International Airlines Group - AGM 7 September 2020
Board changes: amid Covid-19 circumstances, Willie Walsh, CEO, delayed his retirement until the 2020 AGM date. He will be succeeded by Iberia boss Luis Gallego. The Chairman's term has reached nine years and Antonio Vázquez will retire in early January 2021, Javier Ferrán was named as his successor.
For the first semester of 2020, IAGns statutory loss after tax and exceptional items has reached €3,806 million and net debt was €10,463 million. Despite the groupns effort to reduce costs, it needs to raise capital.
Item 15 seeks shareholder approval to increase the capital with pre-emptive subscription rights up to €2.75 billion (nominal plus premium), which currently corresponds to 68% of the groupns market capitalisation. The share premium will be determined by the Board of Directors, so far, the final capital increase is not known. These raised funds will strengthen IAG's balance sheet by reducing financial leverage and increasing IAG's overall liquidity position. Despite some minor concerns, we consider that the proposal to increase capital with pre-emptive rights is acceptable in light of the current groupns and aviation industryns situation.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
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