From Bloomberg
DUBLIN (Dow Jones)--Irish low-budget airline Ryanair Holdings PLC (RYAAY)
Chief Executive Michael O'Leary said Thursday he wants his staff to take a pay
cut of between 5% and 10% this year, and said he'd already taken a pay cut "far
above" that amount.
Speaking at a press conference, O'Leary also said he will also take a
"significant write-down" on his company's investment in Aer Lingus Group PLC
(EIL1.DB) in Ryanair's end-of-year results.
Ryanair has spent around EUR400 million on its stake in Aer Lingus at an
average price of around EUR2.40 per share. It has written down the investment
to EUR1.00 per share and sees Aer Lingus shares hitting EU0.50 and EUR0.75.
"If I had my choice, I'd write it off completely," O'Leary told Dow Jones
Newswires on the sidelines of the pres conference, "but accounting rules don't
allow you to write it off completely."
He said it was "highly unlikely" that Ryanair will make a third bid for Aer
Lingus. Ryanair's EUR748 million, EUR1.40 per share bid for Aer Lingus was
rejected last month. The airline still has a 29.8% stake in Aer Lingus.
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