easyJet reject Stelios criticism; offer meeting
20.07.11
easyJet has responded to founder and major shareholder Sir Stelios Haji-Ioannou’s criticism of its expansion plans. The budget airline's board has rejected all of his allegations of wrongdoing and invited him for a private meeting with its chairman.
In a letter released last week, Sir Stelios accused easyJet directors of an 'incestuous' relationship with manufacturer Airbus. The letter followed an announcement by the airline on January 4 that it agreed to exercise options over 15 Airbus A320 aircraft for delivery between 2012 and 2014 and had also secured new options over a further 33 A320 aircraft.
Sir Stelios said that the airline ‘should have obtained fresh shareholder approval to purchase aircraft at a price that is almost double the so-called list price disclosed to shareholders the last time they were given the chance to vote on an aircraft order’. But easyJet said that its Airbus order had not required shareholder approval and rejected all of his other allegations of wrongdoing.
The airline also said that is has ‘invited Sir Stelios to meet with the chairman, Michael Rake, to discuss the company's strategy in private.’ Sir Stelios, with his family, owns 38% of easyJet’s shares.
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