Questions swirl ahead of today's Aer Lingus agm

ONE MORE THING:THERE SHOULD BE much to discuss at Aer Lingus's agm today at Dublin airport.

It will be interesting to see if chairman Colm Barrington gives any guidance on the payment of a dividend in the near term.

In a recent interview with me, Aer Lingus director Leslie Buckley hinted that there might be some news on this at the agm.

Both Ryanair and the Government – who own just under 55 per cent of the shares between them – have made clear their wish for a divvy to be paid out.

With its gross cash rising by 8.3 per cent year on year in the first quarter to just over €1 billion, Aer Lingus certainly has the headroom for a payout to shareholders.

Etihad’s purchase of 2.987 per cent of Aer Lingus should also be high on the list of questions from shareholders.

What shape exactly will this commercial partnership take and what are the benefits for Aer Lingus?

Is Etihad the board’s preferred buyer of the Government’s 25 per cent stake? Is it the preferred buyer in the eyes of management?

My clear understanding is that management’s preference was a link-up with Jet Blue in the US, something that the American airline appears to have ruled out.

What is the fallout from British Airways’ acquisition of UK rival BMI?

Aer Lingus has made no secret of its desire to pick up more slots at London Heathrow. This could become reality, what with BA giving up Heathrow slots to satisfy competition concerns and get the BMI deal across the line.

Heathrow slots are like gold dust, so competition will be fierce.

Chief executive Christoph Mueller won’t expect any garlands to be thrown in his direction this afternoon. But with the share price nudging up of late, first-quarter losses narrowing, revenues rising and non-fuel costs largely in check, he can be satisfied about the airline’s performance.

If he can get the pension issue sorted, Aer Lingus might really take off.