In an attempt to minimise their dilution in the upcoming rights issue from easyJet, founder Stelios Haji-Ioannou and his family completed a £164.1m tail-swallowing exercise this week. Credit Suisse First Boston placed 47.57m easyJet shares, which started trading ex-rights on Tuesday, at 345p. Haji-Ioannou, the outgoing chairman of easyJet, and his family will use the money raised in the issue to take up part of their rights in the four for 11 rights offering which is due to close on July 8. They will therefore remain cash neutral on the rights offering but their holding in the company will be diluted. The family's stake has reduced from 57.7% to 45.8%.
June 21, 2002