BBC News - Aer Lingus delays profit figures after cabin crew vote
Aer Lingus pulled the 2009 Full Year results announcemnet scheduled for Tuesday 9th of March in light of Cabin Crew refusing to accept cuts.
The pulling of results so soon before publication is pretty much unprecedented and may cause major issues when markets reopen.
I cannot recall any other company doing this in last 15 years at such a late stage.
It was announced around lunchtime, so it's already factored into the markets.
The reaction was for the share price to fall from 63c to 60c.
I'm not an accountant, but I can't see how they would book charges related to restructuring in the 2009 figures.
Fair enough if they can't give guidance, but that's no reason to withhold the results.
My political compass
Economic Left/Right: 0.75
Social Libertarian/Authoritarian: -6.36
So what.
It has been well flagged that losses are about €80 million
87.7million
Unusual but not as unheard of as you suggest, odie1kanobe. Independent News and Media delayed their results in 2008. AIG delayed their's twice in 2005.
They'll be doing it because they will hope that incorporating their restructing plan will cushion whatever losses they are announcing, presumably.
Ironically enough I'm pretty sure an AL offshoot, GPA did it in the early 90s. Didn't work out so well for them.
Announcement made to Stock Exchange just prior to markets close as any earlier it could impact on whole market sentiment.Originally Posted by locke
Delaying is one thing but doing so less than 24 hours before sends wrong message.
Irish Times were running the story at half three, so definitely earlier than just before market close
Aer Lingus 'to postpone' results - The Irish Times - Mon, Mar 08, 2010
My political compass
Economic Left/Right: 0.75
Social Libertarian/Authoritarian: -6.36
It was quoting a source which probably reliable BUT not official.
Company has to make official announcement to ISEQ as otherwise it will get done for manipulating the market.
Its also why Sales / Purchases of shares may come under scruitiny because of insider trading concerns if there were big sell offs.
Employees etc can't sell off due to "Close Period" but calling a friend who does has been known to happen in companies.
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