Airbus Updates No.4652

 

easyJet to accelerate Airbus A319 exit to 2029

easyJet (London Luton) will accelerate the phase-out of its remaining A319-100s by one year, and plans to exit the type's operations by the end of September 2029, the carrier divulged in its half-yearly results.

The airline said that the hastened exit, made possible by accelerated deliveries of A320neo family aircraft, would generate approximately GBP250 million pounds (USD336 million) of incremental annual cost efficiencies in the financial years 2027 (October 2026-September 2027) and 2028. easyJet previously planned to exit the A319 type by 2030.

The A319 was once the mainstay of easyJet's fleet, comprising more than three-quarters of all aircraft at its peak in 2010-2011 (155 units in 2011). easyJet began taking A319s in 2004 to gradually replace first the legacy B737-300s and then its B737-700s. ch-aviation data shows the LCC currently operates forty-four A319s via the easyJet UK AOC, and another thirty-five via easyJet Europe.

The aircraft are being gradually replaced by A320-200Ns and A321-200NX, allowing the airline to upgauge its fleet.

"By replacing our A319 sub-fleet with more efficient A320neo family aircraft, we are structurally improving returns across the business," chief financial officer Jan De Raeymaeker said during an earnings call. "An A320neo delivers a 24% reduction in fuel burn per seat compared to an A319, increasing to around 30% for an A321neo."

The airline's new-generation fleet currently comprises seventy-six A320-200Ns and twenty-four A321-200NX across the British, Austrian, and easyJet Switzerland AOCs. It also operates 180 A320-200s. The airline has 284 unfilled orders for A320neo family aircraft, which it plans to take by 2034. It expects another 14 new aircraft by September 2026, 30 in the following 12 months, and 43 in the 12 months after that. Including deliveries, the airline's fleet will grow by 11 aircraft in financial year 2027, and by another eight in the next one.

Airbus Updates No.4181

easyJet orders a further 157 A320neo Family aircraft

Toulouse, 19 December 2023 - easyJet has confirmed a firm order for 157 additional A320neo Family aircraft following shareholder approval. The firm order comprises 56 A320neo and 101 A321neo aircraft and also includes the upsizing of an existing order for 35 A320neo into the larger A321neo. The agreement is part of easyJet’s fleet renewal and upgauging plan and is also bringing substantial sustainability improvements to its business.

“We are very pleased to be able to confirm this significant order which not only enables easyJet to replace its older aircraft with more efficient aircraft, a core component of our net zero roadmap, but also provides us ability for disciplined growth, including the significant opportunity that upgauging brings, “commented Johan Lundgren, CEO of easyJet. “With this order easyJet will be able to continue to cement its leading position at Europe’s primary airports and so we look forward to working in partnership with Airbus in the years to come.”

“Airbus is delighted to be accompanying easyJet in its fleet growth and renewal. Its Airbus fleet allows easyJet to differentiate its offering in its competitive market with the most state-of-the-art, modern and comfortable aircraft,[1] ” said Christian Scherer, Chief Commercial Officer and Head of International at Airbus. “easyJet and Airbus both are strong advocates for the aviation sector to de-carbonise. This significant investment into the most fuel efficient and SAF-capable aircraft is a testimony to our joint commitment in this respect. Bravo easyJet, and thank you!”

The A320neo Family is the world’s most popular single aisle having won over 18,000 orders from nearly 140 customers in all markets. The A321neo is the largest member of Airbus’ A320neo Family, offering unparalleled range and performance. By incorporating new generation engines and Sharklets, the A321neo brings a 50% noise reduction and more than 20% fuel savings and CO2 reduction compared to previous generation single-aisle aircraft, while maximizing passenger comfort in the widest single-aisle cabin in the sky. As with all Airbus aircraft, the entire A320 Family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). Airbus aims for all its aircraft to be capable of operating with up to 100% SAF by 2030. 

