MUFC at 38% you pretty much have a controlling shareholding as you will get a certain amount of institutional support simply because they don't wish to upset the applecart and also a certain number of private shareholders who will never bother to vote. At the level you can just vote down whoever you want.
Stelios is appointing his own people to the board and undermining existing directors who he disagrees with i.e. CFO who resigned earlier in the year because Stelios refused to support signing of annual accounts.
I think he is making an error as Easyjet was succesful because the timing was right not just because of him, he had a big part to play but EGO can over rule head with succesful people.
Looking at the track record since the Airline started up is there another success that can be claimed where he sold on for a big profit or a string of failed ventures, failed ventures are ok because entrepreneurs don't succeed at everything BUT continued sustained failures may question the judgement and make him require the cash.
If you let go then let go but keep coming back in forces people to wonder is it the management making decisions or the biggest shareholder and that provides uncertainty and financial markets hate uncertainty in any company.