On 11 February 2019, the share register of International Consolidated Airlines Group, S.A. (IAG) showed that ownership of IAG's issued shares by Relevant Non-EU Persons had reached 47.5 per cent.
IAG's Board decided at that time, due to the level of share ownership by Relevant Non-EU Persons, that it was necessary to specify a maximum aggregate number of Relevant Non-EU Shares under Article 11.8(b) of IAG's bylaws ("Permitted Maximum").
On 17 January 2020, the share register of IAG shows that ownership of IAG's issued shares by Relevant Non-EU Persons is 39.5 per cent.
As a result, the Permitted Maximum is removed with immediate effect. Any outstanding Affected Share Notices are deemed withdrawn and will have no further effect.
The IAG Board will continue to monitor the Relevant Non-EU Persons ownership level. Under Article 11 of IAG's bylaws, the Board is authorised to re-impose the Permitted Maximum at any time if necessary.