associated with listing.

He said he would continue to maintain his main listing on Euronext Dublin, which he said would “benefit all shareholders”.

The company is required to give 20 working days’ notice before delisting and has said its last day of listing will be December 17.

Brexit factor

Although he did not mention Brexit in today’s notice, Ryanair executives have previously said it will be a key factor in his decision to leave London.

In a presentation of the results last month, Group CFO Neil Sorahan noted: “Like many Irish companies, we have noticed that trade on the London line has declined considerably.

“In our case, this was probably accentuated by the fact that from January 1, after Brexit, UK shareholders are now considered non-European and are not allowed to buy Ryanair ordinary shares. So the board thinks it’s probably time to see if we profit from a London listing.

Ryanair has a long history limitation on shareholding, which means that third country nationals can only buy restricted shares.

Brexit has brought EU ownership of the group below 50%, the level it needs to retain full license and theft rights in the bloc. This led Ryanair to initiate the forced sale of around one million shares held by third country nationals, mostly UK investors.

The loss of London?

The move comes amid a debate over whether the LSE has lost its appeal to global businesses and investors, with critics pointing to the lack of dynamic start-ups choosing the market.

Earlier this month, the managing director of online retail platform THG noted listing in London had “failed from start to finish” and he regretted choosing New York.

In August, mining giant BHP announced that it would end its dual-listed company structure by swapping UK stocks for shares of Australian Limited.

However, the LSE was boosted this week by news that oil major Shell would move to a single-share structure in London and move its UK headquarters and tax residence from the Netherlands.

Russ Mold, chief investment officer of AJ Bell, said: “If Shell’s decision to pivot to London was seen as a Brexit victory, [Ryanair’s decision] is likely to be characterized as a Brexit loss in some quarters, after restrictions were introduced on UK investors buying its shares at the start of the year. “

Read more: Ryanair posts quarterly profit for the first time since Covid

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