Jet2 chairman Meeson sells £22m of shares

Leeds-based Jet2 plc said on Friday that executive chairman Philip Meeson sold 1.55 million shares at £11.1389 per share on November 18 and sold 450,000 shares at £10.50 on November 19 — worth about £22 million.

Following these transactions, Meeson holds 43.3 million Jet2 shares representing 20.18% of the company’s issued share capital.

Jet2 also said that on November 19, The Philip Meeson 2019 Settlement, a person closely associated with Meeson, sold 500,000 shares at £10.50 per share.

“The Philip Meeson 2019 Settlement is a UK resident settlement of which Mr Meeson is a trustee but not a beneficiary,” said the company.

Following this transaction, The Philip Meeson 2019 Settlement will hold a total of 5,000,000 Ordinary Shares representing 2.33% of the Company’s issued share capital.”

On Thursday, shares of Jet2 fell about 7% after its results for the half year ended September 30, 2021, showed a loss before taxation of £205.8 million compared with a loss of £119.3 million for the same period a year earlier.

Revenue rose 43% to £429.6 million, but the company warned: “The competitive pricing environment being experienced for Winter 21/22, plus the necessary investment in our own operations in the remainder of this financial year in readiness for our flying programme expansion in the Summer 2022 season, means that, as is typical for the business, further losses are to be expected in the second half.”