Jet2 Co-Founder Meeson Sells £73 Million Stake

2 min read | September 11, 2024 08:18 AM EDT | By Team Kalkine Media

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Jet2 Co-Founder Meeson Sells £73 Million Stake — Image source: shutterstock

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Jet2 PLC (LSE:JET2) shares experienced a 3% decline to 1,426p on Wednesday morning following the sale of a 2.3% stake in the company by co-founder Philip Meeson.

The sale, conducted through a placing organized by broker Jefferies, involved Meeson transferring 5,000,000 shares to several institutional investors. This move is estimated to generate approximately £73 million based on the previous day’s closing share price of 1,470p. The proceeds from the transaction will not benefit Jet2, as the funds are solely for Meeson's personal financial purposes.

Philip Meeson, who originally acquired the company when it was a cargo airline 40 years ago and transformed it into an international airline, stated that Jet2 is well-positioned to capitalize on the market’s potential. Despite the share sale, Meeson expressed confidence in Jet2's future, citing the company’s strong position as a leader in the holiday business and its substantial order of 146 Airbus A321 aircraft.

Meeson’s comments emphasize his belief in Jet2’s ongoing success and his commitment to remaining a significant shareholder. Prior to the sale, Meeson held a stake of over 17% in the company. Following the transaction, he has agreed to a lock-up period of 90 days for his remaining shares, reinforcing his continued involvement with the company.

The reduction in shareholding did not deter Meeson’s positive outlook for Jet2. He affirmed that the company is set to leverage its market leadership and aircraft orders to pursue growth opportunities. The market response to the share sale reflects broader investor sentiment, but Meeson’s commitment to the company remains steadfast.

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