Ryanair's U.K. Shareholders to Lose Voting Rights In No-Deal Brexit

Cheryl Sanders
March 12, 2019

The EU's chief Brexit negotiator, Michel Barnier, said the only talks that mattered now were "between the government in London and the Parliament in London", indicating very little scope for concessions from the EU side ahead of Tuesday's vote.

"There is a growing feeling that Tuesday should be a straight up-down vote on the deal", Keir Starmer, Labour's Brexit spokesman, told Sky News.

"With effect from Hard Brexit Day, all ordinary shares and depositary shares held by or on behalf of non-EU (including U.K.) shareholders will be treated as "restricted Shares", the board resolved, according to a statement.

If the deal is rejected, lawmakers will vote on Wednesday on whether the government should pursue a no-deal exit.

The House of Commons overwhelmingly rejected the original agreement in January.

Brexit will pitch the world's fifth largest economy into the unknown, and many fear it will serve to divide the West as it grapples with both the unconventional presidency of Donald Trump and growing assertiveness from Russian Federation and China. Business leaders, who are already appalled at the failure of the British government to resolve Brexit, would be furious if the country crashed out of the European Union after two years of negotiations.

Mrs May has said if she loses the vote on Tuesday, there will be further votes on Wednesday on whether the United Kingdom should leave with no-deal and on Thursday on whether they should seek an extension to the Article 50 withdrawal process. "Those negotiations should be conducted as a matter of priority, and efforts redoubled should the negotiations not be concluded within 1 year" after Brexit.

"The PM and the negotiating teams are focused on making progress so we can secure Parliament's support for the deal", a Downing Street spokesperson said on Monday.

Juncker said he recommended the deal to the EU Council, which represents member states, and that Irish Prime Minister Leo Varadkar was prepared to back the changes on the backstop.

Thirdly, Britain has put forward a "unilateral declaration" with legal status in global law emphasizing the temporary nature of the backstop, Lidington said. MPs are due to vote on it again tomorrow (local time).

May's deal was struck during more than a year of tough negotiations, and covers Britain's financial settlement, expatriate rights, the Irish border and plans for a transition period.

But, many ministers are opposed to a no-deal exit, meaning May could face resignations from her government if she asks lawmakers to back that policy.

- The EU and United Kingdom agree to swiftly start talks on a new trade deal after Brexit.

Juncker published clarifications to the Brexit deal in a letter posted to Twitter, warning "it is this deal, or #Brexit may not happen at all".

European Union sources said the two sides are set to agree a joint interpretative instrument which will set in law new promises on how to get out of the hated Northern Irish backstop if needed.

Some members of Parliament are telling May to pull the vote because they expect a defeat on a similar scale to the historic defeat she suffered in January, the Times reported.

All EU member states have to agree to an extension, and some EU leaders have expressed concern that it needs to have a specific objective.

Other reports by iNewsToday