Leeds-based Jet2 said on Wednesday that former executive chairman Philip Meeson has sold five million ordinary shares in the company to “a limited number of institutional investors” representing 2.3% of the issued ordinary share capital in the firm.
Jet2’s stock price fell almost 4% to around £14.20 on Wednesday. Five million shares at that price would be worth around £70 million.
“Philip’s rationale for the transaction has been driven by personal financial considerations alone,” said Jet2.
“Philip believes that Jet2, as a market leader in the holiday business and with its firm order for 146 Airbus A321 aircraft is ideally positioned to fully take advantage of a market with huge potential.
“He believes there is a great future for Jet2 and he expects to continue as a very substantial shareholder in Jet2 going forward.
“Jefferies International Limited acted as Sole Global Coordinator and Sole Bookrunner in connection with the Placing.
“Settlement of the Placing is expected to occur on 13th September 2024. Subject to customary exceptions or obtaining prior consent from Jefferies, the Selling Shareholder will be subject to a lock up period of 90 days.
“The Company will not receive any proceeds from the Placing.”