Aer Lingus : 05 Nov 14 - Aer Lingus welcomes positive ballot result

ISE: EIL1 LSE: AERL

The ballot was conducted on an aggregate basis by the SIPTU, IMPACT and TEEU trade unions representing approximately 97% of affected Aer Lingus employees. The UNITE trade union which represents approximately 3% of affected Aer Lingus employees did not participate in the aggregate ballot.
70.27% of the votes cast were in favour of the proposed solution. Aer Lingus welcomes this clear result and acknowledges employee support for the proposed solution, which while challenging for all parties, nonetheless represents a compromise which is the only viable solution that is capable of acceptance by all sides.
Subject to the IASS trustee deciding to make the required application to the Pensions Authority, Aer Lingus expects to issue a circular to shareholders in mid-November 2014 setting out the full details of the proposed IASS solution. The circular will include a notice convening an extraordinary general meeting in mid-December 2014 to seek approval from shareholders to make proposed once-off payments totalling €190.7 million relating to the proposed IASS solution. If shareholders approve the proposal, the benefit reductions proposed by the IASS trustee will still need to be approved by the Pensions Authority in order for the proposed IASS solution to be fully implemented.
Further announcements will be made as appropriate.
ENDS

matthew.fletcher@powerscourt-group.com

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