To date over 5,600 A321neos have been ordered by more than 100 customers

 

Airbus Updates No.4123

 

easyJet Plans Future Fleet With Agreement For 250+ More Airbus Narrowbodies

•  easyJet has placed a substantial order for 157 firm and 100 optioned Airbus jets, which will significantly expand its fleet and support its growth plans beyond 2028.
•  The airline's preference for the larger A321neo model reflects easyJet's focus on lower fuel burn, CO2 emissions, and operating costs per seat.
•  The order represents a long-term investment as deliveries are scheduled for 2029 to 2034, demonstrating easyJet's strong commitment to Airbus.
• British low-cost carrier easyJet has made waves this morning by announcing an order for as many as 257 brand-new Airbus A320neo family jets. The orange-clad airline has put its name down for 157 firm orders, which almost doubles its existing order book of 158 aircraft, as well as options for another 100 new narrowbodies
• A trading update published by the airline this morning shows that easyJet has gone large with its choice of aircraft in the order. Indeed, the Luton-headquartered carrier has ordered almost twice as many stretched-fuselage A321neos as it has for the standard A320neo model. The figures for these aircraft, in terms of new firm orders, are 101 and 56 respectively. 

• The order represents a long-term investment, as, given easyJet's existing order book with Airbus, deliveries for these newly-ordered next-generation twinjets aren't set to begin any time soon. Indeed, as the airline noted in its trading update, it plans for these aircraft to come onboard between its 2029 and 2034 full-years.

  The age of the A321neo

  This order shows that easyJet sees the larger Airbus A321neo model as being a particularly crucial part of its future fleet plans, but this is also clear elsewhere. Indeed, despite data from ch-aviation showing that easyJet currently only has 15 A321neos spread between easyJet UK and easyJet Switzerland,

• The prevalence of the larger A321neo in its latest order is a key reason behind the fact that the deliveries aren't set to begin until the end of the current decade. This is because, as easyJet notes, delivery slots for 200-seat narrowbodies are "very limited until at least 2029 from Airbus and Boeing." As such, securing them now as a long-term investment could prove to be a shrewd move later on.

  A commitment worth almost $20 billion

  All in all, easyJet's current order book with Airbus now stands at 315 aircraft, subject to shareholder approval for the latest order. With the option to add another 100 to this figure, the carrier is strongly committed to Airbus, which is also evident in a financial sense. The airline notes that, according to 2018's list prices, the latest order and conversion represent a total commitment of $19.9 billion.

• 
  

Airbus Updates No.3976

 

easyJet first to take over A320neo not taken by Viva

easyJet Airbus A320-200N© Airbus

07.04.2023 - 07:04 UTC

easyJet UK (U2, London Luton) has become the first carrier to scoop aircraft ordered by the dormant and financially stricken Colombian low-cost carrier Viva (Colombia) (VH, Medellín José Maria Córdova) and will shortly take deliveries of two A320-200Ns directly from the manufacturer.

G-UJEA (msn 11230) and G-UJEB (msn 11242) remain at Toulouse Blagnac in Viva's livery but have already operated their respective customer acceptance tests. Both have been on the United Kingdom's G- register since March 29.

The ch-aviation fleets advanced module shows that easyJet operates thirty-two A320-200Ns under its British AOC, eight under easyJet Europe, and seven under easyJet Switzerland. It has a further 132 units on direct order from Airbus. The group's A320neo Family fleet also includes fifteen A321-200NX with an additional 33 on firm order.

Viva operated six A320-200s and ten A320-200Ns when it suspended flight operations on February 27. The LCC has not thrown in the towel yet and is still hoping that an eventual merger with Avianca Airlines will allow it to restart. Despite the gradual downsizing of its future order book, Grupo Viva still has sixteen A320-200Ns on firm order from Airbus.

Airbus Updates No.3723

 

EasyJet Firms Order For 56 Airbus A320neo And Upsizes 18 To A321neo

British low-cost airline easyJet has today firmed an order for 56 additional A320neo aircraft as part of its fleet renewal activities. The airline secured options on these aircraft back in 2013, but has moved to firm the order to secure its delivery slots between 2026 and 2029. The airline noted,

“Given constraints on Airbus delivery slots, should the Proposed Purchase not proceed, easyJet would not have a secure supply of aircraft between FY 2026 and FY 2029 and would therefore need to either decrease its fleet size or source alternative new generation aircraft with higher ownership costs.”

It further said that, should it not secure the delivery slots from 2026 onwards, it would be forced to employ older technology aircraft from the secondary market. This, it said, would expose it to higher fuel costs and carbon taxes, giving it a competitive disadvantage.

The order is worth some $6.5 billion at list price. However, easyJet has noted that it has secured a significant reduction on this price as part of its original 2013 deal.

