Ryanair confirmed on Friday that it will delist from the London Stock Exchange (LSEG.L) due to a fall in trading volumes post-Brexit.
The ban on UK nationals buying Ryanair shares remains in place following Brexit. Given the reduction in London trading of Ryanair shares, the board has been considering the move since the beginning of this month.
“The migration away from the London Stock Exchange is consistent with a general trend for trading in shares of EU corporates post Brexit,” Ryanair said at the time.
The budget airline has has given the Financial Conduct Authority (FCA), the UK’s financial watchdog, the 20 working days notice required for delisting.
The cancellation of its listing will be effective from 20 December which means the last day that London will see the trading of Ryanair shares will be 17 December.
Ryanair said the move was because “the volume of trading of the shares on the London Stock Exchange does not justify the costs related to such listing and admission to trading, and so as to consolidate trading liquidity to one regulated market for the benefit of all shareholders.”
Ryanair stock fell 0.9% in early trade in London on Friday.
In December 2020, Ryanair said that UK shareholders would have little or no say in the running of the company post-Brexit.
The airline said at the time that it “must take steps” to stay majority EU owned and controlled after the end of the Brexit transition period.
In order to retain full licensing and flight rights in the bloc, EU-based airlines must be majority owned and controlled by nationals of the bloc.
Ryanair said in 2020 that UK nationals, like all other non-EU nationals, would from January 2021 no longer be permitted to acquire ordinary shares.
In 2012 it downgraded its London listing from a premium listing to a standard listing.
The move to delist deals a blow to London’s status as a global financial centre post-Brexit.