GOVERNMENT advisers UBS and AIB Capital Markets will unveil the timetable for the €1.2 billion flotation of Aer Lingus within 10 days, earmarking a stock market debut for the last week in September.
It is understood that the government’s intention to retain ownership of at least 30% of the airline will also be communicated to the market, together with a complex proposal to protect the staff’s planned 14.9% shareholding.

Separately, The Sunday Times has learnt that there has been frantic bidding for shares among Aer Lingus staff ahead of the planned flotation. The staff currently hold 12.6% of the airline’s equity. These shares were distributed over the past 10 years of a profit-sharing scheme.

Staff traded shares through an auction process with PricewaterhouseCoopers last month. It is understood the shares changed hands at a price of more than €3.40, well in excess of prices achieved in previous auctions and in some cases more than twice the price originally sought.

On the basis of the auction prices, many staff already sit on nest eggs of €8,100.

The advisers will state that Aer Lingus plans to raise €400m to expand its fleet and a further €104m to plug an actuarial deficit in its pension scheme.

Posted: 08|20|06 at 10:54 am. Filed under: Auction News.