Ryanair formally requests Aer Lingus EGM

It’s probably not on your regular websurfing list but the website of the Irish Stock Exchange has been very lively recently, as seemingly arcane company announcements can occasionally pertain to fallout from the US subprime mortgage crisis.  But sitting there today is Ryanair’s formal notification to the exchange that it is seeking an EGM, along with the text of the motion that it will propose (see below).  The motion is linked to the Aer Lingus financial results from last week, which showed a drop in profits.  Perhaps corporate law requires that the EGM must be linked to a profitability event (if it’s being done against the will of management).  The sense remains that this is going to the courts before any EGM will happen. 

The Ryanair motion

“In view of the recently announced 58% decline in the Company’s interim
        profits, that the Directors of the company, be and are hereby directed
        to take such actions as may be required to preserve the Company’s
        existing profitable Shannon-Heathrow services and explore the €4m p.a.
        of additional cost reductions recently identified by the Shannon Airport
        Authority to enhance shareholder returns”.

The same announcement appears on their website.