As well as the 56 A320neo, easyJet also upsized an order for 18 jets to the larger A321neo variant. The airline presently flies a total fleet of 327 Airbus jets, 58 of which are the neo variants. Just 15 of these are the largest A321neo version.

With these new planes secured, easyJet will be seeking to phase out its older technology aircraft. In particular, this represents a significant increase in passenger-carrying capacity, given that 93 of its present planes are the smallest 156-seat A319.

Shareholder approval pending

As with any major purchase, easyJet’s shareholders will have the final say on this order going ahead. The airline has engineered its announcement to put the shareholders’ minds at rest, noting that it intends to finance this purchase through internal resources, cash flow, sale and leaseback transactions and debt. It says,

“While the board will regularly review optimal sources of financing, there is currently no expectation that shareholders will be asked to fund any aspect of the proposed purchase.”

It seems easyJet is anticipating some pushback from its investors, and it could be right. Less than a year has passed since the airline secured a £1.2 billion ($1.5 billion) rights issue to pay down pandemic-related debt and make investments for the future. During the crisis, the airline raised some £5.5 billion ($6.7 billion), £420 million of which was from its shareholders.

The announcement of today’s deal could open old wounds for the airline. Back in the early days of the pandemic, easyJet founder and major shareholder Sir Stelios Haji-Ioannou demanded the order with Airbus be either deferred or renegotiated to avoid future problems at the airline. Later, he attempted to oust several directors at the airline, a move that ultimately failed.

Alongside the potential for Sir Stelios to reignite his fury over the Airbus order is the rather unfortunate lens from which the public is viewing the airline right now. easyJet has canceled around 40 flights per day for the summer in a bid to more effectively manage the surging travel demand seen in Europe right now, but that comes too late for many hundreds of passengers who were affected by the capacity meltdown over the recent late-May public holiday.

Airbus Updates No.3788

 easyJet Agrees Airbus A319 Sale And Leaseback With Aergo

Low-cost giant easyJet has entered into a deal with Dublin-based leasing company Aergo Capital Limited to sell and lease back some of its A319 airplanes. The agreement, announced a few days back, is a first between the LCC and the Irish lessor. easyJet has previously made similar deals with other lessors, raising the much-needed cash to stay afloat during the pandemic.

A319s sold and leased back

Ten of easyJet’s Airbus A319s have gone to Aergo in a successful sale and leaseback agreement, as officially announced by the lessor a few days ago. All ten A319-100 planes entered service in 2008, and the deal was closed within 12 weeks of entering into an LOI.

This is the first time Aergo has made a business deal with easyJet. Fred Browne, the company’s CEO said,

“We are delighted to have completed this first transaction with easyJet. We found the easyJet team a pleasure to deal with, both in the early stages of the transaction, and throughout the impressively efficient closing logistics. We very much look forward to further strengthening our relationship with the team at easyJet.”

 

Fleet

At 62 aircraft, according to ch-aviation, the A319-100 make up the majority of airplanes in easyJet UK’s fleet, although currently, less than half are in active service. They’re also the oldest, with an average age of 13.8 years.

easyJet Europe and easyJet Switzerland also have several A319-100s, all averaging between 10 and 14 years of age. The airline is phasing out these older airplanes with newer neo versions of the A320 and A321. Currently, easyJet UK has more than 30 A320N and 10 A321N, all between 2 and 3.5 years old.

Last year, easyJet CEO Johan Lundgren discussed the carrier’s fleet strategy for the coming years. The airline has more than 100 airplanes on order, with the option for an additional 78. The bulk of those orders is the A320neo, with several larger A321neo also on the way.

Previous leaseback agreements

easyJet is not new to the sale and leaseback strategy. Over the course of the pandemic, the airline included this method, among other things, to raise capital. By August last year, the carrier had reduced its fleet ownership from around 70% to 50%.

In October, it signed two deals – one with Wilmington Trust SP Services for five Airbus 320 aircraft for more than $190 million, and the other with Sky High 112 Leasing Company for four A320s, raising more than $205 million.

Lundgren has said that easyJet maintains a good relationship with all its lessors, and it has served the airline well in favorable sale and leaseback deals. While speaking with Simple Flying last year, he said,

"The very good reputation with the lessor is because they know we take care of our aircraft. We have a great maintenance program.”

