EasyJet starts the period of recession in a dispute with its founder

EasyJet, one of the pioneers of low-cost aviation in Europe, begins the period of recession in the Old Continent by a feud between management and the principal shareholder of the group, which believes it is not prudent in its investments.

The Greek Cypriot founder of the company, Stelios Haji-Ioannou (Sir Stelios after his knighting by the Queen of England in 2006), the street in stretchers since last week and refused to approve the annual accounts published Tuesday, a attitude rare in the United Kingdom.

The effect on the group was disastrous, losing the title easyJet up to 22% on the London Stock Exchange to finish down 9.22%.

Disagreements have emerged Friday when the group reported that communicated by Sir Stelios, with the recovery by its holding company easyGroup, based in the Cayman Islands, from his sister Clelia, was now at the helm of 26.9 % Stake in the group, and would therefore request the appointment of two directors of his choice.

"If these people would not be named, it reserves the right to appoint himself as president," said the company.

According to her, Sir Stelios wanted to see "further reduce purchases of equipment" of the company, which it considers to be yet "a cautious approach, even if possible establish a dividend policy, a first, easyJet have so far devoted its profits to its own growth.

Tuesday, the situation has worsened. The round leader aged 41, who likes to call itself "serial entrepreneur", but significantly slowed clowning public in recent years, leaving the field open later in Ryanair boss Michael O'Leary, has refused to approve the accounts, expressing "concern about the application of certain accounting principles" by the company.

He referred to estimates too "optimistic", including the pricing of appliances and slots off from the airport to London-Gatwick recovered with the purchase earlier this year of the small company GB Airways.

He denied, however, want a return to the post of president. He assured not to claim dividends before 2011, and again, "if the market and liquidity of the business permit."

"I think that with careful management of cash, particularly capital expenditures more cautious, easyJet and its shareholders will be the big winners of European aviation medium-haul," he assured.

The CEO Andy Harrison said that he was not opposed to a dividend policy provided that the company has the means.

The strategy of Mr. Haji-Ioannou in this case is not very clear, commentators do not include it simply seeks to protect its investment, as he explains, or to reduce the action to redeem the company .

This dispute has partly overshadowed the publication of annual results.

The company announced Tuesday a net profit almost annual divided by two in 2007/2008 to 83.2 million pounds (100 million euros) for a turnover up 31.5% to 2.36 billion Books, results hit by rising fuel prices on the fiscal year, during which easyJet carried 43.7 million passengers.

The group acknowledged that "the economic outlook remains very difficult and highly uncertain" and accordingly will delay the delivery of several Airbus A320s it had on order.