IAG trims voting power with buyback as fuel costs return
IAG slid in late London trading Tuesday, but the bigger move for investors came a day earlier when International Consolidated Airlines Group disclosed it had pulled about 191 million shares into treasury. That lowers the number of shares with votes while the stock trades near a 52-week high. IAG was at 478.70p at 1558 BST, down 1.2%. Volume was 4.47 million, well below the 17.20 million average. The change in share count isn't just window dressing. IAG reported having 4.4207 billion voting shares as of July 6, a drop of 44.3 million since May 1. Total issued capital was unchanged at 4.6117 billion shares. Using the current voting share base, a 1p move in the stock equals around £44.2 million