The airline will be hoping that the latest relationship with Aergo will also turn out just as successful as the previous ones.

 

Airbus Updates No.3669

 

easyJet adds 19 A320neo orders, eyes ACMI for Gatwick growth

easyJet Airbus A320-200N© Airbus

02.12.2021 - 05:49 UTC

easyJet (U2, London Luton) has announced that it has firmed up seven A320-200N options and twelve purchase rights with deliveries scheduled between January 2025 and September 2027.

"This agreement secures valuable, supply-constrained delivery slots between January 2025 and September 2027 for aircraft with a cash value of USD2.25 billion on delivery at 2021 list prices. All aircraft purchased by easyJet under the terms of the original 2013 Airbus agreement are subject to a substantial discount from list price," the carrier said in its annual financial report.

Following the new order, easyJet now has 106 A320-200Ns and sixteen A321-200Ns on order from the manufacturer with a further six A320neo options and 53 purchase rights. It underlined that it retains significant flexibility in terms of outstanding deliveries and the potential conversion between A320neo and A321neo. As of November 30, 2021, the airline expects eight deliveries through the end of September 2022, another seven until the end of September 2023, and 18 in the following 12 months, although this is subject to change depending on market recovery dynamics.

The "original" easyJet no longer operates any aircraft. The easyJet Holdings A320neo Family aircraft fleet comprises four A321-200NXs operated by easyJet Europe (EC, Vienna), thirty-seven A320-200Ns and ten A321-200NXs operated by easyJet UK (U2, London Luton), and two A320-200Ns operated by easyJet Switzerland (DS, Geneva), the ch-aviation fleets advanced module shows.

The carrier also said it added new slots at its London Gatwick, Milan Linate, Porto, and Lisbon bases to capture additional growth opportunities. During the presentation, Chief Executive Johan Lundgren revealed the LCC had leased the Gatwick slots from British Airways (BA, London Heathrow) for the "medium-term", effective from the Summer 2022 season. He did not disclose the duration.

While easyJet will try to utilise these slots with its own fleet, Lundgren said the carrier would also contemplate wet-leasing capacity for its Gatwick operations. The airline plans to base 79 aircraft at the London airport during the next summer season, up from 63 in the pre-COVID times.

The LCC posted a GBP858 million pound (USD1.14 billion) net loss for the year ended on September 30, 2021.

Airbus Updates No.3372

 

easyJet Switzerland to add five A320neo in 4Q21

easyJet Airbus A320-200N© Airbus

06.05.2021 - 10:24 UTC

easyJet Switzerland (DS, Geneva) has said it will take delivery of its first five A320-200Ns in the fourth quarter of 2021. While the aircraft will be based out of both of the LCC's bases, Geneva and Basel/Mulhouse/Freiburg, CH, the carrier did not provide a breakdown of their allocation.

Currently, the Swiss unit of easyJet (U2, London Luton) operates five A319-100s and twenty-two A320-200s, the ch-aviation fleets advanced module shows. easyJet Europe (EC, Vienna), the group's Austrian technical subsidiary, operates four A321-200NXs in parallel with 115 A320ceo Family aircraft, while easyJet UK (U2, London Luton) has thirty-seven A320-200Ns and ten A321-200NXs in its fleet, alongside 133 A320ceo Family jets. The group's parent airline no longer directly operates any aircraft.

easyJet has ninety-two A320-200N and sixteen A321-200NXs on firm order from Airbus.

In Switzerland, Swiss already operates three A320-200Ns and two A321-200NXs as a part of its narrowbody fleet, with fourteen and six more units of the respective types on firm order from Airbus.

Contrary to its Austrian and British sister carriers and due to its non-European Union status, easyJet Switzerland operates flights under its own code rather than under easyJet's U2 code.

Airbus Updates No.2971

 

easyJet agrees with Airbus to defer 22 deliveries

easyJet Airbus A321-200N© easyJet

22.12.2020 - 23:17 UTC

easyJet (U2, London Luton) has announced it has reached an agreement with Airbus to defer 22 aircraft deliveries planned through the end of its 2024 Financial year, i.e. September 30, 2024.

"A total of 22 aircraft will be moved from FY2022-FY2024 to FY2027-FY2028. In addition, there will be movement of 15 delivery dates within the period FY2022-FY2024 to more closely match forecast seasonal requirements," the airline said.

