Ryanair may drop London listing as trading volumes fall post-Brexit

DUBLIN (Reuters) – Ryanair is considering delisting from the London Stock Exchange due to a fall in trading volumes this year after British shareholders’ voting rights were restricted post-Brexit, the Irish airline announced on Monday.

A delisting would be a blow to London which is seeking to bolster its credentials as a global financial centre that can attract and sustain international companies.

Ryanair announced in 2020 that UK nationals, like all other non-EU nationals, would from January 2021 no longer be permitted to acquire ordinary shares.

That decision was taken to ensure the airline remains majority EU-owned and retains full licensing and flight rights in the bloc now that Britain has left the European Union.

Ryanair has a primary listing on Euronext Dublin and its American Depository Receipts (ADRs) are listed on the U.S. Nasdaq. In 2012 it downgraded its listing on the London Stock Exchange from a premium listing to a standard listing.

“The Board of Ryanair is now considering the merits of retaining the standard listing on the LSE,” the airline said in a statement on the release of its financial results for the six months to the end of September.

“The migration away from the LSE is consistent with a general trend for trading in shares of EU corporates post Brexit,” the statement said.

Britain is pushing to boost the City of London as a global financial centre in the aftermath of Brexit, which has largely cut off the UK financial sector from clients in the bloc.

The bulk of trading in euro-denominated shares shifted overnight from London to Amsterdam after Britain fully left the EU on Dec. 31, 2020.

(Reporting by Conor Humphries; Editing by Susan Fenton)

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