Employee trust set to back call for holding of EGM

ONE of the biggest shareholders in Aer Lingus is today expected to officially back calls for an extraordinary general meeting (EGM) of the airline’s shareholders over management’s decision to move its Heathrow slots from Shannon to Belfast.

The Aer Lingus Employee Share Ownership Trust (ESOT) holds an almost 15% stake and is the third biggest shareholders after Ryanair and the Government.

Last night it met to discuss the fact management at the airline did not consult either with itself as a shareholder or with Shannon workers before the decision to pull out of the airport was taken.

Afterwards ESOT chairman Shay Cody remained tight-lipped about the outcome of the meeting, saying an official statement would be issued today.

However, it is understood the ESOT discussed the holding of an EGM of all shareholders over the movement of the slots and that most, if not all, backed such an action.

Today it is expected it, like Ryanair, will officially call for the EGM.

That meeting has to take place anyway as Ryanair, as a shareholder with a shareholding in the company greater than 10%, has the right to call an EGM.

It is expected the ESOT will now seek urgent meetings with the pilots, then the Government, then Denis O’Brien and then Ryanair to discuss the way forward.

In the meantime there is already a board meeting of Aer Lingus scheduled within the next fortnight.