Under the current schedule, the LCC will take no aircraft through September 30, 2021, eight during the next year, seven in the FY2023, and 14 the following year. It underlined that if the market picks up earlier than anticipated, it can increase its FY2023 deliveries to 30 units. This it will have to decide by the end of 2021.

easyJet stressed that the total number of aircraft outstanding from Airbus has not changed. According to the ch-aviation fleets advanced module, the LCC has ninety-two A320-200Ns and sixteen A321-200Ns on firm order from the manufacturer.

The carrier also deferred its right to cancel seven aircraft on order. Initially, easyJet had the right to cancel seven deliveries scheduled through September 2026 by the end of 2020. It has now amended that right to cover seven deliveries scheduled between October 2024 and September 2026, with the decision deadline at the end of 2021.

Airbus Updates No.2936

 

easyJet continues sale/lease-backs drive with 10 Airbus A320s

easyJet Airbus A320-200© Airbus Industrie

23.11.2020 - 11:03 UTC

easyJet (U2, London Luton) has announced yet another sale and leaseback transaction, this time covering ten A320 family aircraft sold to SMBC Aviation Capital.

The British low-cost carrier said in its annual earnings release that the transaction generated total cash proceeds of USD368.8 million. It did not reveal the duration of the leaseback.

"Following this transaction, we retain ownership of 55% of the total fleet, with 37% unencumbered. We are not currently considering any further sale and leaseback transactions on the scale of those undertaken in recent months," easyJet said.

According to the ch-aviation fleets ownership module, prior to the transaction easyJet owned forty-six A319-100s, 132 A320-200s, thirty-one A320-200Ns, and seven A321-200NXs. Among its dry-leased aircraft, seven (one A319 and six A320neo) are owned by SMBC.

easyJet said it lost GBP1.08 billion pounds (USD1.43 billion) after tax in the year ended on September 30, 2020. Despite this result, Chief Executive Johan Lundgren said he was "immensely proud of the performance of the easyJet team in facing the challenges of 2020".

"We responded robustly and decisively, minimising losses, reducing cash burn and launching the largest Cost Out and restructuring programme in our history ‐ all while raising more than GBP3.1 billion (USD4.1 billion) in liquidity to date," Lundgren said.

easyJet's founder and largest shareholder Stelios Haji-Ioannou, who remains vocally opposed to the current management's COVID-coping strategy, said the results were "financial jiggery-pokery" based on an "absurdly upbeat message and misleading numbers". He reiterated his opposition to easyJet's plans to continue its fleet renewal programme in the coming years, albeit at a slower pace.

"In my opinion, the scoundrels are now only running the business for the benefit of Airbus and not for the benefit of easyJet shareholders... Why does anyone want to buy more aircraft when 80% of the fleet (273 aircraft) is grounded as we speak?," Haji-Ioannou said.

Airbus Updates No.2895

 

EasyJet Sells 9 Aircraft For £306 Million

On Tuesday, easyJet announced the sale-and-leaseback of another nine of its Airbus A320 jets. The latest move in the carrier’s efforts to bolster liquidity through aircraft sales will generate £306 million in cash.

easyJet is selling and leasing back another nine of its Airbus A320 aircraft. Photo: Getty Images

The details of the deal

In a bid to shore up its finances through the prolonged pandemic, budget carrier easyJet has sold another nine aircraft to lessors. The latest sale-and-leaseback agreements are for two transactions of Airbus A320 jets and will raise £306 million ($399 million). easyJet will lease the planes back until they are ten years of age.

The airline has made one deal for the sale of five A320s to Dublin-based Wilmington Trust SP Services. This sale will generate cash proceeds of £147 million ($191 million), creating leasing obligations of just about £124 million ($161 million).

The remaining four A320s will go to another Irish lessor, Sky High 112 Leasing Company. This deal will provide easyJet with £159 million ($208 million) and create leasing obligations of £108 million ($141 million).

Not the first sales to raise liquidity

This is not the first sale-and-leaseback agreement the carrier has entered into in a rush to boost liquidity. In June, during what we had hoped would be the height of the crisis, easyJet struck a deal for six of its new A320neo aircraft.

