During the past year, Ryanair increased its EU investor relations activity, delisted from the London Stock Exchange, and forced sell downs where non-EU investors incorrectly (post 1 Jan. 2021) purchased ordinary shares instead of ADRs (listed on NASDAQ) and who subsequently failed to comply with a Ryanair issued disposal notice. Such actions, coupled with a suspension of voting rights of non-EU shareholders, enable Ryanair to protect its EU airline licenses post Brexit. We expect these voting restrictions will remain in place for the near-term future until a 50%+ EU shareholding is restored, or the EU and UK agree a less restrictive airline ownership and control regime than the current 50%+ nationality rule (which dates back to the 1940s).