MR Michael O'Leary, the Ryanair chief executive owns 17.9 per cent of Ryannir. He is not selling shares but his stake will be diluted to 14.1 per cent through the Issuing of new shares. His stake will be worth between £36.8 million and £43.5 million on successful completion of the flotation.

The flotation "pathfinder" document shows that Mr O'Leary got profit related bonus payments of £2.5 million in the year to end March 1995, £4.45 million in 1996 and £9.8 million for the year to end March 1997.

Advisers to Ryanair will generate fees from the flotation. They are IBI Corporate Finance and investment bank Morgan Stanley.