EasyJet founder Sir Stelios left with diluted stake

easyJet Sir Stelios
By Linsey McNeill
Home » EasyJet founder Sir Stelios left with diluted stake

Sir Stelio Haji-Ioannou and his family have been left with a significantly reduced stake in the airline he founded 26 years ago after opting not to take part in a recent rights issue.

Other easyJet investors snapped up 93% of the additional shares issued, raising £1.15 billion for the low-cost airline.

As a result, the stake held by Sir Stelios and his family was diluted from 25.3% of the airline to just 15.3%.

Going under the 25pc threshold means that Sir Stelios – who has frequently clashed with easyJet’s management – is unable to veto key decisions by the airline’s board that require the support of three-quarters of shareholders, according to a report in the Telegraph.

EasyJet CEO Johan Lundgren said yesterday that the extra £1.15bn raised in the rights issue will ‘accelerate the airline’s recovery’.

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