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EasyJet shareholder Stelios Haji-Ioannou shuns rights issue -source By Reuters

© Reuters. FILE PHOTO: Easyjet founder Stelios Haji-Ioannou speaks at a media event to celebrate 20 years in business at Luton Airport, southern England, November 10, 2015. REUTERS/Eddie Keogh

LONDON (Reuters) – EasyJet’s biggest shareholder, the family of founder Stelios Haji-Ioannou, has decided not to participate in the British airline’s 1.2 billion pound rights issue and has sold its rights to buy new shares, a source familiar with the situation said.

The Haji-Ioannou family has sold 76.3 million nil paid rights at 1.65 pounds, a 15% discount to the closing price of the rights on Thursday, said the source.

The family has repeatedly said it did not plan to plough more money into easyJet (LON:) while the airline sticks to a deal with Airbus to buy more planes.

As a result of the rights issue, the family’s stake is set to reduce to 15.2% from 25.3% when the new shares go live on Sept. 28.

Both easyJet and a representative for the family declined to comment.

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