Bloomberg: Ryanair to drop London Stock Exchange listing

Irish discount carrier Ryanair Holdings Plc said it will drop its London Stock Exchange listing, becoming the first major company to blame its departure on Brexit, Report informs referring to Bloomberg.

The move confirms a plan set in motion this month, when Ryanair cited compliance headaches tied to Britain’s exit from the European Union.

The region’s biggest low-cost airline has had to limit some stock purchases to ensure it’s controlled from within the EU, then police investors who ran afoul of the guidelines. While trading volumes in London have dwindled, the company hasn’t managed to steer enough activity to its main listing in Dublin.

“As indicated at our interim results, and following subsequent shareholder engagement, Ryanair has decided to request the cancellation of London listing,” it said November 19 in a statement. “The volume of trading of the shares on the London Stock Exchange does not justify the costs.”

Ryanair shares traded 0.4% lower on November 19 in Dublin. The stock is down 0.6% this year.