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© Reuters. FILEPHOTO: Stelios Haj-Ioannou is the founder of Easyjet. He spoke at an event celebrating 20 years in business held at Luton Airport (southern England), November 10, 2015. REUTERS/Eddie Keogh

LONDON (Reuters) – EasyJet’s biggest shareholder, the family of founder Stelios Haji-Ioannou, has decided not to participate in the British airline’s 1.2 billion pound rights issue and has sold its rights to buy new shares, a source familiar with the situation said.

According to a source, the Haji-Ioannou clan has sold 7.6.3 million rights for 1.65 pounds. This is a 15% discount on the Thursday closing price.

The Haji-Ioannou family stated repeatedly that they did not intend to put more money into easyJet, LON. While the airline continues to make a deal to buy additional planes with Airbus.

The rights issue means that the family’s share will drop to 15.2%, from 25.3% in September.

EasyJet declined to comment, as did a representative of the family.

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