Ryanair 2016 Annual Report Download - page 121
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121
to engage in further planned buy-backs (i.e. a VWAP program) during the remainder of 2016, the Board is seeking the
flexibility and discretion to do so, if there is further market volatility such as that witnessed in the aftermath of the U.K.
Referendum vote.
See “Item 9. The Offer and Listing - Trading Markets and Share Prices” below for further information regarding
share buy-backs.
SIGNIFICANT CHANGES
Following the June 23, 2016 Referendum vote by the U.K. to leave the EU, the Company announced
that it had increased the size of its buy-back program to the 5% buy-back limit approved by the shareholders at the
Company’s 2015 Annual General Meeting (approximately €886 million).
From April 1, 2016 to July 1, 2016 the Company bought back 36.0 million shares at a total cost of
approximately €467.5 million under its €886 million share buy-back program. All ordinary shares repurchased were
cancelled.
On July 1, 2016 the Board confirmed that it will hold an EGM on July 27, 2016 to seek approval from
shareholders to grant the Board of the Company the discretion to engage in further share buy-backs, should they decide
that it is in the best interests of the shareholders, over the next 15 months. While there is no plan to engage in further
planned buy-backs (i.e. a VWAP program) during the remainder of 2016, the Board is seeking the flexibility and discretion
to do so, if there is further market volatility such as was witnessed in the aftermath of the U.K. Referendum vote.
Item 9. The Offer and Listing
TRADING MARKETS AND SHARE PRICES
The primary market for Ryanair Holdings’ Ordinary Shares is the Irish Stock Exchange plc (the “Irish Stock
Exchange”); Ordinary Shares are also traded on the London Stock Exchange. The Ordinary Shares were first listed for
trading on the Official List of the Irish Stock Exchange on June 5, 1997 and were first admitted to the Official List of the
London Stock Exchange on July 16, 1998.
ADRs, each representing five Ordinary Shares, are traded on NASDAQ. The Bank of New York Mellon is
Ryanair Holdings’ depositary for purposes of issuing ADRs evidencing the ADSs. The following tables set forth, for the
periods indicated, the reported high and low closing sales prices of the ADRs on NASDAQ and for the Ordinary Shares
on the Irish Stock Exchange and the London Stock Exchange, and have been adjusted to reflect the two-for-one split of
the Ordinary Shares and ADRs effected on February 26, 2007: