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		</div><p>Ryanair will change the way it conducts a €700m share buyback programme due to fears over a no-deal Brexit, the company said.</p>
<p>Bosses revealed in May that the airline would start the buyback process – the idea being that if a company reduces the amount of shares in circulation, the share price will rise.</p>
<p>But on Wednesday, the company said it would now focus on buying blocks of shares from current EU shareholders. The fear is that, in the event of a no-deal Brexit, EU rules could cause regulation problems if too many shares are held in non-EU countries.</p>
<p>In the event of a no-deal, EU rules state that there are restrictions on how shares in EU-based companies can be traded by non-EU countries, unless a deal is in place.</p>
<p>The European Securities and Markets Authority (Esma) and the Financial Conduct Authority in the UK have clashed in recent months over the rules.</p>
<p>Esma had initially said trading in UK-EU dual-listed companies, such as Vodafone and BP, would not be allowed by EU-based banks and funds.</p>
<p>This was scrapped earlier this year, but discussions are still ongoing over how much buying and selling on London markets can take place by EU institutions.</p>
<p>Ryanair is dual-listed on the Ireland and London Stock Exchange, and bosses are worried that the rules could hit the business.</p>
<p>The airline said: “Any such block repurchases from UK holders of shares will, in the event of a no-deal or ‘hard’ Brexit, limit the proportionate number of shares held by or on behalf of non-EU shareholders and should therefore reduce the period that the resolutions announced by the Company on March 11 2019 would need to remain in place.”</p>
<p>It added that the amount the company will spend on the buyback remains unchanged.</p>
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