Lessor SMBC Aviation Captial, Japanese-owned but also based in Dublin, agreed to purchase the aircraft and lease it back to the airline. The deal generated £206 million ($255 million) in cash for the carrier.

easyJet has raised $886 million from the sale of aircraft earlier this year. Photo: Getty Images

In August, it sold another five of its A320neos to lease them back from Jin Shan 37 Ireland Company, a division of Bocomm Leasing, in turn, a wholly-owned subsidiary of the Chinese Bank of Communications. That sale-and-leaseback agreement raised £203 million ($266 million).

44% of the fleet remains unencumbered

All-in-all, before today’s announcement, easyJet had sold and leased back a total of 23 aircraft, providing it with £680 million ($886 million) in emergency funds. Following the latest transaction for the nine A320s, the carrier said it would retain 152 fully-owned and unencumbered aircraft, representing approximately 44% of its fleet.

However, easyJet does not exclude more aircraft sales further down the line.

“easyJet will continue to review its liquidity position on a regular basis and will continue to assess further funding options, including those that exist in the robust sale and leaseback market,” the airline reiterated in its statement on Tuesday.

The carrier does not exclude more agreements of a similar kind further down the line. Photo: Getty Images

How many more will follow?

Like all airlines across the globe, easyJet’s finances have suffered at a previously unimaginable scale over the past two quarters. Earlier this month, the carrier announced its first-ever annual loss.

While the European market showed tentative signs of recovery towards the end of summer, the second wave of coronavirus cases and subsequent quarantine measures for the UK has been another blow to its already struggling airlines. With the pandemic showing no signs of abating, it is not unthinkable that easyJet will need to let more of its planes go within the near future.

Airbus Updates No.2704

EasyJet sells six A320neos to SMBC

Budget airline EasyJet has further reinforced its finances after agreeing a $255 million sale-and-leaseback involving six Airbus A320neos.

The carrier states that the deal is part of a plan – disclosed in May – to raise about £500-650 million ($620-807 million) through such transactions.

EasyJet has identified SMBC Aviation Capital as the party involved in the sale, adding that the lessor will be the “preferred partner” for similar deals over the next 18 months, should the carrier opt to sell other unencumbered jets.

The A320neos, powered by CFM International Leap-1A engines, are relatively new – from six months to two years in age – and had a net book value of £141 million at the end of airline’s fiscal first half in March.

They will be leased back for terms ranging from 110 to 122 months.

Source: Airbus

EasyJet is selling six A320neos to underpin its financial position

EasyJet says three of the six aircraft generated initial proceeds of $126 million, and formed part of the sale-and-leaseback income of £301 million disclosed in the airline’s first-half results on 24 June.

Subsequent sale accounted for the other $129 million of the overall $255 million deal.

Least obligations amount to around £155 million, says the airline, with average net annual headline cost in the “mid-single digit millions” of UK pounds.

Airbus Updates No.2696

EasyJet agrees five-year deferral on 24 Airbus aircraft

EasyJet has reached an agreement with Airbus to push back by five years the delivery of 24 aircraft that were originally destined to join its fleet between 2020 and 2022.

The aircraft will now be delivered between 2025 and 2027, potentially resulting in EasyJet having to pay up to an additional £95 million ($120 million) due to inflation.

Source: Shutterstock

“Any increase would be materially offset by the reduced cost of borrowing associated with the significant cash flow benefits in the next 16 months, arising from these deferrals,” says the airline.

The agreement gives EasyJet the flexibility until December 2020 to defer two further aircraft deliveries and opt against taking up to seven more jets that were scheduled for delivery between 2022 and 2026.

EasyJet’s agreement with Airbus also includes deadline extensions for exercising existing options on 13 additional aircraft. The deadline on seven of these options has been extended by one year to November 2021, with the remaining six options to be exercised by November 2022.

“The changes agreed defer capacity in the medium term while continuing our long-term strategy of replacing our older fleet with the advanced and lower fuel-burning A320neo family,” states EasyJet chief executive Johan Lundgren.

EasyJet had announced in April that it planned to defer its order for 24 aircraft. The move followed pressure from the airline’s founder and major shareholder, Stelios Haji-Iaonnou, to cancel or renegotiate an order for 107 Airbus aircraft.

Haji-Iaonnou had sought to remove the airline’s chairman, chief executive, chief financial officer and an independent non-executive director from the board over the dispute, but this attempt failed when shareholders voted to back management.