Stelios loses his grip on easyJet after 26 years

Sir Stelios has continuously clashed with easyJet’s administration above plans to increase the airline. 

Right after easyJet tapped shareholders at the start of the pandemic, he warned he would not back again the board if they returned to the marketplace to request buyers for extra dollars. 

Sir Stelios declined to comment on the dilution of his stake in easyJet.

Some 93pc of shareholders backed the £1.2bn legal rights situation, put in position to shell out down debt and capitalise on the challenges experiencing “legacy” carriers these types of as British Airways. 

EasyJet’s situation has been strengthened in the final week soon after BA’s strategy to launch a new quick-haul airline at Gatwick have been scuppered by its pilots voting down the proposals. 

BA will continue on to work very long-haul expert services from the airport, but it is unclear if it will offer the Gatwick landing slots or transfer them to another IAG airline these types of as Aer Lingus or Vueling.

Shares finished two.7pc reduce at 690p, valuing the company at £5.2bn. The inventory was at 412p at this time final yr.