Oh, a bit rhetorical, perhaps. But the situation he now faces is really not a pleasant one. He has egg on his face (just another metaphor, in case you feel like checking).
Lets see Ryanair board made a collective Board decision on the issue and investors don't seem to have had a problem with it EVER and given already written down value to €0.50 then not sure why they would have an issue now.
Forcing them to sell at €1.06 would put €180 million into the bank with no problem in the world and then let the new shareholder do as they wish.
You know what? I think that's a BRILLIANT idea!
Finally Mr.O'Leary gets to take PERSONAL responsibility for the cost of his mistake! Instead of his poor shareholders, let him shoulder the losses himself!
At 1.10'ísh per share the current capitalised value of EI is about 620M, so the 29% FR holding will cost him around 180M. Where will he get 180M?
well his net worth is around 275M according to Irelands 'Rich List' - so he can afford to pay for it himself, with change left over!
Or, as you suggest, he could look for Finance.
What would be the repayments per month on 180M?
I calculate it to be 3.15M at 1.75%.
That wipes him out in 7 years. Not a very smart move. Not very Michael O'Leary'ísh.
Really ?
Think you would find Institutions beating a path to his door to provide funds to invest.
Previous track history and success is a good guide for institutions so find the money would be easy.
Investors like this don't ask for money to be returned each month as putting in €250 Million and taking €750 Million in 5 years time pays a little more that 1.75%.
Of course he might look for a 'White Knight' to tap.
But is anyone outside FR seriously interested in taking a punt of that nature? I doubt it. And if it was someone INSIDE FR - I can see all sorts of legal difficulties arising, especially with the UK CA. The Irish Stock Market rules might throw a spanner in it too. Conflict of interest? Acting in Concert? Choose your poison....
In fairness there's also the argument that, if he's going to make amends properly, he should repay the full cost of his misadventure. He bought at around 2.90 per share, so the bill should really come to 475M or thereabouts.
Really good idea though. I hope he pulls it off, and loses his fortune in the process.
Wow so full of bitterness.
Coming up with lots of terms you don't understand.
You really don't get the idea of what The Board of companies are for do you.
Did you know that the mega profitable FR had the same tax bill last year as little ole PAYE taxpayer Micko? How can that be? I'm sure it's all above board of course! I'm 100% behind you. How dare those nasty internet denizens and journo's make accusations about FR's taxes. They should be bloody sued right away for daring to post this kind of tripe:
Ryanair boss faces investigation into alleged tax evasion in Italy | Business | guardian.co.uk
That Italian judge should be fired too, don't you agree?
Companies that invest in Capital equipment are allowed write down the cost of the equipment against profits, over a number of years that has been the position in UK, Ireland and pretty much every country for decades. This is why companies who make money continually invest, to minimise tax.
If you disagree then suggest you write to every govt to change it
As the Tax specialist makes clear no law has been broken and think you will find tax specialists have a greater grasp of tax law than prosecutors, its why they charge €2-3k per day at a junior level.
As EU tax law is being observed then making noises to a newspaper as the prosecutor has done really shows there is little to worry about. He wouldn't be talking to the media if he had a case.
Its nice that an Italian prosecutor is getting interested in tax evasion, think he should look closer to home though.