Here it is:
www.ise.ie/app/announceme...ID=1322544
The phrase "comes out swinging" jumps to mind. It doesn't pull any punches; it doesn't come across as "stock exchange" language, if there is such a thing; it's very much fluent Ryanairese ... EI is a minnow, we're big, we can make things happen for EI; they can benefit from being on board, in terms of developing long haul and reducing their cost base.
There is the statement that FR will continue to grow at DUB, with or without the plan to sell EI being successful and it does state that EI's fare is nearly twice FR's. I'm thinking, "if this doesn't go through, we'll tighten the vice, bit by bit ..."
Since this is aimed at the 32% or so of shareowners who haven't yet made a decision, it will make particularly interesting reading for them.
I think there is another issue which needs to be considered and that is that, unlike EI, FR is not afraid to be controversial (yes, very often to a fault and often gratuitously and unnecessarily), BUT very often necessarily and in situations where EI is STILL, despite its privatised, rather hidebound and timid. DM, with all due respect to him, comes across as being a bit too nice, an ideal choice as the CEO of EI, when WW left - since he wasn't likely to rock the boat. Quite apart from being "weathervaned" by the unions, I wonder how much the govt fears getting a regular, public bollocking from FR; the DAA is clearly getting it (and deservedly so), but it will be interesting to see how the govt puts up with it; they can gag EI quite effectively and have always done so, but they won't do it to FR.
In that sense, I think this will be an extremely good thing, not just for Irish airlines, but for the economy generally, because if there is one area of Irish govt policy that needs a good 200,000 volts passed through at regular occasions, it's aviation. If they won't take an interest in aviation policy of their own volition, the combined FR/EI can "incentivise" them on a regular basis ...