Stelios takes the lion's share

EASYJET founder Stelios Haji-Ioannou's privately held easyGroup bought most of the 26m shares made available in the budget airline's recent open offer and placing.

EasyJet sold just 10.4m shares to external investors at 375p each as part of an exercise to raise cash to buy new planes and expand its services. The shares bought by external investors comprised 6.5m placed with institutions and just 3.9m of the 5.5m available to shareholders with no connection to Haji-Ioannou or related parties as 30% declined that portion of the open offer.

Haji-Ioannou earlier sold 13m shares he personally held in the airline, raising £50m. He then guaranteed to underwrite the subsequent sale of 26m shares in order to save investment banking fees. With a substantial chunk of those shares unsold, that left easyGroup buying back 15.6m, or 60% of the issue. EasyGroup now owns 79m shares in easyJet, or 27% of the company.

An easyJet spokesman said the aim of reducing the stake of Haji-Ioannou, his family and his related companies in the airline had been achieved, taking external investors' ownership of the airline to 41.5% from 29.2% and raising £93.3m.