The founder of Jet2, Phillip Meeson, has sold more of his shares in the carrier following their strong successes over the course of 2024.
It is understood he has sold a whopping five million shares in the company, valued at just over £70m.
Without further ado, let’s get into it…
The Details on Jet2 Founder & The Selling of His Shares…
The five million shares sold by Jet2 Founder Phillip Meeson represents around 2.3% of the total company.
As per City A.M, Meeson also sold a tiny chunk of his shares in Leeds Bradford Airport back in April.
Meeson stepped down as the Chairman of Jet2 back in September last year via a retirement.
It is understood he will remain a substantial shareholder in the airline going into the future.
The Airline Speaks Out…
In a statement on the London Stock Exchange, Jet2 said the following on Phillip Meeson (the founder) selling some of his shares:
“Philip’s rationale for the transaction has been driven by personal financial considerations alone.”
“Philip believes that Jet2, as a market leader in the Holiday business and with its firm order for 146 Airbus A321 aircraft is ideally positioned to fully take advantage of a market with huge potential.”
“He believes there is a great future for Jet2 and he expects to continue as a very substantial shareholder in Jet2 going forward.”
Overall…
In conclusion, it remains clear that Jet2 Founder Phillip Meeson is cashing out some of his shares based on the growth of the company.
Furthermore, the carrier has had a good Summer and also a good year so far.
Jet2’s Summer 2024 seat capacity has reached an impressive 17.17 million seats, marking a significant 12.4% increase from Summer 2023.
This growth surpasses the projections shared in their July 11 Preliminary Results.
The company experienced robust late booking momentum in July and August, with September following suit.
While the average load factor is currently 1.2 percentage points behind Summer 2023, this gap has narrowed from the 1.8 percentage points reported earlier.
It will be interesting to see how much further Meeson can take things.
As the airline continues to perform well, he will no doubt continue to take money out moving forward.
Click the banner to subscribe to our weekly newsleter.
Click the photo to join our WhatsApp channel so then you can stay up to date with everything going on in the aviation industry!
