Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

As I stated a few moments ago, I am required by law to be extremely careful in what I say on that and other matters given that the Irish Takeover Panel has deemed us to be in a takeover period. Perhaps it would be useful if I rehearsed the comments I made to the Dáil last night in regard to any potential disposal of Heathrow slots. I stated:

A specific mechanism was built into the company's memorandum and articles of association whereby any proposal for the disposal of slots over which the airline had rights at the time of listing on the Stock Exchange may be subject to a requirement for a resolution approved by shareholders voting at an extraordinary general meeting, EGM. Where a resolution by shareholders is called for, the voting threshold to prevent a disposal of slots proposed by the company is such that the percentage vote against disposal at the EGM must be greater than the percentage of the company's shares held by the Minister for Finance plus 5%, or 25% if greater. The ability of the State's shareholding to block a disposal of slots is not guaranteed under this mechanism, as the support of at least another 5% of shareholders is required. This mechanism also relates only to a proposed disposal of slots. Aer Lingus does not require any shareholder approval to change the routes for which it uses the slots.